On the Nature of the Project as an Object of Management

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Project management is an expensive management approach: transaction costs in project management are higher than in functional management. Accordingly, it is untenable to apply project management to objects that do not correspond to the nature of the project as an object of management. However, insofar as the normal human condition is that of limited cognitive abilities, and under the influence of fashion in management, situations in which the application of project management is sought, when it is not justified by the nature of the object of management, are not an exception. Understanding the distinctive nature of the project on the part of business actors, including international businesspeople, is a fundamental factor in effectively mastering the rich arsenal of tools in project management. The article seeks an answer to the question: what are the contemporary aspects of the nature of the project as an object of management? The aim is to achieve a systematic treatment of the project by identifying existing and deriving new understandings of its nature. Methodologically the article is based on the application of an integrative literature review and abductive reasoning. The theoretical foundations of the analysis are enriched with the author‘s thoughts and a critical review of the theory through an attempt to synthesize it holistically. The article presents and comments on established views on the contemporary nature of the project and on this basis brings out new perspectives – the project as an agency for integration and knowledge creation, the project as an agency for sustainable development, and the project as an agency for international business. The article concludes that the systematic treatment of the project is a precondition for its effective management.