- Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

- Project management is accomplished through the appropriate application and

integration of the project management processes identified for the project.

- Project management enables organizations to execute projects effectively and efficiently. 

Effective project management helps individuals, groups, and public and private organizations to: 

* Meet business objectives; 

* Satisfy stakeholder expectations; 

* Be more predictable; 

* Increase chances of success; 

* Deliver the right products at the right time; 

* Resolve problems and issues; 

* Respond to risks in a timely manner; 

* Optimize the use of organizational resources; 

* Identify, recover, or terminate failing projects; 

* Manage constraints (e.g., scope, quality, schedule, costs, resources); 

* Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and 

* Manage change in a better manner. 

Poorly managed projects or the absence of project management may result in: 

* Missed deadlines, 

* Cost overruns, 

* Poor quality, 

* Rework, 

* Uncontrolled expansion of the project, 

* Loss of reputation for the organization, 

* Unsatisfied stakeholders, and 

* Failure in achieving the objectives for which the project was undertaken.