$1)$ What is a project?

$2)$ What is project management?

$3)$ How are projects different from ongoing operations?

$4)$ What types of constraints are common to most projects?

$5)$ Which deliverable authorizes the project team to move from Selecting & Initiating to Planning?

$6)$ At what stage of a project life cycle are the majority of the "hands on$"$ tasks completed?

$7)$ During which stage of the project life cycle are loose ends tied up$?8)$ What are the five process groups of project management?

$9)$ Which process group defines a new project or phase by obtaining authorization?

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$1.$ Project:

A Project is a temporary Endeavour initiated to create unique product, service or result. The result could ever live or be temporary in nature. End of the project could be completion or termination. A project may be initiated based on market demand, business need, customer request, technology, legal and ecological reasons.

$2.$ Project Management:

The Project Management is the application of knowledge, skills, Tools & Techniques and resources to meet the project requirements. The Project Management is accomplished through the appropriate application and integration of the $47$ logically grouped Project Management Processes.

$3.$ Difference between Projects and Ongoing Operations:

While Project is a temporary endeavour, Operations are routine and ongoing tasks$/$activities$/$deliverables$.$

Projects are executed based on Project Management principles. Operations are run through Business Process and Operations Management philosophy.

Project Produces unique product, service or results. To sustain the business continuity the products in operations are produced repetitively.

$4.$ Types of constraints that are common to most Projects:

The Project Management triangle or the triple constraints in project management refers to Scope, Time and Cost of the project. Time is also called as Project schedule. This is also called as the iron triangle. Project Managers often discuss various different particulars about the progress of the project with sponsors, customers pertaining to these three major constraints of the projects.

Why they are called the constraints is when one parameter changes it alters the other two significantly. If Time or schedule is increased, it might deliver the outcome of the project with superior quality but with higher cost. Same way, if it is decreased, it reduces the quality of the outcome but with lower cost. Similarly, if cost is altered, quality $($scope$)$ & time will be impacted. Same way when the scope is changed cost & schedule will be impacted. Hence, these three constraints are heavily interdependent on each other.

At any given point of time, it is difficult to satisfy end customer expectation of satisfying all the three constraints. Hence, the decision is to pick up any two of the three.