Deliverables

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

1. 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.
2. 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.
3. 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)

Related Finance Terms

• Project Milestones
• Project Scope
• Work Breakdown Structure
• Outcome
• Performance Metrics

Sources for More Information

• Investopedia
• Project-Management
• Project Management Institute (PMI)
• The Digital Project Manager