**2. Project management**

Managing a project includes identifying requirements, establishing clear and achievable objectives, balancing competing demands of quality, scope, cost, and time, adapting specifications, plans, and approach to meet expectations of all key stakeholders including the client and the end-user. We define project management as *the art and science of using experience, knowledge, skills, tools, and techniques efficiently and effectively to meet stakeholder expectations*.

Current trends in the project suggest that organizations manage several projects simultaneously.

Long-term success in managing projects requires proven and established project management practices and processes and several successful projects to emulate [1]. Therefore, organization-wide resource allocation becomes necessary to succeed, which may not always be possible. Also, required skills and expertise are always not available locally. Consequently, virtual teams are becoming common for project execution. PM tools increasing in complexity and usefulness. Managing project involves:


Thus, project management is an approach to accomplish project objectives within organizational structural and resource constraints for internal projects. For external projects, political, social, legal and environmental constraints may also have to be considered.

Project is an organization-level effort associated with complexity, uncertainties, and unknowns. Consequently, it requires continual involvement of several functions. Obviously, integration, coordination, and accountability assume greater importance. Project Management tools and techniques will help to accomplish these integration and management functions. Uncertainties and unknowns affect requirements to change dynamically and the project manager has to meet these requirements while meeting the expectations of all the project stakeholders.
