Project Management, its definition and existence

In business, people with creative minds are necessary to come
up with new innovations towards improvement or development
of a particular service.  As ideas are brought to management,
these are studied and evaluated.  If management feels that the
idea can be worked out, then study of the proposal is
undertaken.  This idea becomes a project to be studied. 
It is a temporary undertaking perform for the purpose of
creating an innovative product or service that in the end
will benefit and give worth to a company or individual. 
This project would have to be managed. This activity is
called Project Management.

Project Management is the facility for an individual or
company to organize and manage knowledge and resources
in order to deliver the work required for a specific project. 
It requires the management with focus on details, quality,
time and budget restraints.

Its function is to monitor, control and plan projects. In as
much as a project is temporary, activities need to be
performed and delivered under some constraints such
as scope, time and cost.  The time constraint deals on
the amount of time given for the project to complete. 
The cost restraint deals on the amount allotted for the project. 
The scope constraint deals on what should be done to come
up with the project’s end result.  Due to these constraints,
a careful planning and analysis of the project should be given
so as not to experience wastage on the resources that have
already placed into the project.

Let a group handle your proposed innovations and create
a project management to handle such.