PROJECT = “A very well defined goal” to be achieved with “defined resource” in a “defined time”
The goal must be very clear down to every detail.
For a software project, for example, it means complete specs of the application, the inputs, outputs, data processing and calculation details, data structure, workflows, pages, forms, fields and even the buttons and their respective actions etc. Which means an application explained to the last detail.
Total Money to be spent.
Adding up the chunks of money “reasonably associated and calculated” with all of the requirements as detailed by the specs must be equal or less than the total project cost less the expected profit.
Total time to achieve the project goals.
The time required by all of the small pieces as detailed by the specs must be reasonably calculated and adding the time required must not exceed the total available time. Generally this time starts when a preliminary system analysis has been made to evaluate roughly the general specs, the required money and the required time. And hence it includes the margin for complete system analysis and/or any assertion or renewal of costing and timing schedules.
Note the detailed analysis might be charged separately, as is done while evaluating new projects by investing in pilot projects