Skip to 0 minutes and 8 seconds A project is a temporary endeavour undertaken to create a unique product, service or result. The temporary nature of projects indicates that a project has a definite beginning and end. The end is reached when the projects objectives have been achieved and when the project is terminated because its objectives cannot be , or will not be met, or when the need for the project no longer exists. The classification of project in project management varies according to a number of different factors such as complexity, source of capital, its content, those involved and its purpose. Projects can be classified according to its complexity.
Skip to 1 minute and 3 seconds A project is considered easy when the tasks are basic, and the usual detailed planning is not required while a complicated project is considered to have many task interdependencies. Projects can also be classified according to the source of capital. Public financing comes from government institutions. Private financing comes from businesses or private incentives. Mixed financing comes from a mixed source of public funding and private funding. Alternatively, they could be classified according to the project content. Construction projects can be anything to do with the construction of civil or architectural work. The predictive methods are used along with agile techniques.
Skip to 1 minute and 42 seconds Any project to do with software development, IT systems etc., well this type of project varies across the board but in todays world are very common. Business projects are involved with the development of a business, management of work team, cost management etc. and usually follow a commercial strategy.
Defining a project
Watch the video where a project manager in construction provides an overview of the different types of project and how they’re classified.
Projects are temporary in nature, with an initiation phase and completion point. They can be classified in terms of project management according to a number of factors, such as:
Source of capital
Team and stakeholders
Reflect on some projects that you have undertaken.
Pick one example and consider how it could be defined using the classifications highlighted above.
Share your thoughts with your fellow learners.
© Coventry University. CC BY-NC 4.0