Today's dynamic market requires the same character from their organizations, and that is the willingness to accept changes which are offered to their organization as an opportunity, rather than a threat. As the changes became everyday life in business, organizations slowly realize that business cannot be done in a classical way anymore, but they increasingly use projects to achieve unique business goals. Precisely, these projects are the ones that bear changes in organizations. Hence, their work is devoted to the research of project management discipline ant its processes. Project management implies balancing of controversial project limitations, which are: scope, quality, timing, budget, resources and risk. These project limitations are referred to areas of knowledge that are managed within the process in which the project lifecycle consists. Processes and their specifics are described in the theoretical part of the paper, which includes initiation, planning, execution, monitoring, control and closure of the project. Careful approach to each project is important for successful project delivery. In the empirical part of the paper, on the example of a software for travel agencies, the project phases (processes) are analysed. The lifecycle of the project is presented with the aim of delivering web and mobile applications to travel agencies that will allow increased speed, quality and availability of services. The aim of the paper is to examine the project management processes more closely and to present practical implementation of project management through the information and communication technology project.