Project management is the process of planning, organizing and managing activities and resources to ensure that specific project goals and objectives are reached on time and within budget. Creation of a work breakdown structure helps an organization identify and organize the key elements (e.g., data, products, services) that define the scope of the project, providing a framework for developing work schedules and cost estimates. Project management includes planning for communication and scope management, identifying roles and responsibilities, and developing a shared understanding of tasks and schedules.
Tools such as Gantt charts can be used to illustrate and monitor the project schedule (e.g., activity start and completion dates), dependencies among activities, and current schedule status (e.g., percent complete). Good project management helps organizations to understand the full scope of a project’s work (all internal, interim, and external deliverables) and its requirements, allocate resources appropriately, identify potential problems in a timely manner so corrective actions can be taken when needed, and successfully meet their goals.