Agile
An adaptive, iterative approach to managing projects that emphasizes collaboration, flexibility, and delivering value in small, continuous increments.
Balanced matrix
An organizational structure where project managers and functional managers equally share authority and decision-making over project resources.
BCR
Benefit-Cost Ratio; a financial metric used to evaluate a project’s overall value or profitability by comparing the present value of benefits to the present value of costs. It is calculated as:
BCR = PresentValueofBenefits / PresentValueofCosts
If BCR > 1, the benefits outweigh the costs (project is desirable).
If BCR < 1, the costs outweigh the benefits (project is not desirable).
Communications knowledge area
One of the PMBOK knowledge areas focused on ensuring timely and appropriate collection, distribution, and management of project information.
Cone of uncertainty
A model that illustrates how the accuracy of project estimates improves as more information becomes available.
Cost benefit analysis
A technique that compares the expected costs and benefits of a project to determine if it is financially worthwhile.
Cost of funds
The Cost of Funds is the interest rate or overall expense a company or organization incurs to borrow money or use its own capital to finance a project. It represents the minimum return that must be earned on an investment to justify using those funds.
EEFS
Enterprise Environmental Factors (EEFs) are conditions, influences, or factors—internal or external to the organization—that can affect, constrain, or direct a project’s success
Flow-based agile
Flow-Based Agile is an Agile approach that focuses on optimizing the continuous flow of work through the system rather than working in fixed-length iterations (like Scrum). Work items are pulled as capacity becomes available, promoting a steady, predictable delivery of value.
Hybrid life cycle
A Hybrid Life Cycle combines elements of predictive (plan-driven) and adaptive (Agile) approaches to leverage the strengths of both. It uses predictive methods for well-defined, stable parts of the project and Agile methods for areas requiring flexibility and frequent feedback.
Incremental life cycle
An Incremental Life Cycle is a development approach where the product is built, delivered, and improved through successive increments. Each increment adds usable functionality until the final product is complete.
Integration knowledge area
The Project Integration Management knowledge area focuses on coordinating all aspects of a project to ensure that the various elements work together effectively. It involves balancing competing objectives, making trade-offs, and integrating processes across all knowledge areas and process groups.
Iteration-based agile
Iteration-Based Agile is an Agile approach where work is organized into fixed-length iterations or sprints, usually 1–4 weeks long, with the goal of delivering working, tested product increments at the end of each iteration.
Kanban boards
A Kanban board is a visual tool used in Agile and Lean project management to track the flow of work. It shows tasks or work items moving through stages of a process, helping teams visualize work, limit work in progress (WIP), and improve flow.
Life cycles
A Project Life Cycle is the series of phases a project passes through from initiation to closure. It provides a structured approach for managing the project and delivering the final product, service, or result.
Predictive (Waterfall): Scope, schedule, and cost are defined upfront; changes are managed formally.
Iterative: Work is done in repeated cycles, with each iteration improving on the previous.
Incremental: Product is developed and delivered in parts (increments), each adding functionality.
Adaptive (Agile): Flexible and iterative approach emphasizing stakeholder feedback and evolving requirements.
Hybrid: Combines predictive and adaptive approaches to balance control and flexibility.
Net Promoter Score (NPS)
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction by asking how likely a customer is to recommend a product, service, or organization to others.
OPAS
Organizational Process Assets (OPAs) are the plans, processes, policies, procedures, knowledge bases, and lessons learned from previous projects that an organization uses to help plan, execute, and control current projects.
Planning process group
The Planning Process Group consists of the project management processes that are used to establish the scope, objectives, and course of action for the project.
Portfolio
A Portfolio is a collection of projects, programs, and operations that are grouped together to achieve strategic objectives.
Predictive life cycle
A Predictive Life Cycle (also called Waterfall) is a project approach where scope, schedule, and costs are defined upfront, and work is completed in sequential phases.
Procurement knowledge area
The Project Procurement Management knowledge area focuses on acquiring goods, services, or results from external suppliers to meet project requirements.
Product owner
The Product Owner is a key Scrum role responsible for maximizing the value of the product resulting from the work of the Development Team.
Progressive elaboration
Progressive Elaboration is the project management concept of developing and refining plans, requirements, and details iteratively over time as more information becomes available.
Project business case
A Project Business Case is a document that justifies the initiation of a project by outlining the benefits, costs, risks, and alignment with organizational strategy.
