A project is undertaken to achieve a purpose. The following are the characteristics of a project.
A project involves investment of money and money’s worth.
The objective of a project is to earn profit.
It is concerned with production of goods and services.
Every project has risk and uncertainty associated with it.
It has a fixed set of objectives.
It is subjected to a lot of change.
It has a definite beginning and an end.
It has a life cycle reflected by growth, maturity and decay.
It is combination of various elements such as technology, equipment, materials, machinery
and people.
A project requires team work.
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