Project management is defined as a process of planning, organizing, staffing, coordinating and controlling all activities of a given R&D project to achieve predefined objectives. The objectives of project management are to minimize project expenditure and time while effectively utilizing resources to achieve qualitative and quantitative results. The stages of project management include pre-project planning, project initiation, execution, outcomes, transfer, and termination. Elements of project planning and controlling involve preliminary coordination, work, budget, and schedule plans as well as status reporting and monitoring techniques like PERT and CPM.