ABSTRACT
Project management is accomplished by applying knowledge and skills while using tools and standard processes to meet project objectives. A project moves through a defined set of process groups, from the initial definition of need to the final release of resources. Every project can be divided into five project management process groups. These include: initiating, planning, executing, monitoring and controlling, and closing. Many of these processes are iterative throughout the project's lifecycle. The planning process group takes the information gathered and documented during initiation to develop the project management plan. Providing project-specific information to project stakeholders, such as sponsors and governance committee members, is often accomplished through status reports. These are completed at regular intervals and provide a high-level account of the project at a single point in time. Earned value management is a valuable tool to monitor and control the project schedule and budget.
