Project management in the modern sense began in the early 1960s, while it has its roots much additional back in the latter years of the 19th century. The required for project management was driven through businesses which realised the advantages of organising work around projects and the critical required to communicate and co-ordinate work across departments and professions.
Project management fundamentally comprises continuous tracking of tasks and accomplishments from the starting to end using tools like Grantt charts and PERT charts. Projects frequently required resources on an ad-hoc basis as opposed to organisations that have only dedicated full-time positions and Project management reduces risk and increases chances of success.
Project management is frequent summarized in a triangle. The three most significant factors are time, cost and scope. These form the vertices of a triangle along with quality as central theme.
Figure: Project Management Triangle