A project is an undertaking of limited duration in time with a defined outcome. Project management then is the ensemble of activities to plan and follow the execution of a project.
To keep control over the project from the beginning of the project all the way to its natural conclusion, a project manager uses a number of techniques: project planning, earned value, risk management, Scheduling, Process Improvement.
There are a number of guiding techniques that have been developed over the years that can be used to formally specify exactly how the project will be managed. These include the Project Managers Body of Knowledge (PMBOK), and such idears as the Personal Software Process (PSP), and the Team Software Process (TSP). These techniques attempt to standardize the practices of the development team making them easier to predict and manage as well as track.