PMBOK® Guide — Eighth Edition: Project Fundamentals & Value Delivery System

Vocabulary flashcards covering core terms, definitions, and concepts from Section 1, Section 2, and Appendix X2 of the PMBOK® Guide—Eighth Edition.

Project Management

The application of knowledge, skills, tools, and techniques to project activities to meet or exceed intended value.

Project

A temporary initiative in a unique context undertaken to create value.

Artifact

A document or other item created to help manage a portfolio, program, or project.

Output

A product, result, or service generated by a process.

Outcome

The end result or consequence of a process or project.

Benefit

A gain or asset realized as a result of outcomes.

Program

Related projects and program activities managed together to obtain benefits unavailable from managing them individually.

Portfolio

Programs, projects, and operations managed together to maximize overall value and achieve strategic objectives.

Value

The excess of financial and nonfinancial benefits over investment.

Project Team

Individuals performing project work to achieve objectives.

Project Manager

Person assigned to lead the team responsible for achieving project objectives.

PMO

Organizational entity that centralizes activities related to managing portfolios, programs, and/or projects.

Project Success

The consensus among intended beneficiaries, stakeholders, and project participants that the project delivered value worth the effort and expense.

Organizational Governance

Provides overall direction and control of the organization, establishing policies, processes, procedures, decision-making structures, strategic direction, compliance requirements, ethical responsibilities, and financial and risk policies.

Project Governance

The framework used to guide and control a specific project, establishing roles, responsibilities, decision-making authority, accountability, communication protocols, governance boards, escalation processes, and mechanisms for aligning the project with organizational objectives.

Operations

Ongoing production of products and/or services needed to run and sustain the organization.

Enterprise Environmental Factors (EEFs)

Conditions that are not directly influenced by the project team but can affect, constrain, or direct the project.

Organizational Process Assets (OPAs)

Internal organizational assets, such as policies, processes, procedures, and knowledge repositories, that can support project management.

Product Management

Integrates people, data, processes, and business systems to create, develop, and maintain a product or service throughout its life cycle.

Modern PMO

Operates as a customer-oriented partner focused on delivering value that customers and stakeholders perceive as useful, shifting from process-centric to customer-centric.

Success of the Project Outcome

A dimension of project success that evaluates whether the project actually achieved its intended strategic and business outcomes.

Efficiency of Project Management

A dimension of project success that evaluates how effectively the project was managed regarding cost, schedule, scope, quality, resource use, and stakeholder expectations.