Project management is a case where processes, knowledge, methods, skills and experiences achieve the objective of a project. Generally speaking, the brief effort to set goals is what we call project management. Project management therefore involves ensuring that the project achieves its objectives and meets the required criteria and schedule (Henderson & Stackman, 2010). Unlike other modes of management, project management generally has a fixed and specific time and objectives to achieve and, as such, it requires skills and commercial awareness. Project management has essential elements including defining the need for a project, capturing project requirements, entering into business agreements, tracking the progress of a plan, and maintaining communication with stakeholders, among others. Say no to plagiarism. Get a Custom Essay on “Why Violent Video Games Should Not Be Banned”?Get an original essayPhases in Management The first phase of project management is project initiation and it represents the life cycle of the project. This is the stage where the feasibility of the project is determined. At this stage, certain tools are used to determine whether the project is worth pursuing or not. The first tool is the Business Case Document, which justifies the need for the plan as well as the financial benefits of the project (Young, 2006). Then there is the project feasibility study tool, and this tool helps evaluate the project objectives, cost and the path forward for the project, whether it should be pursued or not. These tools are important since teams reject unprofitable and unfeasible projects. Those that prove suitable are sought after. The second phase of project management is the planning phase and at this level the project must have been given the green light, and this is the time when a project manager brings the team together and uses the project plan, they establish guidelines for obtaining resources, financing, and collecting materials needed for the project. The plan as such is intended to guide the team towards achieving quality project results. Project execution is the third stage, and this stage corresponds to the beginning of the project, and it is mainly in the initial stages (Newton, 2013). This phase depends a lot on the planning phase because how the project will begin and progress to completion takes place during the planning phase. The fourth stage is the project monitoring and control phase. In this stage, the progress of the project is carried out. In some cases, project execution and monitoring are usually done at the same time because, at the time of project initiation, the team may wish to review its progress (Henderson and Stackman, 2010). This step is necessary because it is the stage where any emerging errors can be identified and necessary adjustments made. The fifth and final phase is the project closure phase. This is the final phase because it is the stage where the project comes to an end or closes (Newton, 2013). This stage can only take place if the entire project is completed and as such, it is the stage where the completion of the project is communicated to the stakeholders. This is also an evaluation stage where some of the errors and challenges emerging during the project are identified. Benefits of Project Management Project management in a business ensures customer satisfaction; this further improves efficiency since the project is systematically undertaken. Thus, certain lessons are learned during the process of one project and can be applied to another project.!