Effective project management involves several critical steps: 1. Initiation: Define the project’s objectives, scope, deliverables, and stakeholders. Develop a project charter to formalize the project. 2. Planning: Create a detailed project plan, including a timeline, budget, resource allocation, risk management, and communication strategies. 3. Execution: Implement the project plan by completing tasks, managing resources, and maintaining communication with stakeholders. 4. Monitoring and Controlling: Track the project’s progress, identify deviations from the plan, and make necessary adjustments to stay on track. 5. Closure: Complete all project activities, obtain stakeholder acceptance, and conduct a post-project review to identify lessons learned.