Final answer:
Project management correctly involves applying knowledge, skills, tools, and techniques to manage and lead project activities, and is much more than just using checklists.
Step-by-step explanation:
The statement that correctly describes project management is: Project management applies knowledge, skills, tools, and techniques to project activities. Contrary to the first statement, project management often involves making tradeoffs between scope, schedule, and cost, known as the project management triangle or triple constraints. Furthermore, while checklists can be a part of project management, the second statement is misleading as project management encompasses much more, including planning, executing, monitoring, controlling, and closing project work.