According to the latest edition of A Guide to the Project Management Body of Knowledge (Upper Darby, Pennsylvania, Project Management Institute, 2000), project management is the application of knowledge, skills, tools, and techniques to a broad range of activities in order to meet the requirements of the particular project. These results are defined in terms of four factors: cost, schedule, performance, and scope. Cost is the budget allocated to the project, schedule is the timeline for the project's deliverables, scope is the magnitude of the job, and performance has to do with how well the team members do their work.
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