Project Management model defines relevant project management processes and activities that should be utilized in executing a project. The profession of project management has matured greatly over the past two decades and a large part of that has been a result of conceptualizing the project experience into an understandable model. Much of this recognition has come from efforts of organizations such as the Project Management Institute (PMI) and other similar international organizations. PMI was founded in 1969 by a group of industry professionals who believed that a professional focus on project management processes was the right strategic answer for improving the management of projects. PMI continues to provide knowledge and leadership in the standards and certification of project management principles. The model defines that a project management is formally named at this point to move the effort forward. Project Charters represent the formal authorization step and it formally signifies that management is behind the project.