Project Management Glossary and Knowledge Library

How to use the Knowledge Library

• Glossary A to Z: search 146 terms, filter by topic or letter, and jump between related terms.
• Topic guides: each knowledge area in a sentence, with its key terms and where to practice.
• Flashcards: quiz yourself by topic. Cards you mark as still learning come back more often.

Studying for a certification? Pair the glossary with the formula cheat sheet, the PM calculators and the Decision Lab.

Foundations

Adaptive approach

A way of working, such as agile, where requirements are expected to change and the product is built in short iterations with frequent feedback.

Enterprise environmental factors

Conditions outside the project team's control that influence the project, such as culture, regulations, market conditions and available tools.

Governance

The framework of roles, decision rights and processes that directs and controls a project, such as steering committees and phase gates.

Hybrid approach

A mix of predictive and adaptive practices, for example fixed phase gates and contracts with agile development inside them.

Operations

Ongoing, repetitive work that keeps an organization running. Unlike a project, it has no planned end.

Organizational process assets

The organization's own plans, processes, templates and lessons learned that a project can use.

Phase gate

A review at the end of a phase where a decision is made to continue, change or stop the project.

PMO

Project management office: a team that sets standards, supports project managers and may oversee or directly manage projects. PMOs are often described as supportive, controlling or directive.

Portfolio

A collection of projects, programs and operations managed together to meet an organization's strategic goals. Portfolio management decides which work to do.

Predictive approach

A plan-driven way of working (often called waterfall) where scope, schedule and cost are defined early and changes go through formal control.

Program

A group of related projects managed together to deliver benefits that wouldn't be achieved by managing them separately.

Project

A temporary effort with a defined start and end, undertaken to create a unique product, service or result.

Project life cycle

The series of phases a project passes through from start to finish. It can be predictive, iterative, incremental, adaptive or hybrid.

Triple constraint

The classic idea that scope, time and cost are linked: changing one affects the others, and quality sits in the middle. Modern practice adds risk, resources and value.

Integration and change

Baseline

The approved version of the scope, schedule or cost plan, used to measure performance. It changes only through formal change control.

Benefits realization

Making sure the outcomes a project delivers actually produce the expected business value, often measured after the project closes.

Business case

The justification for a project, comparing options and showing the expected benefits, costs and risks.

Change control

The process for reviewing, approving or rejecting changes to the project's baselines and documents. In PMI terms, integrated change control.

Change control board

A group responsible for reviewing and deciding on change requests. Its authority is defined in the project management plan.

Change request

A formal proposal to modify a project document, deliverable or baseline. It is assessed for impact before a decision is made.

Lessons learned

Knowledge gained during a project about what worked and what didn't, captured throughout the project and shared for future work.

Project charter

The document that formally authorizes a project and gives the project manager authority to use resources. The sponsor issues or approves it.

Project management plan

The document that describes how the project will be executed, monitored, controlled and closed. It brings together the baselines and subsidiary plans.

Scope

Acceptance criteria

The conditions a deliverable must meet before it is accepted.

Gold plating

Adding extra features or work the customer didn't ask for. It adds cost and risk even when well intended.

Requirements traceability matrix

A table that links each requirement to its source and to the deliverables and tests that satisfy it.

Scope

The work needed to deliver a product, service or result with the specified features and functions. Product scope describes the result; project scope describes the work.

Scope baseline

The approved scope statement, WBS and WBS dictionary. It is the reference for what is and isn't in scope.

Scope creep

Uncontrolled growth in scope without matching changes to time, cost or resources, usually because changes skip change control.

Validate scope

Getting formal acceptance of completed deliverables from the customer or sponsor.

WBS

Work breakdown structure: a hierarchical breakdown of the total scope into smaller, manageable deliverables. The lowest level is the work package.

WBS dictionary

A document that gives detail for each WBS element, such as description, owner, acceptance criteria and estimates.

Work package

The lowest level of the WBS, where cost and duration can be estimated and managed.

Schedule

Backward pass

Calculating late start and late finish dates by moving from the end of the network back to the start.

Crashing

Shortening the schedule by adding resources to critical path activities. It usually adds cost.

Critical path

The longest path of dependent activities through the schedule. It sets the shortest possible project duration, and its activities have zero total float.

Critical path method

A technique that calculates the earliest and latest start and finish of each activity with a forward and backward pass, to find float and the critical path.

Dependency

A logical relationship between activities. Finish-to-start is the most common; others are start-to-start, finish-to-finish and start-to-finish.

Fast tracking

Shortening the schedule by doing activities in parallel that were planned in sequence. It usually adds risk.

Forward pass

Calculating early start and early finish dates by moving from the start of the network to the end.

Free float

How long an activity can be delayed without delaying the early start of any successor.

Gantt chart

A bar chart showing activities against time, often with dependencies and milestones.

Lag

A required waiting time between activities, such as curing time after pouring concrete.

Lead

Time a successor can start before its predecessor finishes, which overlaps the activities.

Milestone

A significant point or event in the project with zero duration, such as a sign-off or go-live.

PERT

Program Evaluation and Review Technique. In estimating, it usually refers to the weighted average (O + 4M + P) / 6 with a standard deviation of (P − O) / 6.

Resource leveling

Adjusting start and finish dates to balance resource demand with supply. It can lengthen the critical path.

Resource smoothing

Adjusting activities within their float so resource demand stays within limits, without changing the critical path.

Schedule baseline

The approved version of the schedule, used to measure schedule performance.

Three-point estimate

An estimate based on optimistic, most likely and pessimistic values. The PERT (beta) formula is (O + 4M + P) / 6; the triangular formula is (O + M + P) / 3.

Total float

How long an activity can be delayed without delaying the project finish. Calculated as late start minus early start.

Cost and earned value

AC

Actual cost: what has really been spent on the work completed by a given date.

Analogous estimating

Estimating from the actual cost or duration of a similar past project. Quick but less accurate.

BAC

Budget at completion: the total planned budget for the work.

Bottom-up estimating

Estimating each work package and adding them up. Slower but usually the most accurate.

Contingency reserve

Budget or time set aside for identified risks. It is part of the cost baseline.

Cost baseline

The approved, time-phased budget including contingency reserves but excluding management reserves.

CPI

Cost performance index: EV ÷ AC. Below 1.0 means you're getting less than a dollar of work for each dollar spent.

CV

Cost variance: EV − AC. Negative means over budget.

EAC

Estimate at completion: the expected total cost. A common formula is BAC ÷ CPI, which assumes current cost performance continues.

Earned value management

A method that combines scope, schedule and cost to measure performance, using planned value, earned value and actual cost.

ETC

Estimate to complete: the expected cost of the remaining work, EAC − AC.

EV

Earned value: the budgeted value of the work actually completed by a given date.

Management reserve

Budget held back for unforeseen work within scope (unknown unknowns). It sits outside the cost baseline and usually needs management approval to use.

Parametric estimating

Estimating with a statistical relationship, such as cost per square foot multiplied by area.

Payback period

How long it takes for a project's benefits to repay its initial cost.

PV

Planned value: the authorized budget for the work scheduled to be done by a given date.

ROI

Return on investment: (benefit − cost) ÷ cost, shown as a percentage.

SPI

Schedule performance index: EV ÷ PV. Below 1.0 means less work is done than planned.

SV

Schedule variance: EV − PV. Negative means behind schedule.

TCPI

To-complete performance index: the cost efficiency needed on the remaining work to finish on budget, (BAC − EV) ÷ (BAC − AC).

VAC

Variance at completion: BAC − EAC. Negative means the project is forecast to finish over budget.

Quality

Control chart

A chart that shows whether a process is stable over time, with upper and lower control limits.

Control quality

Inspecting and measuring deliverables to make sure they meet requirements before they go to the customer.

Cost of quality

The total cost of conformance (prevention and appraisal) and nonconformance (internal and external failure). Prevention is usually cheapest.

Grade

A category given to products with the same use but different features. Low grade isn't a problem; low quality is.

Manage quality

Turning the quality plan into executable activities and checking that processes are working, sometimes called quality assurance.

Pareto chart

A bar chart that ranks causes by frequency, based on the idea that a few causes create most of the problems (the 80/20 rule).

Quality

The degree to which a product meets requirements. It differs from grade, which is the category or feature level of a product.

Root cause analysis

Finding the underlying reason a problem happened, using tools such as the 5 whys or a fishbone (Ishikawa) diagram.

Resources and team

Conflict resolution

Approaches to handling disagreement. Common techniques are collaborating (problem solving), compromising, smoothing, forcing and withdrawing.

Emotional intelligence

The ability to recognize and manage your own emotions and understand others'. It underpins conflict handling and influence.

Functional organization

A structure organized by department, where the project manager has little authority and the functional manager controls resources.

Matrix organization

A structure where staff report to both a functional manager and a project manager. It can be weak, balanced or strong depending on the PM's authority.

Projectized organization

A structure organized around projects, where the project manager has high authority over resources and budget.

RACI matrix

A responsibility chart showing who is Responsible, Accountable, Consulted and Informed for each activity. Each activity should have one A.

Responsibility assignment matrix

A grid that maps work to people or roles. A RACI chart is the best-known type.

Servant leadership

A leadership style focused on serving the team: removing obstacles, coaching and enabling people to do their best work.

Team charter

An agreement on the team's values, ground rules, decision-making and communication. Agile teams often call it a working agreement.

Tuckman model

A model of team development: forming, storming, norming, performing and adjourning.

Communication and stakeholders

Communication channels

The number of possible communication paths in a group: n(n − 1) / 2, where n is the number of people.

Communications management plan

Describes who needs what information, when, in what format and from whom.

Power/interest grid

A two-by-two grid that groups stakeholders by power and interest: manage closely, keep satisfied, keep informed, monitor.

Sponsor

The person or group who provides resources and support for the project and is accountable for enabling its success.

Stakeholder

Anyone who can affect, be affected by, or believe they're affected by the project.

Stakeholder engagement assessment matrix

A table comparing each stakeholder's current and desired engagement: unaware, resistant, neutral, supportive or leading.

Stakeholder register

A list of stakeholders with their roles, interests, influence and engagement approach.

Risk

Decision tree

A diagram that compares choices by calculating the expected monetary value of each path.

Expected monetary value

Probability × impact, used to quantify risks and compare options in a decision tree. Threats are negative, opportunities positive.

Issue

Something that is happening now and needs action. A risk that occurs becomes an issue.

Issue log

A record of current issues with owners, actions and due dates.

Monte Carlo simulation

Running a schedule or cost model thousands of times with random values to show the range of likely outcomes.

Opportunity responses

Ways to handle positive risks: exploit, enhance, share, escalate or accept.

Probability and impact matrix

A grid that rates risks by likelihood and effect so they can be prioritized. Often shown as a heat map.

Qualitative risk analysis

Prioritizing risks by assessing their probability and impact, usually on a scale.

Quantitative risk analysis

Numerically analyzing the combined effect of risks on objectives, for example with Monte Carlo simulation or expected monetary value.

Residual risk

The risk that remains after a response has been carried out.

Risk

An uncertain event or condition that, if it occurs, has a positive or negative effect on objectives. Positive risks are opportunities; negative risks are threats.

Risk appetite

How much uncertainty an organization is willing to accept in pursuit of its goals. Risk thresholds turn it into measurable limits.

Risk owner

The person responsible for monitoring a risk and carrying out its response.

Risk register

A record of identified risks with their analysis, owners, triggers and planned responses.

Secondary risk

A new risk created by carrying out a risk response.

Threat responses

Ways to handle negative risks: avoid, mitigate, transfer, escalate or accept.

Workaround

An unplanned response to a risk that has occurred and had no planned response.

Procurement

Cost-reimbursable contract

A contract where the buyer pays the seller's actual costs plus a fee. The buyer carries most of the cost risk.

Fixed-price contract

A contract where the seller agrees to deliver for a set price. The seller carries most of the cost risk.

Make-or-buy analysis

Deciding whether to produce something in-house or buy it from a supplier, based on cost, capability and risk.

Request for proposal

A document asking sellers to propose how they would meet a need, used when the solution isn't fully defined. An RFQ asks for price; an RFI asks for information.

Source selection criteria

The factors used to evaluate seller proposals, such as technical approach, cost, experience and risk.

Statement of work

A description of the products or services to be bought, detailed enough for sellers to decide whether they can provide them.

Time and materials contract

A hybrid contract where the buyer pays a rate for time plus the cost of materials. Common for staff augmentation and undefined work.

Agile and hybrid

Agile Manifesto

The 2001 statement of four values and twelve principles behind agile software development, such as valuing working software and responding to change.

Burndown chart

A chart showing work remaining against time. A burnup chart shows work completed and total scope.

Cycle time

How long an item takes from when work starts to when it is finished. Lead time measures from request to delivery.

Daily scrum

A short daily event (often 15 minutes) where developers inspect progress toward the sprint goal and plan the next day.

Definition of done

A shared checklist of what must be true for work to count as complete.

Incremental delivery

Delivering the product in usable pieces so value reaches customers sooner.

Information radiator

A large, visible display of project information, such as a task board or burndown chart, that anyone can see at a glance.

Iteration

A short, time-boxed cycle of development. In Scrum it is called a sprint.

Kanban

A method for managing flow by visualizing work on a board, limiting work in progress and improving continuously.

MoSCoW

A prioritization technique that sorts requirements into Must have, Should have, Could have and Won't have (this time).

MVP

Minimum viable product: the simplest version of a product that lets the team learn from real users.

Product backlog

An ordered list of everything that might be needed in the product, managed by the product owner.

Product owner

The person accountable for maximizing the value of the product, mainly by managing and ordering the product backlog.

Scrum

A lightweight framework for delivering work in short, fixed-length sprints, with three accountabilities (product owner, Scrum Master, developers) and set events.

Scrum Master

The person accountable for the Scrum team's effectiveness: coaching, removing impediments and helping everyone understand Scrum.

Sprint

A fixed time box, usually one to four weeks, in which a Scrum team creates a usable increment.

Sprint backlog

The sprint goal, the backlog items selected for the sprint and the plan for delivering them.

Sprint planning

The event that starts a sprint, where the team sets the sprint goal and selects the work.

Sprint retrospective

The event where the team reflects on how it worked and agrees improvements for the next sprint.

Sprint review

The event where the team shows what it delivered and stakeholders give feedback that shapes the backlog.

Story points

A relative unit teams use to estimate the effort and complexity of backlog items.

Timebox

A fixed, maximum amount of time for an activity, such as a sprint or a meeting.

User story

A short description of a feature from the user's point of view, often written as: As a [user], I want [goal] so that [benefit].

Velocity

The amount of work, often in story points, a team completes in a sprint. It is for the team's own forecasting, not for comparing teams.

WIP limit

A cap on how many items can be in a stage at once, used to reduce multitasking and expose bottlenecks.

Definitions are written by PM Exam Lab in plain English. Last reviewed: October 8, 2026. PM Exam Lab is independent and not affiliated with or endorsed by PMI.