Before understanding 'Project Management' in detail, the first thing one should know is, what is a Project?
A project is an independent operation of an organisation that is distinctive in nature with the ongoing business operations and temporary in nature. In addition to that, a project has previously defined objective and a time frame in which is to started and finished. The time frame is defined as per the type of project varying from minutes, hours, days, weeks, months or years.
Basically, a project is started in order to create or bring a new product or service that has no existence at present. A project cannot be compared with an operation in an organisation, as an operation is an ongoing phenomenon while a project is finished once its objective is met and that is the end of a project. However, a new project can be started after that.
A project is said to be completed when the objectives and goals set prior to the initiation of the project management process is achieved. However, a project can end even if the determined goals and objectives are not met or there is no need for the project anymore.
Project Management Body of Knowledge (PMBOK) defines a project as a temporary endeavour undertaken to create a unique product, service or result. The temporary nature of projects indicates a definite beginning and end. The end is reached when the project's objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists.