Term project comes from the Latin word projectus, which means "coming", "Next". The formal definition of project is unique and time-limited endeavor. Under unique given that the outcome of the project is a new product or service, and limited in time means that there are predetermined start and end. This definition, and the overall science of project management developed by different organizations in the world, but the oldest and most famous is the Institute of Project Management (Project Management Institute), based in the US and having branches all over the world. In 1965, Europe was founded the International Association for Project Management (International Project Management Association). Its member Bulgarian Association of Project Management.