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What's a Project?

Updated: Apr 28, 2023

Many people ask, "What's a project?"... well here's your answer. A #project is an ultra organized approach to reaching goals in which time, money, and resources (human & tangible) are necessary. Projects are timed and budgeted to complete a series of tasks that lead to a desired outcome. A project has milestones which are pivotal and significant events that serve as checkpoints. Milestones help to keep a project within time and budget constraints. Projects can have team or a single person completing tasks synchronously =, interchangeably - _ -, or sequentially - - -.

man working

How Long Do Projects Last?

Projects can last anywhere from 1 month to a year. Long-term projects, although major, tend to not exceed five years. It is possible that delays due to unforeseen events or changes in direction/goal could extend a project's timeline. How long a project will take is dependent on the nature of the project, the complexity of the desired outcome, and the resources available, making each project especially unique.

Benefits of Project Management

Projects of any size require attention to detail and the skill of foreseeing the trajectory of events that could follow tasks. Projects also require a formidable organization of tasks that is strategic in achieving #efficiency and #effectiveness. A project that is properly managed is likely to not only be successful, but economical as well. Here are 5 benefits to project management;

  1. Peace of mind

  2. Budget protection

  3. Timeliness

  4. Risk management

  5. Focus

Who Benefits From Project Management?

Anyone in need of managing time, money and resources and anyone who struggles with planning, organizing, and management. Projects are found in all aspects of life and can be an exhilaration or a hinderance for people. A business/organization that is on the verge of making significant changes or launching an event can benefit from project management. A homeowner who is preparing a large project such as floor installation, basement remodel/decluttering, or disaster preparedness, but lacks the planning/organization skills, or the time to oversee the work benefits from project management.

How Much Does A Project Cost?

All projects have a unique set of needs based on the stakeholder's desired outcome and resources. Small projects that require less oversight and strategic planning will also. require less billable hours. Projects with elements such as complex tasks, shortened timelines, large teams, extremely detailed goals could increase billable hours despite or because of a short timeline.

The cost for project management ranges from $60-$200 per hour. Smaller residential projects could be packaged for affordability depending on the nature of the project. Project hours average between 1-15 hours per week- more if the project is complex. Hours are based on the number of management, planning, and preparation hours needed for a specific project. Therefore it is very possible for a business project to require 1 hour a week while a residential project could need 5 hours.

Contact IHS Projects for an estimate on your next project.


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