Project management is a formal way to plan and control specific tasks and resources used in a project. It provides project managers with a tool they can use to make informed trade-offs among the project elements of schedule, cost/and performance. Large organizations are begin¬ning to use project portfolio management techniques to track and make trade-offs among mul¬tiple ongoing projects. Electronic commerce initiatives are usually completed within a short time frame and thus are less likely to run out of control than other information systems develop¬ment projects