Too often they look at it from a operational perspective. That is the "project" has to be able to be delivered on time, scope and budget (yeah right) and that the team is to be managed by pushing the right buttons and creating the right processes.
This is the wrong way.
If managed properly, software is about solving problems. If you are a software developer and you are continually solving the same problems, then your application and the development team has room to improve. A simple example would be a piece of code that does the same, or similar, function in two places. Generalize and put that into a library.
Software done right should be like innovation, you're always solving the new problems, or old problems in new situations, but never old problems in the same situation.
In short, you should never have to do the same thing twice.