Final answer:
Project management is the process used by companies to plan and execute large-scale projects, essential for meeting critical deadlines and achieving successful outcomes in engineering and other industries.
Step-by-step explanation:
Project management refers to the processes a company uses to plan and execute large-scale projects, which encompasses both the adherence to task deadlines and the efficient allocation of resources among team members with varying skills and responsibilities. Multitasking engineers frequently utilize project management to navigate complex situations where missing a deadline could lead to significant financial losses or the failure of a project. The engineering design process often includes repetitive or cyclical phases that are iterated until the desired outcome is achieved, exemplifying the importance of project management in engineering and other professional fields.