Project management involves planning, organizing, and managing work to complete a unique project within defined time and resource constraints. It aims to meet organizational goals through processes like defining the project scope, executing plans, monitoring progress, managing risks, and taking corrective actions. The Project Management Institute defines five main project phases: initiating, planning, executing, controlling, and closing. Key elements for project success include delivering on time, within budget, meeting quality standards, achieving intended outcomes, and satisfying stakeholder expectations. Project managers use various tools like charts, plans, and notebooks to help plan and track their work.