Project management glossary: key terms explained

This glossary defines the essential project management terms every PMO and project manager should know.

Agile project management

An iterative methodology where requirements and deliverables are divided into smaller, manageable pieces called sprints.

Baseline

The original approved version of a plan or document against which all future changes are measured.

Budget tracking

Monitoring a project’s finances so costs stay controlled and revenue and expenditure track as planned.

Change control

A formal process to manage changes to project scope, schedule and budget.

Charter

A document that formally authorizes a project and defines its objectives.

Critical path

The longest sequence of dependent activities that must finish on time for the project to succeed.

Deliverable

A measurable, tangible, verifiable output of a project.

Milestone

A significant checkpoint marking the completion of a phase or key event.

Stakeholder

Anyone with an interest in the project — customers, users, sponsors, the team and affected parties.