We see way too many UFOs around my guild -- and no, we are not in Roswell, New Mexico. A UFO is the quilting term for Un-Finished Object. It is so easy to get excited, start a project, and then ... somehow ... never finish. The guild has a challenge this year to finish up some of our UFO's -- I put down several projects on my list.
Just for fun, here's a list someone shared from a Yahoo quilting group:
UFO Un-Finished Object. A project which is started but not yet finished.
WIP Work In Progress. A project on which you actually do work. (The dividing-line between UFOs and WIPs is highly personal.)
PIG Project In Grocery-bag
prozag PROject in Zip-lock-bAG
PIGs and Prozags are those bags / shelves / boxes / whatever, where you have all fabrics and a pattern. Thread and batting is not necessarily included. Numerous PIGs have been known to be called my herd of swine.
BOB Bag (Box / whatever) Of Blocks. Often swap-blocks that are put aside for "later". Also the odd "test-blocks" where you have tried out colour-combinations, or a new technique, or the blocks of projects that were started, and is now stopped without any intention of every doing more about that project ... but there are anything from 1 to 100 blocks that are finished.
BOB-projects usually need serious executive decisions ... such as setting, use, size etc.
The 3 above categories can be DOA, Dead On Arrival. Something you know you will never finish anything from. If that is the case, get rid of it! Donate, toss, sell or recycle into stash.