The Project Management Institute s A Guide to the Project Management Body of Knowledge defines a project as a temporary endeavor undertaken to create a unique product, service or result. ^[1]Projects are typically authorized with a defined duration and cost and with a defined scope and set of performance criteria in place that set boundaries for the project effort. Once the performance criteria are met, the project is considered complete and the resources assigned to this project are typically assigned to other efforts within the organization. Depending on the effort to be undertaken, projects can range in duration from a few weeks to multiple years and can represent specific unique task-force-type efforts that address specific needs or larger efforts that represent core business opportunities for the organization. In many organizations, projects and project teams are formed within functional groups such as finance, information systems, or engineering. In other organizations, a centralized project management organization that houses project management resources is dedicated to project efforts. Regardless of the specific structure, the goal of undertaking and completing project efforts for the benefit of the organization remains the same.

For many projects of reasonable size and duration, a single project team led by a project manager is sufficient to undertake and complete the required work. However, in larger efforts, such as building a jet or undertaking a multiple-year effort to replace an organization s central supply chain infrastructure, typically there are multiple, related efforts and each one requires...