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What are the 3 key challenges for the PM's today and how can these be tackled effectively?

What are the Key Challenges that every PM is facing and how to tackle them ?
How have problems evolved over time ?
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Agree to all above great comments. Like to add just one more:
In IT industry the offshore topic combined with Agility is clearly a challenge to master in projects.

The 3 key challenges which I find from IT project perspective:-
1. Precise effort estimation for locking budget
2. Stakeholder management
3. Project closure and realising benefits
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"Imagination is more important than knowledge, for knowledge is limited while imagination embraces the entire world."

- Albert Einstein



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