How is project management best defined?

Project management is best understood as the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. This definition encapsulates the essence of project management, which is centered around achieving specific objectives within defined constraints such as time, cost, and quality. It emphasizes the structured approach that project managers utilize to navigate the complexities of various projects, ensuring that resources are effectively allocated and tasks are completed efficiently.

The focus on "knowledge, skills, tools, and techniques" highlights the professional competencies needed to guide a project from initiation through planning, execution, monitoring, and closure. By systematically applying these competencies, project managers can adapt to challenges, mitigate risks, and deliver successful outcomes that align with stakeholder expectations.

Other options are less aligned with the core definition of project management. Designing corporate strategies, while important for organizational direction, does not specifically relate to the management of projects. Increasing customer engagement can be a goal of projects but is not a definition of project management itself. Similarly, assessing market demand may involve project management principles but does not encompass the broader practices and responsibilities involved in managing a project effectively.