Software project managers face unprecedented challenges including a shortage of resources, evolving development paradigms, and changing standards. They must plan, control, and organize projects to deliver on time and on budget by breaking large projects into smaller steps, using techniques to meet customer requirements, and understanding project management methods. Effective project management requires defining objectives and success criteria, creating detailed project plans, estimating costs and resources, involving users, managing risks and changes, testing thoroughly, controlling documentation, and ensuring successful implementation and project closure.