A specialised discipline of management whose major goal is efficient management and execution of a variety of projects, project management has so far failed to be recognised and adopted in the creative industry, especially in the theatre, regardless of an evident congruence between the scientific definitions of the project and of the theatre performance. This results in high production and system maintenance costs, in an uneconomical use of available resources, as well as in relatively modest outcomes of theatrical activities in comparison with what could be achieved otherwise. According to the European experience, the best starting point in the reform of the theatre activity organization and financing in Serbia, which, in the opinion of competent representatives of the theatre, has long failed to satisfy the needs of theatre creativity, is the implementation of the project management principles and functions, methods and techniques.