Managing a project involves defining its scope, determining available resources, checking the timeline, assembling the project team, listing major and minor steps, developing a preliminary plan, creating a baseline plan, documenting changes, and keeping stakeholders informed of progress and problems. Leading a project focuses on results and productivity rather than time, aligning people with work they are good at and passionate about, putting best performers on biggest opportunities, finding a balance between aggressive and realistic goals, trusting employees, making employees think rather than providing all answers, and building consensus by explaining why.