Project (ITILv3):    A temporary Organization, with people and other Assets required to achieve an Objective or other Outcome. Each Project has a Lifecycle that typically includes initiation, Planning, execution, Closure, etc., Projects are usually managed using a formal methodology such as PRINCE2.

See also: TBD

Project (ITILv2):    A temporary organization created for the purpose of delivering one or more business products according to a specified business case.

See also: TBD

Some portions © Crown Copyright with Value Added Product Status.