This paper provides a detailed analysis of project development phases and various aspects of their management. It begins by exploring the issues related to project management, followed by an analysis of the stages that every project must go through: project initiation, project planning, project execution, project monitoring and control, and project closure. The document also delves into the two most well-known project development methodologies, with a particular focus on the Agile methodology. It discusses the Agile Manifesto, the twelve principles of Agile methodology, the Agile mindset, and the advantages and disadvantages of this approach. The empirical part of this paper is presented in "Outcomes of Project Management Analysis within IT Companies." It covers the initiation phase within the Agile methodology, the planning phase including task definition and schedule creation, the execution phase including development, progress monitoring, and issue resolution, and the control phase including quality monitoring, change management, and reporting. Overall, this paper provides insight into the key steps of project management, explained through project phases and the application of Agile methodology within the IT industry. It emphasizes the importance of effective project initiation, planning, execution, control, and closure.