Functional work is repeated and ongoing, focusing on operations and consistency with industry standards and managing people and ongoing budgets, posing low and stable risk. In contrast, project work is unique with no rehearsal, focusing on accomplishing specific projects by managing work under potentially fewer standards due to the unique nature of each project, posing higher risk. Project management employs principles, methods and techniques to effectively plan, control, resource, make decisions and replan project work to complete projects on schedule, within budget and fully meeting specifications, while optimizing project cost, time and quality.