Today, everybody talks about project management, but what is it? The reality is, running projects without good project management is a false economy. It’s often thought to be a drain on the budget, and there’s no doubt it can be expensive – as much as 20% of the overall project budget. Formerly, traditional means were used for running a business or any project. Still, with time, market experts and entrepreneurs added a variety of new practices to ensure the success of every project. Today, every single organization use project management due to its extraordinary benefits. According to recent statistics, project management is a highly growing profession, and its demand will continue to increase in the future. But what is so special about project management that has led to such an increase in demand? The first principles of running a project from start to finish require a team of individuals with different talents and skills. These people are responsible for planning and executing the project objectives, which takes more than just labor and materials.