Project management originated in the 1960s in industries like aerospace, construction, and defense. The Project Management Institute was founded in 1969 and has over 700,000 members worldwide. A project is a temporary group activity designed to produce a unique product or service. It has three main characteristics: temporary, unique, and progressively elaborated. Project management involves applying skills, tools, and techniques to meet project requirements while managing constraints like scope, quality, budget, schedule, resources, risk, and stakeholders. The PMBOK Guide provides a framework and standard for best practices in project management.