A project is a task that is to be completed in a stipulated time period under certain guidelines. It pertains to some ideas or themes which help in the completion of the task.

A project has five characteristics. These are:

1. A recognized objective.
2. Contribution of several professionals and departments.
3. Doing something that has never been performed before.
4. Specific cost, performance and time requirements.
5. A defined life span with an end and a beginning.

Along with these characteristics the others are as follows:

• Change
• Temporary
• Cross-functional
• Unique
• Uncertainty

Change: A project is a task that modifies the existing process. It is generally done to modify the on-going process. The project involves cost and time duration under which all activities are to be done.

For example, a project is undertaken to improve the automated-teller machine to withdraw cash. This can only be done when the machine working is modified.

Temporary: A project is temporary in nature. It implies it is done to achieve specific tasks or goals. It is to be completed in a certain time period.

For example, a project is to make changes in existing software. This project is completed in a time-period, thereby temporary in nature.

Cross-functional: A project involves various departments of the same company. It requires various inputs from different departments leading to the completion of a project.

For example, a project to make a website requires IT-department, research and development department, cost and accounting department, etc.

Unique: Every project is different from another. The name project itself leads to the uniqueness of achieving a specific goal. No two projects can be similar; else it could be under the same sub-head.

Uncertainty: Every project has an uncertainty associated with it. No project is guaranteed to achieve the objective for which it was formulated. Thus, uncertainty is the inherent characteristic of every project.