A project is managed with a clear end date in mind, and according to a set scope and budget. It has a single easily definable tangible output. E.g. a list of deliverables, a new system or an improved process. The Management of Portfolios (MoP) standard of AXELOS defines a project as "... a temporary organization, usually existing for a much shorter time than a programme, which will deliver one or more outputs in accordance with a specific business case. A particular project may or may not be part of a programme."