Definition
In finance, “deliverables” refers to the tangible or intangible goods or services produced as a result of a project that are to be delivered to a customer or client. These can include reports, documents, or even the completion of a certain task or project. The term could also refer to physical products or software in business transactions.
Phonetic
The phonetic spelling of “Deliverables” is: /dɪˈlɪvərəbəlz/
Key Takeaways
- Definition: Deliverables are tangible or intangible goods or services produced as a result of a project that are intended to be delivered to a customer or end user.
- Importance: They are a crucial part of the project management process, which includes anything from reports, physical products, software, or any other output that results from a project.
- Types of Deliverables: They can be classified as internal deliverables (used within the project team or company) and external deliverables (given to the clients or stakeholders).
Importance
Deliverables are a crucial element within the world of business and finance because they represent the tangible goods, services, or achieved milestones that a project or contract is expected to provide upon completion. These can range from reports, documents, software products, designs, or any other quantifiable output. When clearly defined, deliverables serve as a roadmap for project tasks, boosting productivity and efficiency while ensuring that every team member understands the objectives and their role in achieving them. Moreover, they facilitate communication between various stakeholders, assist in setting expectations and deadlines, and serve as a measure of progress and success. In short, deliverables are vital in project management for streamlining workflow and ensuring successful, timely project execution.
Explanation
Deliverables play a crucial role both in business and finance sectors as tangible or intangible goods or services produced as a result of a project. They serve as a testament to the completion of a certain responsibility or task, making them pivotal as determinants of whether a project or work is on track. More specifically, it provides a clear scope of what needs to be achieved by detailing the specific outputs expected upon completion. Hence, establishing deliverables at the beginning of any project or business deal can greatly enhance clarity of project boundaries and also help to manage expectations.In terms of their use, deliverables are often used as milestones to assess the progression of a project. By setting up intermediate or “internal” deliverables throughout the project timeline, progress can be quantified and the team can effectively monitor if the project is on schedule. Additionally, the “external” deliverables, being the final products or services provided to the client, are evaluated to determine if the project’s objectives were met. Essentially, these deliverables act as a measurement tools, their achievement signaling success or pointing out where adjustments may be needed.
Examples
1. Advertising Campaign: An advertising agency may promise to deliver a multifaceted campaign to a client. The deliverables within this service may include a defined number of social media posts, website banners, TV advertisements, or physical billboards.2. IT Project: In an IT project, deliverables could include the development and implementation of a new software system. They might also include progress reports, system testing results, and user training guides, amongst others. 3. Construction Project: In a construction project, the deliverables could be the completed physical building itself, detailed design blueprints, regular project updates to the investing party, and final documentation on project completion.
Frequently Asked Questions(FAQ)
What are Deliverables?
Deliverables refer to the tangible or intangible goods or services produced as a result of a project that is intended to be delivered to a customer or a client. These typically include things like reports, data, software, or other concrete products but can also include less tangible outcomes such as process improvements or consultancy advice.
What are some examples of Deliverables in Business or Finance?
Examples of deliverables can range widely depending on the project but they could include a final report at the end of a financial audit, a new software system to aid in finance management, a presentation documenting potential investment strategies, etc.
How are Deliverables important in projects?
Deliverables are critical in projects as they represent the output or result of the project. They provide a clear endpoint or goal to aim for. The completion and acceptance of deliverables often trigger payment or signify the completion of a project.
How should Deliverables be defined in a project?
Deliverables should be clearly documented during the planning stages of a project. They should be specific, realistic, and agreed upon by all stakeholders. The definition should also include the timeline, quality standards, and acceptance criteria.
How do Deliverables differ from Milestones?
While both are important components of project management, they serve different purposes. A deliverable is a tangible or intangible good or service produced as a result of a project, while a milestone is a timeline event signifying the completion of a major project phase, task, or decision.
What are internal and external Deliverables?
Internal deliverables are typically results or outputs of a project that are necessary for the completion of the project but are not delivered to the client. They are mainly for internal use. External deliverables, on the other hand, are the final products or services that are delivered to the client or the end-user.
How should the performance of Deliverables be measured?
The performance of deliverables should be measured against the defined criteria, which may include quality, completeness, functionality, and timeliness. Regular reviews and audits can help ensure the deliverables meet the pre-defined criteria.
Related Finance Terms
- Project Milestones
- Project Scope
- Work Breakdown Structure
- Outcome
- Performance Metrics
