Project Management Glossary
A comprehensive reference of project management terms, acronyms, and definitions used throughout the project lifecycle.
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A
| Term |
Definition |
| Acceptance Criteria |
The conditions that must be met for a deliverable to be accepted by stakeholders. |
| Agile |
An iterative approach to project management that emphasises flexibility, collaboration, and delivering value incrementally. |
| Assumption |
A factor considered to be true for planning purposes, which may carry risk if incorrect. |
| Authority |
The right to make decisions, assign resources, and direct work within defined boundaries. |
B
| Term |
Definition |
| BAC (Budget at Completion) |
The total planned budget for the project. |
| Backlog |
A prioritised list of work items (features, requirements, fixes) waiting to be addressed. |
| Baseline |
The approved version of scope, schedule, or cost against which performance is measured. |
| Benefit |
A measurable improvement resulting from project outcomes. |
| Business Case |
A document justifying the project investment based on expected benefits and costs. |
C
| Term |
Definition |
| Change Control |
A process to manage changes to project scope, schedule, or cost in a controlled manner. |
| Change Request |
A formal proposal to modify a project baseline. |
| Charter |
A document that formally authorises a project and grants the PM authority to proceed. |
| Constraint |
A limiting factor that affects project execution (time, cost, scope, quality, resources). |
| Contingency |
Time or budget reserve held to address identified risks. |
| Critical Path |
The longest sequence of dependent tasks that determines the minimum project duration. |
| CPI (Cost Performance Index) |
A measure of cost efficiency: EV ÷ AC. Values >1 indicate under budget. |
D
| Term |
Definition |
| Deliverable |
A tangible or intangible output produced by the project. |
| Dependency |
A relationship where one task relies on another to start or finish. |
| Duration |
The total time required to complete a task or project. |
E
| Term |
Definition |
| EAC (Estimate at Completion) |
The expected total cost of the project when complete. |
| Effort |
The amount of work (person-hours/days) required to complete a task. |
| Escalation |
Raising an issue or decision to a higher authority when it cannot be resolved at the current level. |
| ETC (Estimate to Complete) |
The expected cost to finish the remaining work. |
| EV (Earned Value) |
The value of work actually completed, measured against the budget. |
| Exception |
A situation where tolerances are forecast to be exceeded. |
F
| Term |
Definition |
| Feasibility Study |
An assessment of whether a project is viable and worthwhile. |
| Float (Slack) |
The amount of time a task can be delayed without affecting the project end date. |
| Functional Requirements |
Specifications of what a system must do. |
G
| Term |
Definition |
| Gantt Chart |
A bar chart showing project tasks against time. |
| Gate Review |
A checkpoint where a decision is made whether to proceed to the next phase. |
| Governance |
The framework of authority, accountability, and decision-making for a project. |
H
| Term |
Definition |
| Highlight Report |
A regular status report summarising project progress for governance bodies. |
| Hybrid |
An approach combining elements of different methodologies (e.g., Agile and Waterfall). |
I
| Term |
Definition |
| Impact |
The effect or consequence of a risk or issue if it occurs. |
| Issue |
A current problem that is affecting the project and requires resolution. |
| Iteration |
A time-boxed development cycle in Agile methodologies (also called Sprint). |
J
| Term |
Definition |
| Just-in-Time (JIT) |
An approach where resources or decisions are provided exactly when needed. |
K
| Term |
Definition |
| Kanban |
A visual workflow management method using boards and cards to track work. |
| Key Performance Indicator (KPI) |
A measurable value demonstrating how effectively objectives are being achieved. |
| Kickoff Meeting |
The initial meeting to formally start a project and align stakeholders. |
L
| Term |
Definition |
| Lag |
A delay between dependent tasks. |
| Lead |
An acceleration (overlap) between dependent tasks. |
| Lessons Learned |
Knowledge gained from project experiences to improve future performance. |
M
| Term |
Definition |
| Milestone |
A significant point or event in the project schedule. |
| Mitigation |
Actions taken to reduce the probability or impact of a risk. |
| MoSCoW |
A prioritisation technique: Must have, Should have, Could have, Won’t have. |
| MVP (Minimum Viable Product) |
The simplest version of a product that delivers value to users. |
N
| Term |
Definition |
| Non-Functional Requirements |
Specifications of how a system should perform (speed, security, usability). |
O
| Term |
Definition |
| OBS (Organisational Breakdown Structure) |
A hierarchy showing how resources are organised by team or function. |
| Opportunity |
A risk with a positive potential outcome. |
P
| Term |
Definition |
| PBS (Product Breakdown Structure) |
A hierarchy of products/deliverables to be created. |
| PERT |
Program Evaluation and Review Technique - a method for estimating task durations. |
| Phase |
A distinct stage in the project lifecycle. |
| PID (Project Initiation Document) |
A comprehensive document defining the project at the end of initiation. |
| PMO (Project Management Office) |
A department that defines and maintains PM standards across an organisation. |
| Portfolio |
A collection of programmes and projects managed together. |
| Probability |
The likelihood that a risk will occur. |
| Product Owner |
In Agile, the person responsible for maximising value and managing the backlog. |
| Programme |
A group of related projects managed together to achieve strategic benefits. |
| Project |
A temporary endeavour to create a unique product, service, or result. |
| PV (Planned Value) |
The authorised budget assigned to scheduled work. |
Q
| Term |
Definition |
| Quality Assurance (QA) |
Activities ensuring quality processes are being followed. |
| Quality Control (QC) |
Activities verifying deliverables meet quality standards. |
R
| Term |
Definition |
| RACI |
A matrix defining Responsible, Accountable, Consulted, and Informed roles. |
| RAG Status |
Red/Amber/Green indicator showing project health. |
| RAID Log |
A log tracking Risks, Assumptions, Issues, and Dependencies. |
| Requirements |
Statements describing what a solution must do or qualities it must have. |
| Resource |
People, equipment, materials, or budget needed for the project. |
| Retrospective |
A meeting to reflect on what went well and what to improve. |
| Risk |
An uncertain event that, if it occurs, would affect project objectives. |
| Risk Appetite |
The level of risk an organisation is willing to accept. |
| Risk Register |
A document listing identified risks with their assessment and response plans. |
| Roadmap |
A high-level visual timeline showing major deliverables and milestones. |
| ROI (Return on Investment) |
A measure of the profitability of an investment. |
S
| Term |
Definition |
| Scope |
The boundaries of what the project will and won’t deliver. |
| Scope Creep |
Uncontrolled expansion of project scope without corresponding changes to time, cost, or resources. |
| Scrum |
An Agile framework using sprints, daily stand-ups, and defined roles. |
| Scrum Master |
In Scrum, the person facilitating the process and removing impediments. |
| SPI (Schedule Performance Index) |
A measure of schedule efficiency: EV ÷ PV. Values >1 indicate ahead of schedule. |
| Sprint |
A time-boxed iteration in Scrum, typically 1-4 weeks. |
| Stakeholder |
Anyone who affects, is affected by, or perceives themselves affected by the project. |
| Stand-up |
A brief daily meeting for team coordination (also called Daily Scrum). |
| Steering Committee |
A governance body providing direction and decisions for a project or programme. |
T
| Term |
Definition |
| Timebox |
A fixed period during which work must be completed. |
| Tolerance |
Permitted deviation from a baseline before escalation is required. |
| Traceability |
The ability to track requirements through design, build, and test. |
U
| Term |
Definition |
| UAT (User Acceptance Testing) |
Testing by end users to confirm the solution meets business needs. |
| User Story |
In Agile, a requirement written from the user’s perspective: “As a [role], I want [goal], so that [benefit].” |
V
| Term |
Definition |
| Variance |
The difference between planned and actual performance. |
| Velocity |
In Agile, the amount of work a team completes in a sprint. |
W
| Term |
Definition |
| Waterfall |
A sequential project approach where each phase must complete before the next begins. |
| WBS (Work Breakdown Structure) |
A hierarchical decomposition of the project scope into manageable work packages. |
| Work Package |
The lowest level of the WBS, representing a defined piece of work. |
X
| Term |
Definition |
| XP (Extreme Programming) |
An Agile software development methodology emphasising technical practices. |
Y
| Term |
Definition |
| Yield |
The benefit or return generated by an investment or project. |
Z
| Term |
Definition |
| Zero Float |
A task with no schedule flexibility; any delay affects the project end date. |
Common Acronyms
| Acronym |
Full Term |
| AC |
Actual Cost |
| BAC |
Budget at Completion |
| BAU |
Business as Usual |
| BCM |
Business Change Management |
| CAPEX |
Capital Expenditure |
| CPI |
Cost Performance Index |
| CR |
Change Request |
| EAC |
Estimate at Completion |
| ETC |
Estimate to Complete |
| EV |
Earned Value |
| MVP |
Minimum Viable Product |
| NFR |
Non-Functional Requirement |
| OBS |
Organisational Breakdown Structure |
| OPEX |
Operating Expenditure |
| PBS |
Product Breakdown Structure |
| PID |
Project Initiation Document |
| PM |
Project Manager |
| PMO |
Project Management Office |
| PO |
Product Owner |
| PRINCE2 |
PRojects IN Controlled Environments |
| PV |
Planned Value |
| QA |
Quality Assurance |
| QC |
Quality Control |
| RACI |
Responsible, Accountable, Consulted, Informed |
| RAG |
Red, Amber, Green |
| RAID |
Risks, Assumptions, Issues, Dependencies |
| ROI |
Return on Investment |
| SM |
Scrum Master |
| SPI |
Schedule Performance Index |
| UAT |
User Acceptance Testing |
| WBS |
Work Breakdown Structure |
Last updated: 13 January 2026
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