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The Project Management Institute (PMI) defines a project as “a temporary endeavour undertaken to create a unique product, service, or result”.
But what does this actually mean?
If you’ve been involved in a home renovation, a product launch, or a marketing campaign, you’ve been part of a project. Likewise, if your organisation has introduced an ESG initiative or a new computer program, you’ve been exposed to a project.
In this article, we’ll explore what a project is. We’ll break down the key elements, look at why the project lifecycle is important, and consider some of the skills needed to succeed.
A project is a one-time job with a clear goal, like building a house, launching a new app, or planning a wedding. It has a start, an end, and a plan to get things done. Unlike daily work, a project is temporary—it finishes when the goal is met.
Project management is the art of making sure the project runs smoothly. It’s about planning, organising, and leading a team to get things done on time, within budget, and without chaos. A project manager keeps everything on track, solves problems, and makes sure everyone knows what they need to do.
A project is a lot like a road trip. You have a destination (project goal), a map (project plan), and a budget. You decide who’s coming (project team), what to pack (resources), and how long it’ll take. Project management is making sure you don’t run out of petrol, get lost, or blow all your money on snacks before you reach the finish line.
A project has a defined beginning and end, although it can span several years. A project is not complete until its objectives have been achieved. For example, a house renovation is not completed until all the work has been finished and the family can move back in.
However, a project may terminate before it is completed (for example, if it runs out of money or if the objectives cannot be met). This is sometimes known as ‘project failure’.
Unlike routine operations, which involve repetitive tasks, a project is temporary and focused on delivering an outcome. Going to work and writing the same reports or emails you write every week isn’t a project – these are day-to-day activities.
The end result of a project is a unique deliverable. This can be product, service, or result. The deliverable may be tangible – for example, a highway upgrade. It can also be intangible – for example, a new way of working that results in time or cost savings.
Even if the project produces something similar to what has been done before, the combination of specific resources and objectives makes each project distinct.
For example, new smartphones often look similar to previous models. Despite this, they involve unique features, designs, and technologies.
Every project operates with specific limitations, often referred to as project constraints. These project constraints are typically time, cost, and scope – commonly known as the "Triple Constraint" of project management.
In practice, there are other project constraints, including resources, risk and quality. Balancing all project constraints is crucial to project success.
Click here to learn more about the Triple Constraint of project management.
Let’s take an example. There are many solar farms being built around Australia. According to this map, in March 2025, seven solar farms are under construction in Victoria, Australia.
Builders of these solar farms face similar project constraints:
Any changes to one of these elements can impact the others. If the budget increases, it may allow for more resources or an increased scope. However, this may also extend the timeline. The extended timeline is also subject to the availability of the workforce.
Managing these project constraints is a key skill for project managers. Failure to do so can lead to delays, overspending, or project failure.
Projects are change-oriented. This is because they create improvements or solve problems. Projects drive change within an organisation in a number of ways, for example, through the development of a new product, the implementation of a new system, or a change in processes.
These changes often require new approaches, skills, and strategies. The changes can impact various stakeholders, including employees, customers, and partners. This change-oriented nature of projects means that managing the human aspect – communicating with and supporting stakeholders – is just as important as managing the technical aspects.
Projects often involve uncertainty and risk. This is because projects bring about changes, and changes are unpredictable.
For example, a project might involve new technologies, unfamiliar markets, or novel ways of working. These can all create challenges.
For example, a project developing a new software platform for a hospital for a client might face technical difficulties or delays due to unanticipated integration issues.
Risk is an integral part of every project and can manifest in various ways. This includes financial risks, operational risks, and reputational risks. As a result, project managers must anticipate potential risks and develop mitigation strategies.
Projects typically involve collaboration across various departments and teams within an organisation. Unlike day-to-day operations, which often operate within a single department, projects require input from multiple departments.
For example, the launch of a new product by Coles or Woolworths may involve marketing, design, finance, and production teams, all working together toward a common goal. This ‘cross-functional collaboration’ cuts across organisational lines, breaking down silos. It encourages teamwork between departments that may not typically interact.
Projects play a crucial role in enabling organisational value creation by driving innovation, improving efficiency, and meeting strategic goals. Projects help organisations to implement new products, services, or processes that align with their long-term objectives. This results in value creation – benefits. These benefits may be tangible, including increased profits or share price. They may also be intangible (including enhancing brand reputation or recognition).
Every project, regardless of size or complexity, follows a structured path. This path is known as the ‘project lifecycle’, and is divided into phases.
The five key phases of the project management lifecycle are:
Click here to learn more about the phases of the Project Lifecycle.
Projects differ from day-to-day operations. Operations involve ongoing, repetitive activities that support ‘business as usual’. By contrast, a project has a specific start and end date, a defined scope, and distinct objectives. A project typically results in something new or improved – whether it’s a product, service, or process.
The table below provides some examples of the difference between projects and day-to-day operations:
Enjoyed learning about projects? You might have what it takes to be a project manager! The demand for skilled project managers is growing, not just in Australia but globally. According to the Project Management Institute, by 2030, the world will need 25 million new project professionals. The ability to manage complex projects across different sectors makes project management a versatile and sought-after skill.
If you are a project manager, part of a project team, or want to transition into a new career, formal training and certification with Project Management Planet can set you apart.
Want to learn more about a career in project management? Join our free Project Management Community here.
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