Project management involves planning, organizing, and managing resources to achieve specific goals. It identifies the steps to be completed, including initiation, planning and design, execution and construction, monitoring and controlling systems, and completion. Project planning generally consists of determining the planning approach, developing the scope statement, identifying deliverables and activities, estimating resources and timelines, developing the schedule and budget, and risk planning. Project execution then coordinates resources and performs the work according to the project management plan, while monitoring and controlling tracks progress and addresses any issues. Upon completion, project closure finalizes all activities and contract settlement.