A project is the result of a plan of action to achieve a specific goal within defined resource parameters. Projects must be well‐managed for them to be successful in utilizing resources. Many organizations apply a variety of to optimize project success and enhance the likelihood of meeting project‐specific as well as organization‐wide goals. These techniques include monitoring project performance, establishing incentives to meet project goals, and developing a project management team with the right people and the right skills. This can help avert cost overruns, schedule delays, and performance problems common to many organizations. It is important to develop performance measures and link project outcomes to business unit and strategic goals and objectives. The key is monitoring project performance and establishing incentives for accountability and using cross‐functional teams to involve those with the technical and operational expertise necessary to plan and manage the project.