A project is a temporary endeavor undertaken to produce a unique product or service

The characteristics of projects are
Specific start and end date
Has a defined objective
Series of tasks to achieve a defined outcome or objective
The temporary nature of project indicate that it have a definite start & end date. Temporary doesnt means that the project have to be short duration like months, projects can span for years duration.

Fulfillment of project objectives may produce one or more deliverables like

Unique product ( a complete product or enhancement of a existing product or correction of product etc.)
Unique service ( a support function)
Unique result ( new process, documents etc.)
Project management is the application of knowledge, skills, tools & technique to the project activities to meet the project requirement. Project management enables the organization to execute the projects effectively & efficiently.
Effective project management helps organization to

Meet business objectives
Meet stakeholders expectations
Increase chance of successful project
Manage constraints
Manage risks in timely manner
Control changes

The core component of project management are
Business case for why a project is necessary
Capturing project requirements, specifying quality of the deliverable, estimating resources and timescales
Developing and implementing a management plan for the project
Leading and motivating the project delivery team
Managing the risks, issues and changes on the project
Monitoring Project progress against plan
Managing the project budget
Maintaining communications with stakeholders and the project organisation
Procurement management
closing the project in a controlled fashion when appropriate.
Poorly managed project with out project management will fail & result in

Missed deliverables
High cost
Poor quality
Lost of reputation for organization
Unsatisfied stakeholders
A Project Charter is a document that describes the purpose of a project and its scope, it legally authorizes the beginning of the project.It provides a preliminary delineation of roles and responsibilities, outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager. It serves as a reference of authority for the future of the project.

A project charter includes:
The essence of the project.
Provide a shared understanding of the project.
Act as a legal agreement between the project sponsor, key stakeholders and the project team to start the project.

Author's Bio: 

I am a freelance blogger writing on IoT and Project management topics