ABSTRACT
Wrongly labeling an activity as a project is one of the most common errors in project management. Since project managed endeavors deliver results within specific time and cost limitations, it is no surprise that conducting businesses through projects is widely popular. However, simply calling some activity a project cannot guarantee delivery of expected results. A project is a unique endeavor to accomplish unique goals. That goal is a result, a product, or a service. A project delivers its scope within a targeted cost and duration. Specific scope, cost, and time are the basic definers of a project and they are referred to as triple constraints. Other requirements and limitations can be added to these primary project targets only if their progress is objectively measurable. The quantitative nature of triple constraints enable objective evaluation of results. Unless explicitly specified and agreed on by all, qualitative requirements that may be included as additional goals may not lead to satisfactory results for all stakeholders. Typical stakeholders, key project participants, and their roles are presented. Project delivery systems and contract pricing options and how they collectively govern project success is discussed.
