As said above, a project-based company is often involved in several
projects simultaneously. These projects are intended to meet an often
vague, but unique need for something new.Within a project-based company
an individual project is an organization of people dedicated to
a specific purpose or objective. Projects often involve large, expensive,
unique, and high-risk undertakings that have to be completed by a certain
date, for a certain amount of money, within some expected level
of performance. At a minimum, all projects should have well-defined
objectives and sufficient resources to carry out all the required tasks.
However, unfortunately, this is often not the case (e.g. Steiner, 1969;
Pinto and Kharbanda, 1995; Cicmil, 1997; Kerzner, 1997)