FQAs Regarding Projects

What is a project?
A project is a requirement. When a college wants to computerize its library, it is a requirement and hence a project. The ultimate goal of the project is to full fill the requirement in the best possible manner.
What is a Live Project?
A live project, in the strict sense, is a project developed and used in real-world. If a library management project is developed and used to run library of your college, then we call it a live project.
There are many challenges that you come across during development and deployment of the project. Only when client- company or the person who is in need of the project - uses the project in his/her day-to-day operations we call it as live project.
What is a dummy project?
Any project that is not used by some in real-world for actual operation is a dummy project. For example, you developed a library management system for your college. But if college doesn't use it for library management then we call it as dummy project.
Make no mistake, the requirement may be real-world requirement but what makes a project live or dummy is its ultimate usage.
The difference between dummy and live is like mock exam and real exam. Mock exam also has real questions, but the result doesn't matter whereas in real exam the result matters. Nobody bothers about the result of mock exam (same with dummy project) and everybody bothers about real exam (like live project).
I heard that some software companies give live projects. What are they?
Yes. Some software companies give live projects. They generally choose people based on MERIT and make them do the project in their premises. The selected candidates are also provided with some assistance and guidance by seniors. If selected candidates are good, it is an advantage to companies as companies can use them in project development (or a module at least) as well as absorb them as full-time employees later.
True software development companies DO NOT take any money from students for this. Some instead pay as well. Because their motto is not to make money from students requirement, but instead developing software.
I heard that some other companies give live projects. What are they?
Yes. Some non-it companies give projects. They expect a team of students to develop the software for them.
To be honest, most of this is just eye-wash and formality. Neither students complete projects nor companies are serious about it. Most of the projects given by public sector are of this kind.
Is there any use in doing a dummy project?
Yes. There is a lot if you sincerely and seriously do it on your own. Remember, the idea behind making a project part of academic curriculum is to make students know how to apply what they learnt.
In nutshell, doing a project on your own will teach you a lot than buying a project.
Buying projects and submitting somebody else's project etc. are self-deceiving and will not help anyone anyway.