What is Project Management?

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined beginning and end, constrained by time, budget, and scope.

"Project management is the art of creating the illusion that any outcome is the result of a series of predetermined, deliberate acts when, in fact, it was dumb luck." — Harold Kerzner

The Triple Constraint (Iron Triangle)

Every project is governed by three competing constraints:

Scope — what work must be done
Time — when it must be done
Cost — what budget is available

Quality sits at the center. Changing any one constraint affects the others.

Project Management Process Groups (PMBOK)

Process Group	Key Activities
Initiating	Charter, stakeholder identification
Planning	Scope, schedule, cost, risk planning
Executing	Direct and manage project work
Monitoring & Controlling	Track, review, regulate progress
Closing	Finalize all activities, lessons learned

Project vs Operations

Operations are ongoing and repetitive (e.g., manufacturing, payroll). Projects are temporary and unique. A project ends when objectives are met, become unachievable, or the need no longer exists.

Key PM Roles

Project Manager — accountable for delivery; leads the team
Project Sponsor — executive champion; owns the business case
Project Team — individuals performing project work
Stakeholders — anyone affected by the project outcome

💡 PMP Tip: The PMBOK Guide (7th edition) shifted from process-based to principle-based thinking. Understand both approaches for the exam.