Managing the project development process requires careful upfront project planning, an identification of key project milestones and a detailed schedule for achieving them, cost estimates and methods of cost control throughout the process, and risk analysis to identify potential challenges and risk management plans to limit them. Project management is the set of skills and techniques used to ensure that these projects are successfully delivered on time and within the bounds of other constraints including budget and resource allocation. According to the Project Management Institute, a project is “a temporary endeavor undertaken to create a unique product, service, or result.” Both “temporary” and “unique” are key words in this definition they imply that a project is a process that takes place over a specified, limited period of time, and that this process is designed to achieve one specific outcome and is not a routine business activity. To define project management, we first need to define what a “project” is.
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