Project management involves clearly defining goals, tasks, timelines and budgets to deliver projects successfully. It uses tools like Gantt charts and PERT charts to track progress and reduce risks. A key part of project management is balancing the triple constraint of time, cost and scope, with quality as a central theme. Projects go through six phases from initiation to closure, and a project manager's role is to define the project, build the team, motivate them and monitor progress to deliver the project on time and on budget while meeting requirements.