When applied correctly and consistently, formal project management tools and processes can increase the chances of a successful project outcome. The project management process, or project lifecycle, details what tools and actions can be completed in a recommended sequence throughout the project.
The project management process and what activities and deliverables are included in it should be tailored by industry, company, and project. For example, a project to design new software will probably not have the same project management process needs as constructing a new office building. Both should have a process, but one that supports that unique project type and needs.