The application of knowledge, skills, tools, and techniques to activities required to meet project and product goals and objectives. Project management addresses and integrates the competing demands of stakeholders with differing needs and expectations.

Benefits
Improved Activity Definition & Sequencing, Improved Integration and Hand-offs Between Organizations, Reduced Design & Financial Risk, Optimized Applied Resources, Accurate Financial and Scope Monitoring
 

Project Management Thought Process
Project management is a discipline applied per generally accepted practices as defined by the Project Management Institute ( www.pmi.org ) and in the Project Management Body of Knowledge (PMBOK) guide. Project management applied via a phased approach ensures and integrates initiating, planning, executing, controlling, and closing. (Lean Product Development compliments PMBOK guidelines.)