What is the reason for a project?

The reason for every project is usually to create a unique product, service, or result.

How do these 3 terms differ from one another?

• Product - This is a tangible, quantifiable artifact that is either the end item or a component of outcome. The LCD TV in your living room or the fast BMW Car you drive or the nice diamond pendant you got your wife on her birthday are some examples of products.

• Service - Actually, when we say a project can create a service, we really mean the capability to perform a service. For example, a project that creates a website for a bank to offer online banking has created the capability for the bank to offer the online banking to its customers.

• Result. This is usually the knowledge related outcome of a project-for example, the results of an analysis performed in a research project.