Term paper with thesis statement must demonstrate understanding of new learning in the field of project management.1) Define project management and explain its importance to the business world.2) Explain project life-cycle management and the benefits of project management to an organization.3) Explain the concepts of planning in the project life-cycle and how research and critical thinking is mandatory in planning.4) Explain project organizations and the importance of leadership and sponsorship.5) Explain project team building, including techniques of successful team building.6) Explain how to create a work breakdown structure and how a project manager breaks down the overall project into packages.7) Explain the need for project management software in large integrated programs and the benefits to the overall project management organization.