Project management is where the processes, knowledge, methods, skills and experiences needed to achieve a project objective. From a general point of view, the short effort to achieve goals is what is called project management. Therefore, project management is about ensuring that the project achieves its objectives and follows the required criteria and timeline (Henderson & Stackman, 2010). Unlike other management systems, project management generally has fixed and defined times and objectives to achieve and as such requires business skills and awareness. There are core components of project management and these include defining the need for a project, capturing project requirements, securing commercial agreements, monitoring the progress of a plan and maintaining communication with stakeholders , among others. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Ongoing Phases of Management The first phase of project management is project initiation and represents the life cycle of the project. This is the phase in which the feasibility of the project is determined. At this point, some tools are used to determine whether the project is worth pursuing or not. The first tool is the Business Case Document and justifies whether the plan is necessary and the financial benefits of the project (Young, 2006). Then there is the project feasibility study tool, and this tool helps to evaluate the project objectives, costs and the way forward with the project, whether it should be pursued or not. These tools are significant as teams reject unprofitable and infeasible projects. Those that are suitable are searched for. The second phase of project management is the planning phase and at this level, the project must have been given the green light, and this is the point where a project manager brings the team together and using the project plan they establish guidelines for obtain resources, financing and collect the materials necessary for the project. As such, the plan has the purpose of guiding the team towards achieving quality project results. Project execution is the third phase, and this phase occurs when the project begins, and is mainly in the initial stages (Newton, 2013). This phase depends a lot on the planning phase because how the project will start and be completed is defined during the planning phase. The fourth step is the monitoring and control phase of the project. In this phase the progress of the project is made. In some cases, project execution and monitoring are usually done at the same time because when the project starts, the team may want to review how they are progressing (Henderson & Stackman, 2010). This phase is necessary because it is the phase where you can identify any emerging errors and make the necessary changes. The fifth and final phase is the closing phase of the project. This is the final phase because it is the phase where the project comes to an end (Newton, 2013). This step can only occur if the entire project is complete and as such is the stage where the completion of the project is communicated to stakeholders. This is also an evaluation phase where some of the errors and challenges emerging during the project are identified. Benefits of Project Management Project management in a company ensures customer satisfaction; it further improves effectiveness as the project is undertaken in a systematic manner. As such, some lessons are learned in the process!