There are a spectrum of answers to the question, how should a project be managed? But there seems to be one universal answer to the question, what is project management? Project management is defined as the process of delivering a project to completion.

My product management-honed ears perk up a bit at that. Define your terms. What is a project? What is completion?

A project is defined as a planned undertaking. Which means literally anything can be a project. Completion, therefore, is determined by the project itself. The Project Managers I know tend to talk in terms of fulfillment rather than completion, meaning the project is closed when it delivers what it promised (when objectives are met).

The project development life cycle, that collection of processes required to deliver a project, is unique, and defined by the needs of the particular organization and project. The project management process, on the other hand, is universal. Ish.

Depending on your information source, Project Management Process has 4 or 5 steps or phases.

The Project Management Book of Knowledge (PMBOK) defines 5 phases or process groups as Conception & Initiation, Definition & Planning, Launch or Execution, Performance & Control, and Project Close.

Process Group/ Project Phase	Definition	Key Questions Answered
1. Conception & Initiation	The business case is developed, and stakeholders are identified	What is the core business need? What is the best way to fulfill that business need? Why are we making any changes?
2. Definition & Planning	Scope and Schedule are finalized	How are we answering the business need? What product, process, or service will be changed? When will the project be delivered? Where will the project be delivered?
3. Launch or Execution	The Project Team are identified and assigned, and deliverables are fulfilled, and fulfillment is verified through testing.	Who will deliver the objectives? How will we know if the objectives have been met? (Test plan)
4. Performance & Control	PM compares scheduled deliverables to delivered, proven objectives, and adjust schedules if necessary	Is the project delivering on time? Do the delivered components match the expected components? Do the delivered components meet client expectations?
5. Project Close	A series of processes that include notification of project delivery, relieving the project resources, confirming budget spent and/ or procurement, and otherwise certifying that the project promise was fulfilled; Includes a retrospective, to improve process iteritively	What was successful about the project? What was unsuccessful about the project? What process changes can we derive from how the project went? (Lessons learned)

Harvard Business Review defines 4 phases of project management: Planning, Build-Up, Implementation, and Closeout. The difference, Performance & Control, is covered in the 4 phases, and the 4 phases are intertwined.