• Coordinate the various interrelated processes of the project.
• Ensure project includes all the work required, and only the work required, to complete the project successfully.
• Ensure that the project is completed on time and within budget.
• Ensure that the project will satisfy the needs for which it was undertaken.
• Ensure the most effective use of the people involved with the project.
• Promote effective communication between the projects team members and key stakeholders.
• Ensure that project risks are identified, analyzed, and responded.

In practice, Project Management follows a Phased Approach for Project Execution and have a standard defined Project Life Cycle. Teamwork and Quality Assurance are few important inherent characteristics of successful Project Management.