Project management has become a very important component of management during recent years. This area of management comprises a lot of steps namely the design stage and the implementation stage of a project. This area of management is very important because it is concerned with the timely and effective implementation of new projects. This is of great importance especially today in our highly competitive world. A person trained in project management will be able to use tools such as The balanced scorecard in order to manage project effectively. See also: School and education