Project Management guide · Project management fundamentals
What Is Project Management? Definition, Process and Skills
Project management is the discipline of planning, organising and leading work to deliver a specific result within agreed limits of time, cost, scope and quality. It turns an idea, such as a new product, an office move or a marketing campaign, into a plan people can carry out and leaders can track.
Key takeaways
- Project management delivers a unique result within limits of time, cost, scope and quality.
- Projects move through initiation, planning, execution, monitoring and closure.
- Approaches range from predictive Waterfall to Agile, Scrum and Kanban.
A simple definition
A project is a temporary effort to create a unique result. Project management applies knowledge, skills, tools and techniques to that effort, so it meets its objectives. It covers everything from defining the goal to closing the project and capturing lessons learned.
Why project management matters
- Clear goals: everyone knows what success looks like.
- Better decisions: trade-offs between scope, time and cost are made deliberately.
- Fewer surprises: risks are identified and managed early.
- Efficient use of people and money.
- Accountability: roles and responsibilities are clear.
- Stakeholder confidence: progress is visible and predictable.
The project life cycle
Most projects move through four or five phases:
- Initiation: define and authorise the project.
- Planning: build the scope, schedule, budget and plans.
- Execution: do the work and deliver the outputs.
- Monitoring and controlling: track progress and correct course, throughout.
- Closure: hand over, release resources and capture lessons.
Key knowledge areas
Traditional project management practice groups the work into areas such as integration, scope, schedule, cost, quality, resources, communications, risk, procurement and stakeholders. Each has its own techniques, from the work breakdown structure to earned value.
Approaches and methodologies
| Approach | In one line |
|---|---|
| Predictive (Waterfall) | Plan in detail up front, deliver in sequence |
| Agile | Deliver in short iterations and adapt |
| Scrum | Agile framework with Sprints and defined accountabilities |
| Kanban | Visualise work and limit work in progress |
| PRINCE2 | Stage-based method focused on governance |
| Hybrid | Combine predictive governance with Agile delivery |
See project management methodologies for a full comparison.
What a project manager does
Project managers plan the work, lead the team, manage stakeholders, control risks and costs, and keep the project aligned with its goals. See project manager roles and responsibilities.
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Frequently asked questions
What are the five phases of project management?
Initiation, planning, execution, monitoring and controlling, and closure.
Is project management a good career?
Project management skills are in demand across industries, and certified project managers can work in IT, construction, healthcare, finance and many other fields.
What is the triple constraint in project management?
The link between scope, time and cost: changing one usually affects at least one of the others, with quality at the centre.
What is project management in simple terms?
Planning, organising and leading the work needed to deliver a specific result within agreed limits of time, cost and quality. It covers everything from defining the goal to closing the project.
What is a project manager's role in project management?
Defines goals and scope, builds the plan, coordinates the team, manages risks, stakeholders and budget, tracks progress and closes the project. See project manager roles and responsibilities.
What are the main project management methodologies?
Waterfall, Agile, Scrum, Kanban, PRINCE2, Lean, Six Sigma and Critical Chain are among the best known. See project management methodologies.
What skills do you need for project management?
Planning, communication, leadership, stakeholder management, risk management, budgeting, problem-solving and the judgement to make trade-offs. See project management skills.
What are the knowledge areas of project management?
Traditionally integration, scope, schedule, cost, quality, resources, communications, risk, procurement and stakeholders.
Do I need a certification to work in project management?
No, but certifications such as CAPM, PMP or PRINCE2 help show your knowledge. The PMP requires 35 contact hours of project management education plus 36 months' experience with a four-year degree. See project management certification.
What tools are used in project management?
Scheduling and task tools, Gantt charts, Kanban boards, risk registers, dashboards and collaboration software. See our guide to project management tools.
What is the difference between project management and operations management?
Project management delivers a temporary, unique result; operations management runs ongoing, repetitive work. See what is a project.