Project management has evolved significantly over time. Early projects from 2500 BC like the Egyptian pyramids were organized but lacked formal management philosophies. In the 1950s, organizations like RAND Corporation began using operations analysis and techniques like PERT and CPM were developed for projects like Polaris missile program. This led to the establishment of project management as a formal discipline in 1959. Over subsequent decades, practices advanced with developments like matrix organizations in 1960s, establishment of PMI in 1967, and introduction of concepts like portfolio management techniques in 2000s.