What best describes the term 'project management'?

Project management is best described by leading and organizing a team's work because it encompasses the planning, execution, and oversight of specific projects within a defined timeframe and budget. This involves coordinating resources, managing team dynamics, setting objectives, and ensuring that tasks are completed effectively to achieve the project goals. Successful project management requires strong leadership skills to motivate and guide team members, as well as organizational skills to manage project timelines, allocate resources, and maintain communication among stakeholders.

The other options, while relevant to business operations, do not encapsulate the essence of project management. Managing finances focuses primarily on the monetary aspects of a business and does not pertain to the broader scope of managing projects. Developing marketing strategies is specifically about market outreach and does not directly involve the comprehensive management of projects. Creating performance appraisals relates to employee evaluation and feedback, which falls under human resources rather than project management itself. Thus, leading and organizing a team's work accurately captures the core responsibilities inherent in project management.