Project management, then, is the application of knowledge, skills and techniques to execute projects effectively and efficiently. It’s a strategic competency for organizations, enabling them to tie project results to business goals — and thus, better compete in their markets.
It has always been practiced informally, but began to emerge as a distinct profession in the mid-20th century. PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) identifies its recurring elements:
Project management processes fall into five groups:
Initiating
Planning
Executing
Monitoring and Controlling
Closing
Project management knowledge draws on ten areas:
Integration Scope Time
Cost Quality Procurement
Human resources Communications Risk management
Stakeholder management
