It ensures that resources are effectively utilized, and risks are proactively managed to deliver value to stakeholders. 

First, it involves identifying project goals based on stakeholder needs and developing a detailed plan that outlines deliverables, timelines, resources, and budget expectations. This is formalized in documents like the project charter and the project management plan.

Second, during execution, project management focuses on coordinating teams, monitoring progress, and maintaining communication with stakeholders, all while fostering collaboration and resolving challenges. Good communication and adaptability are critical, particularly when navigating changes or unforeseen risks.

Third, project monitoring and control ensure alignment with the original goals by tracking performance metrics, managing risks, and making adjustments as necessary to ensure the project remains on track.

Finally, project closure involves completing deliverables, obtaining formal stakeholder acceptance, conducting performance reviews, and documenting lessons learned for future improvement.

Throughout the process, project managers use well-defined methodologies to guide success, such as Agile for flexible workflows and iterative development or Waterfall for linear, staged progress. Tools like Gantt charts, risk matrices, RACI charts, and status reports help ensure transparency and efficiency.

Ultimately, project management is about delivering results that meet or exceed expectations while balancing competing demands such as time, cost, and scope.