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In today’s world, there are enough strong factors that are resulting into the vital need to apply project management practices to address the challenges and opportunities for business development. The project is sometimes defined as non-routine, a singular event that is being limited in time, capital and conditions of performance to meet the requirements of the customer order fulfillment. One characteristic of project management is that it has a beginning and completion point, and that it inevitably passes through the four distinct steps: defining objectives, planning, implementation of tasks, delivery to the customer. Effective project management starts with the selection of projects and their priority in respect to objectives and strategies of the organization. Successful implementation of the project requires good accounting of both technical and socio-cultural factors of this process.

To illustrate the absolute importance of such factors, below are some highlights of a ?Chaos? investigation : Projects for software development-

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