Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations from a project. Meeting or exceeding stakeholder needs and expectations invariably involves balancing competing demands among:
Scope, time, cost, and quality.
Stakeholders with differing needs and expectations.
Identified requirements (needs) and unidentified requirements (expectations).
The term project management is sometimes used to describe an organizational approach to the management of ongoing operations. This approach, more properly called management by projects, treats many aspects of ongoing operations as projects in order to apply project management to them. Although an understanding of project management is obviously critical to an organization that is managing by projects.

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