Please provide feedback or reaction: A project is a “temporary activity that is launched for a specific purpose to carry out a particular objective” (Wallace p.354, 2020). Essentially, a project will consist of anything that involves some sort of planning, controlling, and executing of an activity that will help to achieve a specific goal. According to the textbook, some common characteristics of a project will consist of a temporary endeavor, unique purpose, required resources, time and staff, a metric for success but also an element of uncertainty (Wallace, 2020). On the other hand, a Process is “a series of events designed to deliver a product or service that is repeated over and over” (Wallace 2020). Fundamentally, a process is something that is repeated with a routine like structure and is designed to be improved upon to have better and better results each time. The major difference between projects and processes, is that a project is temporary meaning once it’s done then it’s done and that’s the end of it, while a process is repeated on a consistent basis. In addition, projects each have their own unique procedures and timelines that involve uncertainty as the project develops. A process generally has the same activity being accomplished, however they “Should be tweaked so that underlying activities are streamlined, efficient, predictable, and cost-effective” (Wallace 2020). The three main factors that cause projects to fail is: Time, Cost, and Scope. These three factors are known as “The Triple Constraint” and all work in conjunction, meaning if one of them changes then the other two will also be affected. For example, suppose the project is to develop an app, and you decide to an increase the scope by adding more features etc. This will now affect the cost because it’ll take more resources to develop, and also take more time which could affect the launch deadline. All in all, a project is more likely to fail without good project management, and proper balance of these three components.
Please provide feedback or reaction:
A project is a “temporary activity that is launched for a specific purpose to carry out a particular objective” (Wallace p.354, 2020). Essentially, a project will consist of anything that involves some sort of planning, controlling, and executing of an activity that will help to achieve a specific goal. According to the textbook, some common characteristics of a project will consist of a temporary endeavor, unique purpose, required resources, time and staff, a metric for success but also an element of uncertainty (Wallace, 2020). On the other hand, a Process is “a series of events designed to deliver a product or service that is repeated over and over” (Wallace 2020). Fundamentally, a process is something that is repeated with a routine like structure and is designed to be improved upon to have better and better results each time. The major difference between projects and processes, is that a project is temporary meaning once it’s done then it’s done and that’s the end of it, while a process is repeated on a consistent basis. In addition, projects each have their own unique procedures and timelines that involve uncertainty as the project develops. A process generally has the same activity being accomplished, however they “Should be tweaked so that underlying activities are streamlined, efficient, predictable, and cost-effective” (Wallace 2020). The three main factors that cause projects to fail is: Time, Cost, and Scope. These three factors are known as “The Triple Constraint” and all work in conjunction, meaning if one of them changes then the other two will also be affected. For example, suppose the project is to develop an app, and you decide to an increase the scope by adding more features etc. This will now affect the cost because it’ll take more resources to develop, and also take more time which could affect the launch deadline. All in all, a project is more likely to fail without good project management, and proper balance of these three components.
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