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A project is a series of activities aimed at bringing about clearly specified objectives within a defined time-period and with a defined budget. A project should also have: 1) Clearly identified stakeholders, including the primary target group and the final beneficiaries; 2) Clearly defined coordination, management and financing arrangements; 3) A monitoring and evaluation system (to support performance management); and 4) An appropriate level of financial and economic analysis, which indicates that the project’s benefits will exceed its costs.

Source: European Commission, Project Cycle Management Guidelines, 2004 (p.8)

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