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Scope Management refers to the process of ensuring that a project's deliverables align with its intended objectives, within defined parameters of time, cost and resources. It involves defining, planning, controlling and monitoring the work required to produce the desired outcomes while minimizing scope creep, which can negatively impact a project's success. Scope Management is crucial in Project Management as it helps to establish clear expectations, improves decision making, facilitates communication between stakeholders, and ensures that the final product meets the business needs for which it was initially conceived.