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Project is a singular, short-term goal to be achieved by a person or a group of individuals in fixed, pre-defined time duration. Project management includes every single responsibility of a project manager, along with his skills. It is all about the way of planning, resource gathering, executing, testing, and finally delivering the project. All projects are different in terms of time, cost, and resources, and hence, they go through different phases. The five basic phases of project management are: Project Initiation Phase, Project Execution Phase and Project Analysis Phase.