A project in business and science is a temporary endeavor undertaken to create a unique product, service, or result. Basically, it is planned to achieve a particular aim. The aim of a project is to attain its objective and then terminate. Some of the reasons to start a project can be:

1. A customer request or market demand
2. An organizational need
3. A customer request
4. A technological advance
5. A legal requirement

Projects and operations differ primarily in that operations are ongoing and repetitive, while projects are temporary and unique. Generally, a project is a means of organizing some activities that cannot be addressed within the normal operational limits.

Project characteristics:

1. It is temporary – temporary means that every project has a definite beginning and a definite end. Project always has a definitive time frame.
2. A project creates unique deliverables, which are products, services, or results.
3. A project creates a capability to perform a service.
4. Project is always developed in steps and continuing by increments – Progressive Elaboration.

Project Management: Project management is the application / use of knowledge, skills, tools and techniques to project activities to meet project goals and objectives. Generally, Project Management includes the accomplished through the application of the following process:

1. Project Initiation
2. Project Planning
3. Integration Management
4. Scope Management
5. Time and Cost Management
6. Quality Management
7. Staffing Management
8. Procurement Management
9. Communication Management
10. Risk Management
11. Project Execution
12. Project Tracking, Monitoring and controlling
13. Project Closure

For managing a project, a Project Manager is responsible for identifying requirements, goals, objectives and maintaining a balance between quality, scope, time and cost.