Project management involves producing an end product or change for an organization within a finite timeframe. It requires managing complex work, change, and risks. Project management ensures specification, time management, meeting expectations, start/end dates, budgets, and delegation are considered. Current challenges include unrealistic deadlines, resource conflicts, misaligned objectives, delays, dependency conflicts, poor communication, and lack of accountability. Project management follows five stages: initiation, planning, implementation, review, and closure to move a project from start to finish.