"PROJECT MANAGEMENT:Project management is defined as the process of managing the entire project from initiation tomaintenance of the project. Moreover, the project needs to be managed throughout its creationfrom initiation, design, implementation, testing and maintenance. The main purpose is to ensurethe project is going on the right track .This will ensure the project is completed on time and isgiven to the end user which leads to his satisfaction and this further increases the interest of thecustomers into the business. This further leads to overall profit as the reputation of the companyincreases by satisfied customers as they get their products which are producing the right resultsas they had expected and according to all the requirements.The management involves a proper plan on how to execute a project and this is only possiblethrough the project management. This involves the skills of the workers and the ability to workin a team which is controlled by a project manager who makes sure everything is goingaccording to the plan without problems. The entire project is crucial for both the companybuilding it and the customer who wants the product. The process should go smooth so thateverything happens at the right time The advantages of project management are: 1. The end-user is able to provide the feedback at every stage of the project so that product isaccording to the requirements.2. The project manager leads the project team from start to finish of the project.3. The amount of risk assessment is increased and the manager can know whenever the project isnot going on the right track.4. The overall quality of the product and quantity increase because of the effectiveness and thegood work environment as everything is being monitored at every step.5. The project team members grow in a good way as they work in the right manner.6. The overall customer satisfaction is increased as the product satisfies all requirements.The disadvantages of project management are:1. The overall communication overhead can be very high which can lead to confusions in takingdecisions.2. The project can be hindered by project manager if he is too rigid about his plan.3. The overall cost overhead increases as tools to manage the project at every stage are costly.4. There is also a time overhead as the total time for project completion cannot be calculatedeasily.5. It leads to non creativity of technical and managerial people as everything is managed by theproject manager. Their work reduces and they have to sit idle in the long run. Example: If the computer software has to be developed, then the project manager will ensure the rightrequirements are taken into account. He will further see the design which is according to therequirements. The manager checks the coding involved while the project is implemented. Heensures it produces right results and is free from errors. He also makes sure the testing isperformed in the right manner so that all errors are removed. The manager ensures continuousmaintenance of the project takes place so that minor changes can be made to the project in such away it keeps producing the right results without any bugs. This will ensure the timely delivery ofthe product and will lead to overall customer satisfaction. This leads to an increase in profit ofthe company as more customers are attracted to such business. This helps in the overalldevelopment of the company as the profits are high. Conclusion:The above assignment shows the importance of project management which ensures the timelydelivery of product and the smooth process from initiation to maintenance of the project. It alsodiscusses the advantages and disadvantages of the project management. All organizations shouldmake it mandatory to use this technique so that the business can grow and overall productivitycan be increased with the passage of time. The main purpose is to ensure all requirements aresatisfied and the product gives the right results as demanded by the customer. This will increasethe overall profit. The various tools will include analysis of every phase of project and ensure theproject follows the right rules and the correct design is converted into the implementation. Without project management the overall project will not follow the right path andwon’ t betracked. This will increase the chances of errors and bugs and the project not working at all. Thiscan lead to an overall compromise on the project and the customer may be dissatisfied and canalso file a case against the company for not providing the product on time and according to hisneeds. This can cause a downfall of business in a big way. "