In carrying out their capstone projects, students use knowledge and skills acquired throughout their degree program to create a product or provide a technical service. An assigned advisor guides the students and supervises the work, and a committee assesses the projects. This study compares student and staff perceptions of key aspects of completing this type of project, such as project characteristics, student competencies, advisor involvement, and student perceived learning. The primary finding of this study is that the students' expectations differ greatly from those of staff. In particular, students tend to have a better opinion of their project, their competencies, and the supervision received than does the staff. However, advisors and evaluation committees have a similar opinion about projects characteristics. The students' perception of their learning, furthermore, is not always consistent with the grade obtained or student satisfaction. This disagreement suggests the need to more clearly and effectively communicate actual expectations to students and staff.