Project management is the application of processes, methods, skills, knowledge, and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters. Project management has final deliverables that are constrained to a finite timescale and budget.

What are the 5 Phases of Project Management?

The project management process consists of five steps or phases that all projects must go through: initiation, planning, execution, monitoring and control, and closure. These project management phases are also known as process groups, the project management cycle, or the project lifecycle.

What is the main purpose of project management?

In other words, the purpose of project management is to plan and manage a project to complete its listed goals and deliverables. It involves identifying and managing risks, carefully managing resources, smart budgeting, and clear communication across multiple teams and stakeholders.