Recent Developments in Business and Industry have shown that Project Management has emerged as the new competence in short supply across all Industry sectors / verticals. Project Management as a management discipline provides the foundation for most of the varied economic activity, in industries as diverse as pharmaceuticals, software and aerospace, projects drive business. And in the public sector, it is effective project management that translates politicians’ promises of new roads, schools and hospitals into meaningful new constructions that improve everyday public life. The world (most parts of it ) today is witnessing tremendous acceleration in the pace of change in business and technology and this has had a direct impact on the occurrence and frequency of projects, including the projects targeted to develop and implement new ways of meeting the ever increasing demand for energy, improved communication, housing, recreation, transportation and food. Other projects could be to solve the problem of hunger, high population growth, illiteracy, disease and pollution. All these projects have one thing in common – proper planning, implementation / execution, monitoring and control so as to deliver the desired level of performance, on completion, within the stipulated cost and time.