Project management, then, is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. A project management framework is a set of processes, tasks and tools that provide guidance and structure for the execution of a project. Successful project management takes practice. Project management is a method of organizing all activities related to a project and its parts. Project management involves the planning and organization of a company's resources to move a specific task, event, or duty towards completion. The project’s baseline is used to measure how performance deviates from the plan. Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.Project management has final deliverables that are constrained to a finite timescale and budget. It’s essentially a point in the project plan that signifies important work has been completed, and the project will transition to a new phase. The purpose of a project may range from new product development to a service launch. Activity definition refers to the process of parsing a project into a number of individual tasks which must be completed before the deliverables can be considered completed. By its project management definition, a milestone has a duration of zero and no effort, because there is no work associated with it. Definition. The framework helps organizations map out the progression of the individual project steps, from beginning to completion. The term project may be used to define any endeavor that is temporary in nature and with a … Your performance measurement would only be meaningful if you had an accurate baseline. These ideas can give you a basic understanding of project management but consider it only a beginning. Project Management Is an Art and a Science . Project Management - Definition and Important Concepts Project Management is the art of managing all the aspects of a project from inception to closure using a scientific and structured methodology . The completion of all project objectives is project management's primary challenge. Activity definitions rely on a number of specific input processes. Project management knowledge areas bring a project to life, but that life can be chaotic and complex, which is why a project manager needs a tool to help manage all these moving parts of a project. It has always been practiced informally, but began to emerge as a distinct profession in the mid-20th century. Updated October 16, 2018. The framework includes all aspects of the project, from required resources and tools to specific processes and tasks. If your job or career path includes project management, and if you want to improve your skills, talk to successful project managers, read, and practice.