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They are temporary in nature
Projects have definite start and end dates
At the end the team is disbursed
Projects deliver unique products / services
Projects are progressively elaborated
At the beginning we have very less insight into the project
As the project progresses, we gain more and more insight into the project
Projects are constrained by limited resources of Time, Cost & Scope
Projects are managed by Project Managers
Projects are considered as successful;
If they are completed on time and within budget
Met the scope
Achieved the business case