Modern project management is a powerful transformational management technology that has now been undeniably shown to help individuals and organizations successfully plan and accomplish many difficult programs and projects around the world. The Third Wave of professional Project and Program Management (P&PM) is a new Management Paradigm which, on the one hand, reflects the needs of a modern advanced economy, and on the other - meets the requirements for professional ethics and universal values of the authors.

Following the widespread advance and usage of modern P&PM across all industries and geographic regions, it is time for organizations to realize the maximum potential of this powerful technology. A view of this new paradigm can allow executives to understand how modern project management can provide a strategic resource through which almost anything can be accomplished. The authors call this new paradigm "The Third Wave of professional Project and Program Management".

The Third Wave of modern professional P&PM is examined in the context of organizations, the importance and selection of projects, the strategic importance of P&PM expertise and ethical behavior, and the potential for organizations to be more successful with great positive impact on the world. In order to appreciate that potential, however, some basic knowledge and understanding of the history, trends and current status of modern P&PM is necessary.