Final answer:
Work packages are the smallest unit of work within a project's work breakdown structure, characterized by their specific objectives, distinct start and end points, defined duration and costs, and designated resources. They are fundamental for organizing project tasks and for performance measurement and control.
Step-by-step explanation:
Work packages are a fundamental component of project management and a term closely associated with the work breakdown structure (WBS). They represent the smallest unit of work that can be planned, executed, monitored, and controlled within a project. The defining characteristics of work packages include its ability to provide a clear and detailed understanding of the tasks necessary to complete a segment of the project. Just like the curves covered in the Production, Costs and Industry Structure chapter, they help in organizing and defining the total scope of the project.
A work package should have distinct start and end points, specific objectives, defined duration and costs, and designated resources. It should be unique to the project and should not be confused with activities, tasks, or components that make up a larger task. The creation of work packages allows for a structured breakdown and assignment of tasks, making it easier to manage, allocate resources, and track progress. This level of granularity in planning also facilitates accountability and provides clear criteria for performance measurement and control.