This white paper examines the IT Infrastructure Library Version 3® (ITIL V3®) and the Project Management Body of Knowledge (PMBOK). While there are numerous project management methodologies around the world, the quintessential project management methodology in the North American marketplace is the PMBOK®, from the Project management Institute (PMI).

Project management, in a general sense, is the discipline of defining and achieving targets while managing and optimizing the use of resources (time, money, people, materials, energy, space, etc). The utilization of project management practices has become essential for a business to deliver value and services. The PMBOK® defines project management as "the application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations."