Project Management

What is 'Project Management'

The planning and organization of an organization's resources in order to move a specific task, event or duty toward completion. Project management typically involves a one-time project rather than an ongoing activity, and resources managed include both human and financial capital.


A project manager will help define the goals and objectives of the project, determine when the various project components are to be completed and by whom, and create quality control checks to ensure that completed components meet a certain standard.

BREAKING DOWN 'Project Management'

Project management is often closely associated with engineering projects, which typically have a complex set of components that have to be completed and assembled in a set fashion in order to create a functioning product. Project managers use visual representations of workflow, such as Gantt charts and PERT charts, to determine which tasks are to be completed by which departments.

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RELATED FAQS
  1. How do companies calculate the estimated duration of a new project?

    Learn about some of the common methods used by companies to estimate the duration of a new project, including those with ... Read Answer >>
  2. How do you use the profitability index rule when scoping out a project?

    Understand the parameters of the profitability index rule and how this rule is used in corporate capital allocation to determine ... Read Answer >>
  3. Why is a bank guarantee important in a long-term project contract?

    Understand what a bank guarantee is and learn why it is so important to the risk and safety of a long-term project contract Read Answer >>
  4. How do you use internal rate of return to calculate a capital budget?

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  5. How much debt is too much when calculating capital budgeting?

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