Projects are proposed as a result of creative ideas and as responses to problems and planning. While relatively small projects can be managed on an informal basis, complex projects require formal project management in order to achieve specific objectives, obtain and allocate resources in an efficient and effective manner, meet allocated budgets, and ensure that critical time schedules are met. This paper examines the principal elements of project management by analysing the key roles which Project Managers play, the roles with which the Project Manager must interact, the methods available for the definition, monitoring, control and closure of the project activities. Risk management is examined in terms of risk identification, evaluation and management. Mechanisms for project monitoring, control and quality assurance are discussed. Finally, current project management methodologies are outlined.