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Project management can be defined as application of knowledge, processes, skills, methods & experience for achieving the objectives of the project. It is not a small task. This is not a continuous instead this process has a definite starting & end. It decreases the risk & increases the possibility and chances of success. It ensures the best value & efficient use of the resources. There are different tools which are used in project management for measuring accomplishments & tracking the tasks of the project. Some of the tools are PERT charts, Work Breakdown Structures & Gantt charts.
In the Project management, techniques, knowledge & skills are applied for the execution of the projects in an efficient & effective way for enabling the organizations to achieve the objectives & compete in the markets in a better way. It is basically concerned with the management of the discrete packets of work for achieving the specified goals. There are many benefits to the host organizations as well the people who are involved in the project delivery if they invest in the project management effectively. There are five groups in which the processes of project management are groups that are initiating, planning, executing, monitoring & controlling and closing.
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