Define a Project. Explain the characteristics and stages of a project. Briefly explain why is Project Identification different from Project Planning?

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Definition of a Project:
A project is a temporary and unique endeavor with a specific set of objectives designed to create a distinct product, service, or result. It is characterized by its defined beginning and end, constrained by resources, and undertaken to meet specific goals and objectives. Projects are different from routine operations as they are temporary and have a defined scope, timeline, and budget.

Characteristics of a Project:
1. Temporary Nature: Projects have a finite duration, and they are not meant to last indefinitely. Once the project objectives are achieved, the project is considered complete.
  
2. Unique: Each project is distinct and has specific goals that make it different from other projects. Even if there are similarities, there will be unique elements in each project.

3. Defined Objectives: Projects have clear and well-defined objectives that guide the activities throughout the project lifecycle. These objectives provide a basis for planning, execution, and evaluation.

4. Resources: Projects are carried out using a set of resources, including human resources, finances, materials, and equipment. Managing these resources efficiently is crucial for project success.

5. Risk: Projects are inherently associated with uncertainty and risk. Project managers must identify, assess, and mitigate _____ __ ________ _________ _______ __ __________ ____________.
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Degree : MASTER DEGREE PROGRAMMES
Course Name : Master in Business Administration
Course Code : MBA
Subject Name : Management of Public Enterprises
Subject Code : MS 92
Year : 2022