Project Management is the acquired knowledge and skills applied using a formal set of tools and techniques to initiate, plan, execute, monitor, control and close projects.
In today's economy, all business lines have incorporated Project Management as an integral part of their operational practices. Project Management has helped businesses to accomplish their pre-defined objectives within the defined time limits. Project Management has facilitated all business sectors to make profitable decisions as well as operationalize strategies to bring their projects to completion.
Project Management has brought profitability to various Business Lines in numerous ways. Few of the important ones have been summarized below. Project Management has provided:

• A clear project framework for achieving project specific goals and business goals.
• An emphasis on phased development i.e. regular and measurable progress.
• A systematic approach to resolving high-risk factors associated with an objective.
• A focus on team thus inculcating the concept of teamwork and skill specialization – delegating tasks to team members selected for their skills that correspond to the requirements of the project, leading to specialized input into the development process.
• A built-in mechanism for assessing the feasibility of a proposed project – assessing requirements and matching available resources to those requirements.
• A process for involving all concerned parties into project execution, ensuring that the end product perfectly matches the requirements and thus avoiding last minute glitches.
• A measure for incorporating Quality Assurance within the project life cycle thus producing Quality Outputs.

The above list is by no means exhaustive, but it gives very accurate picture of what value add Effective Project Management can do to the business and its projects.
To get a better understanding on what Project Management is, lets us now have a look on the various Project Management Objectives. `