The introductory part of the paper defines the project and describes the importance of its management. An overview of the current state and trends of prefabricated construction in the Republic of Croatia and in the European Union is given. The legal framework defining prefabricated construction and project management is listed. The next chapter of the thesis defines the prefabricated construction. The classification of prefabricated construction according to the purpose of the building, the construction system, the type of material, etc. is presented. The specifics of prefabricated construction are described, as well as the manufacturing process of prefabricated wooden panels and the way they are prepared for transportation and assembly. We also describe the difference between standard and catalog projects and the history of precast construction. We address energy efficiency and standards for precast construction. In the third part of the paper, the managed phases of the project are analyzed and the life cycle of the project is described. The main similarities and differences in the project management phases of traditional and precast construction are highlighted. The fourth part of the paper shows the cost dynamics using a prefabricated low-energy catalog house as an example. The costs of precast and classical construction for an equivalent building are compared by project phases and square meters.