In my experience, data science features costs which are relatively stable, and whose payment is committed to on an ongoing basis as a necessary part of the business by management. The only time costs would come into question is when more people were to be hired, on a permanent basis. Tracking the activity itself is handled by a manager of a small team, who periodically presents results to upper management. The only real "project management" I see is done in small teams when management assigns tasks and deploys or reports results to external entities. Tracking of progress is, again, in my experience, a light activity. I just don't perceive the need for excessive formality in the management of data science.