What is Project Management?

Project management is the application of processes, methods, skills, knowledge, and experience to achieve specific project objectives within agreed parameters. It enables teams to organize work, track progress, and deliver valuable outcomes within defined timelines and budgets.
Project management transforms ideas into reality by providing structured frameworks for planning, executing, and completing work. Effectively managing projects is more important than ever, especially with the shift towards digital and remote-first workspaces. According to Mordor Intelligence, the project management software market size is expected to reach over $20 billion USD by 2030.
At its core, project management involves coordinating people, processes, and tools to achieve specific goals. Whether you're launching a new product, organizing an event, or implementing a software system, project management provides the roadmap to success.
Every successful project relies on these fundamental elements:
Project management isn't just for large enterprises or construction companies. Today's fast-moving business environment makes it essential for:
Understanding project phases helps teams know what to expect at each stage. Every project, regardless of size or complexity, follows this predictable lifecycle:
This is where projects begin. During initiation, you:
Pro tip: Use a standardized project intake form to ensure you capture all necessary information upfront.
Planning turns your vision into an actionable roadmap. Key planning activities include:
This is where the real work happens. During execution:
Key insight: Most projects spend 70-80% of their time in the execution phase, making strong coordination essential.
Running parallel to execution, this phase ensures you stay on track:
Often overlooked but critically important, proper closure includes:
With HubSpot, we get one place of truth, but we also get a central place to collaborate. We can communicate within one tool and make sure that we don’t miss out on data
Lucaas Taxgaard
Head of Revenue Operations and Sales Development
TimeLog
Different projects require different approaches. Understanding these methodologies helps you choose the right one for your team:
Methodology | Best For | Key Benefits | Limitations | Success Rate |
---|---|---|---|---|
Waterfall | Projects with fixed requirements, construction, manufacturing |
• Clear structure • Predictable timeline • Easy to understand |
• Inflexible to changes • Late testing • No early deliverables |
49% on-time delivery |
Agile | Software development, creative projects, evolving requirements |
• Highly adaptable • Early value delivery • Customer collaboration |
• Less predictable • Requires engaged stakeholders • Can lack documentation |
64% on-time delivery |
Hybrid | Complex projects needing both structure and flexibility |
• Balanced approach • Risk mitigation • Stakeholder friendly |
• More complex to manage • Requires experienced PMs • Can create confusion |
71% on-time delivery |
Consider these factors when selecting your methodology:
HubSpot's CRM checks every box on this list and more. With an integrated CRM that connects your essential business tools together, you can unlock more growth. Try it for free, no credit card required.
The right tools can make or break your project management success. Here's what to look for:
When evaluating project management software, prioritize these capabilities:
1. Intuitive Task Management
2. Flexible Views and Reporting
3. Seamless Integration Capabilities
4. Collaboration Features
No matter how your team is set up, it's important to have the right tools and systems in place. The PMI Pulse of the Profession® 2024 Report finds that even when teams are remote or hybrid, project performance is just as strong.
Many teams cobble together multiple tools, but this creates problems:
The most successful teams use platforms that connect project management with their broader business operations:
Research by Capterra found that 63% of PMs report increased productivity and efficiency as a top benefit of AI.
Other CRMs simply store data. HubSpot's Smart CRM understands it. Get the intelligent data foundation your teams need to take the best next action, every time.
Ready to transform how your team works? Follow this proven approach:
Days 1-2: Assess and Plan
Days 3-4: Set Up Your System
Days 5-7: Team Onboarding
First 30 Days: Crawl
Days 31-60: Walk
Days 61-90: Run
Common Mistake
|
How to Avoid It
|
---|---|
Start simple and add complexity gradually. |
|
Ignoring team resistance
|
Address concerns and provide adequate training.
|
Focusing only on tools
|
Remember, process and people matter more than technology.
|
Neglecting documentation
|
Capture lessons learned from day one.
|
Skipping celebrations
|
Recognize wins to build momentum.
|
Success story: HubSpot customer, CambioBike, unified their project management across Spain, Italy, and Portugal—reducing manual work by 80% and scaling operations efficiently with HubSpot's connected platform.
While HubSpot isn't traditional project management software, thousands of teams use it to manage projects more effectively than standalone tools. Here's why:
Connected Intelligence
Unlike isolated project tools, HubSpot connects projects directly to your customer data. See how projects impact revenue, satisfaction, and growth—all in one place.
Native Integration
No more syncing between systems. Tasks, workflows, and reporting live alongside your CRM, marketing, and service tools.
Unified Teams
Marketing, sales, and service teams work from the same platform, eliminating silos and miscommunication.
Unify all your customer data on one platform, with AI that makes it easy to understand.
Describe the how, what, and where of your organizational tasks to employees with this free SOP template.
See how Cambiobike reduced order-handling time by 70% and sped up financing approvals by 39% using HubSpot.
Join thousands of teams already managing projects more effectively with HubSpot's unified platform. Get started for free.
Project management is simply the art of getting things done efficiently. Think of it as creating a roadmap for your team's work, making sure everyone knows their part, and tracking progress to hit your goals on time and budget. It's like being the conductor of an orchestra—you're not playing every instrument, but you're ensuring everyone plays together harmoniously.
Every project follows five phases:
Think of it like taking a road trip: you decide where to go (initiation), plan your route (planning), drive (execution), check your GPS (monitoring), and arrive at your destination (closure).
Think of these as different ways to approach your work:
Waterfall is like building a house—you complete the foundation before framing, framing before roofing. It's linear and predictable but hard to change midway.
Agile is like creating a magazine—you produce issues regularly, getting feedback and adjusting as you go. It's flexible but less predictable.
Hybrid combines both—you might plan the overall structure (waterfall) but build in iterations (agile). It's becoming the most popular choice for its balance.
Focus on these critical capabilities:
Discover more project management and CRM features in HubSpot.
The most effective tools share these characteristics:
Use these proven strategies:
The top five risks to anticipate:
Follow this proven framework:
Essential elements include: