This section describes fundamental elements necessary for working in and understanding the discipline of project management. 

The Project Management Institute (PMI) provides the following definition of a project: 

A project is a temporary endeavor undertaken to create a unique product, service, or result. 

* Unique product, service, or result.

Fulfillment of project objectives may produce one or more of the following deliverables: 

* A unique product that can be either a component of another item, an enhancement or correction to an item, or a new end item in itself

(e.g., the correction of a defect in an end item); 

* A unique service or a capability to perform a service

(e.g., a business function that supports production or distribution); 

* A unique result, such as an outcome or document

(e.g., a research project that develops knowledge that can be used to determine whether a trend exists or a new process will benefit society). 

Projects are undertaken at all organizational levels. A project can involve a single individual or a group.

A project can involve a single organizational unit or multiple organizational units from multiple organizations. 

Examples of projects include but are not limited to: 

* Developing a new pharmaceutical compound for market, 

* Expanding a tour guide service, 

* Exploring for oil in a region, 

* Modifying a computer software program used in an organization, 

* Constructing a building. 

The temporary nature of projects indicates that a project has a definite beginning and end. Temporary does not necessarily mean a project has a short duration.

The end of the project is reached when one or more of the following is true:  

* The project's objectives have been achieved; 

* The objectives will not or cannot be met; 

* Funding is exhausted or no longer available for allocation to the project; 

* The need for the project no longer exists

(e.g., the customer no longer wants the project completed, a change in strategy or priority ends the project, the organizational management provides direction to end the project); 

* The human or physical resources are no longer available; or 

* The project is terminated for legal cause or convenience.