Control Costs (Monitoring & Controlling) 2. Determine Budget (Planning) 1. Academia.edu is a platform for academics to share research papers. What Is Project Management? No risk management … “Project management is the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations .” Source: Project Management … Lack of executive-level support 3. Estimate Costs … 1. Poor project and program management discipline 2. Wrong team members 4. Project Management Skills for All Careers defines project management as "the application of knowledge, skills, tools, and techniques applied to project activities in order to meet project requirements. Poor communication 5. Project management … In a competitive budgetary environment, formal cost management is a crucial project management skill 26 3. No measures for evaluating the success of the project 6.