Project management involves planning, monitoring, and controlling the people, processes, and events involved in software development. A project manager organizes the team and focuses them on meeting customer needs and producing high quality products on time and within budget. Key aspects of project management include understanding the four Ps (People, Product, Process, Project), selecting an appropriate process for the team and product, and establishing plans, tasks and estimates. Effective communication and organization of team members and roles is also important for project success.