Project management involves planning, implementing, managing, and evaluating projects using knowledge, skills, tools, and techniques. It has five key stages: 1) initiating the project, 2) planning the project using a Plan-Do-Check-Act cycle, 3) designing processes, outputs, and implementation schedules, 4) implementing and tracking the project, and 5) evaluating and closing out the project by assessing objectives and outcomes. Project outputs are what is produced, while outcomes are the effects on the organization and should support its strategic direction.