Project Management

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