Project management is the process of leading a team to achieve specific goals and meet success criteria within a given time frame. It involves planning, organizing and monitoring resources to ensure that the project is completed efficiently, on time and within budget. Effective project management is critical to delivering successful projects that meet stakeholder goals and expectations.
The process begins with project initiation, where project goals, scope and feasibility are defined. This phase includes determining the purpose of the project, its objectives and the stakeholders involved. A project manager often begins by creating a project charter, which formally authorizes the project and outlines key details, such as goals, scope, budget, timeline, and key stakeholders. Feasibility studies or a business case can also be conducted to ensure that the project is viable and aligned with organizational goals.