Project Management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavour, with a defined start and end time, undertaken to meet unique goals and objectives in conjunction with the development of distinct technical skills and management strategies, typically to bring about a positive change in terms of outcome or value. 

There are several known Project Management approaches and methodologies, namely; The Traditional Approach, PRINCE2, PRiSM (Projects integrating Sustainable Methods), CCPM (Critical Chain Project Management), Lean Project Management, Agile Project Management, Extreme Project Management etc. Depending on the nature and perceived business objective, specific or a combination of Project Management methodologies could be used to achieve the desired outcome.

The most popular and by far the most versatile of above all- The ‘Traditional Approach’ of Project Management is a phased approach that identifies a sequence of steps to be completed, namely; Initiation, Planning and design, Execution and construction, Monitoring and controlling and Completion. An American not for profit organization called PMI (Project Management Institute) popularized this methodology by creating a standard called as PMBOK (Project Management Body of Knowledge) Guide and offering a qualification called PMP (Project Management Professional) around it via a certification process). The approach that the PMBOK Guide demonstrates is consistent with other management standards such as ISO 9000 and the Software Engineering Institute's CMMI hence extremely popular with the IT, ITes, Construction, Oil and Gas, Retail and Manufacturing industries.

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