A company is more than a project in the strict sense of the definition of Project: "A project is a temporary endeavor undertaken to create a product (such as de designer watches)". We will be applying each of these steps to create a project such as our designer watches.
We need to identify the business needs. Why are we going to do the project of these luxury watches? What are the needs we're going to meet?. We need to establish the objectives of our project of designer watches. These goals should be specific, measurable, achievable, relevant and time-bounded. It is also important to give an appropriate name to the product of designer watches which has a meaning and can be used for positioning in the minds of the clients. It is important to adequately describe the product, the designer watches in this case, that we deliver to the customer at the end of the project.
What is the scope of the project? We have to create our designer watches with the client and the project promoters together. Many times throughout the project we are asked to include something that was not in the scope because we realise the customer would like it, and irremediably this affect other factors that make up the triple constraint for projects Range-Time-Cost.
We need to also identify and analyze project risks. What are the factors that could jeopardize the project's success? What should we do to mitigate or eliminate those risks? Once we have all these settled down, we build our first prototypes of designer watches.