Project Management or Management Contracting (MC) refers to the set of activities, processes, and methodologies used to design, plan, execute, control, and successfully complete a project. This concept is applied across various fields, especially in managing large projects in construction, industry, and information technology.

In management contracting, the primary goal is to optimally allocate available resources (such as time, cost, human resources, and equipment) to ensure that the project is completed with the desired quality, within the specified time, and with minimal cost.

Key Elements of Project Management

To better understand the concept, it can be broken down into six key components:

1. Planning: Defining goals, scope, schedules, and required resources.

2. Organizing: Assigning roles and responsibilities to teams and individuals.

3. Control and Monitoring: Tracking progress and ensuring alignment with the plan.

4. Resource Management: Optimizing the use of various resources to achieve the goals.

5. Risk Management: Identifying, assessing, and managing potential risks.

6. Communication: Ensuring effective communication and coordination among team members and stakeholders.

In summary, project management involves planning and directing efforts to achieve broad strategic goals within the constraints of time, cost, and resources.