The strategic plan by a company to oversee a specific goal, objective or project, it provides a means for company goal attainment. Project management brings focus to each stage of a project and involves five stages of development: initiation, planning, execution, monitoring and closing. Generally, project management is handled by one individual who is responsible for overseeing an entire project from beginning to end. The centrally placed individual maintains productivity, eliminates distractions and keeps the project on target to maximize company profits. Software tools have been developed that can assist in the general project management, and monitor the various areas of progress.

Project management is not limited to the oversight of just one part of a project. In addition, the project manager is not bogged down with the personnel/management issues that can take up valuable time. The project manager must be someone who can multi-task and delegate work to others for successful completion. While working through the five stages of development, the project manager must maintain the schedule and scope of the project. This can require a careful eye on the budget and the personnel costs that are involved in the project.

Communication between the project manager and upper management is essential to the success of the project. The project manager is tasked with updating management with the progress of the project, informing them of any setbacks, problems or financial hurdles that must be dealt with. While upper management is not directly involved in the daily process of the project, they need to be informed of the progress.

Finding a project manager that has received industry certifications and has work experience to handle large projects is imperative to the success of projects. There are higher education degrees in the field of project management, as well as certification and continuing education courses that can allow an individual to receive the skills needed to handle the job.