Project Management

Reference Guide
Principles · Performance Domains · Models · Methods ·
Artifacts · Glossary

Aligned with PMBOK® Guide 7th Edition Framework (PMI)

Comprehensive reference for project management practitioners, PMP® exam candidates, and Agile teams. This
guide compiles universally recognized project management knowledge aligned with modern frameworks. PMBOK®
is a registered mark of Project Management Institute (PMI).

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PM Reference Guide • Page 2
PART 1 The 12 Project Management
Principles

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The 12 Project Management Principles
The Standard for Project Management (the normative component of the PMBOK® 7th Edition) is built
around twelve principles that guide the behaviors and actions of project practitioners. These are not
prescriptive rules but guiding tenets that apply across all project approaches, industries, and contexts.

1. Stewardship
Act as a diligent, respectful, and caring steward. Be trustworthy, compliant with internal and external
guidelines, and demonstrate a commitment to organizational and societal sustainability.

2. Team
Build a culture of accountability and respect. Project teams are made up of individuals who have diverse
skills, knowledge, and experience. Promoting shared ownership, mutual respect, and inclusive
collaboration leads to better outcomes.

3. Stakeholders
Engage stakeholders proactively and to the point needed to contribute to project success. Stakeholder
engagement includes identifying, analyzing, and maintaining productive relationships with all parties who
may affect or be affected by the project.

4. Value
Continually evaluate and adjust project alignment to business objectives. Value is the ultimate indicator of
project success and may be realized throughout the project, at the end, or after completion.

5. Systems Thinking
Recognize, evaluate, and respond to the dynamic interactions within and around systems. Projects exist
in a complex environment and teams must consider the whole system — internal, external, and
environmental factors.

6. Leadership
Demonstrate and adapt leadership behaviors to support individual and team needs. Effective leadership
motivates, influences, coaches, and learns. Leadership and management complement each other.

7. Tailoring
Design the project development approach based on context, objectives, stakeholders, governance, and
environment. There is no one-size-fits-all approach — select, combine, and adjust methods and practices
to fit the situation.

8. Quality
Build quality into processes and deliverables. Quality is about meeting project requirements and
satisfying stakeholder needs. It includes process quality, product quality, and continuous improvement.

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9. Complexity
Continuously evaluate and navigate project complexity so that approaches and plans enable the team to
successfully navigate the project life cycle. Complexity arises from human behavior, system interactions,
and uncertainty.

10. Risk
Continually assess and address opportunities and threats. Risk management involves identifying,
analyzing, and responding to both negative (threats) and positive (opportunities) risks throughout the
project.

11. Adaptability & Resilience

Build adaptability and resilience into the team and organization to be able to accommodate change,
recover from setbacks, and advance the work of the project. Embrace change rather than resist it.

12. Change
Prepare those impacted to adopt and sustain new behaviors, processes, and tools to realize the benefit
of change. Change management is integral to project success.

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 Principles Quick Reference
Principle Core Focus

Act as a diligent, respectful, and caring steward. Be trustworthy, compliant with

Stewardship
internal and external guidelines, and …

Build a culture of accountability and respect. Project teams are made up of

Team
individuals who have diverse skills, knowled…

Engage stakeholders proactively and to the point needed to contribute to project

Stakeholders
success. Stakeholder engagement include…

Continually evaluate and adjust project alignment to business objectives. Value

Value
is the ultimate indicator of project suc…

Recognize, evaluate, and respond to the dynamic interactions within and

Systems Thinking
around systems. Projects exist in a complex envi…

Demonstrate and adapt leadership behaviors to support individual and team

Leadership
needs. Effective leadership motivates, influen…

Design the project development approach based on context, objectives,

Tailoring
stakeholders, governance, and environment. There i…

Build quality into processes and deliverables. Quality is about meeting project
Quality
requirements and satisfying stakeholder …

Continuously evaluate and navigate project complexity so that approaches and

Complexity
plans enable the team to successfully navig…

Continually assess and address opportunities and threats. Risk management

Risk
involves identifying, analyzing, and respondin…

Build adaptability and resilience into the team and organization to be able to
Adaptability & Resilience
accommodate change, recover from setbacks…

Prepare those impacted to adopt and sustain new behaviors, processes, and
Change
tools to realize the benefit of change. Change…

Table 1 — The 12 Project Management Principles summary

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PART 2 The 8 Project Performance
Domains

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The 8 Project Performance Domains
Performance Domains replace the former Knowledge Areas. Each domain represents an area of related
activity that is critical to effective delivery of project outcomes. They operate as an integrated system —
not in isolation.

Stakeholders
Focuses on activities and functions associated with stakeholders. Outcomes include productive working
relationships, stakeholder agreement with project objectives, and stakeholders as project beneficiaries.

Key Activities:

• Stakeholder identification & analysis

• Engagement planning
• Managing expectations
• Stakeholder communication
• Monitoring stakeholder engagement

Team
Addresses activities and functions associated with the people responsible for producing project
deliverables. Outcomes include shared ownership, high performance, and applicable leadership skills.

Key Activities:

• Team formation & development

• Leadership styles
• Motivation theories
• Team performance assessment
• Virtual/distributed teams

Development Approach & Life Cycle

Addresses activities and functions related to the development approach, cadence, and life cycle phases.
Outcomes include a development approach consistent with project deliverables.

Key Activities:

• Predictive approach
• Adaptive/Agile approach
• Hybrid approach
• Project phases & gates
• Life cycle selection

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Planning
Encompasses the activities required to organize, elaborate, and coordinate the project work. Outcomes
include an organized, coordinated, and prioritized plan.

Key Activities:

• Scope planning
• Schedule planning
• Cost estimating
• Resource planning
• Risk planning
• Procurement planning

Project Work
Focuses on establishing project processes, managing physical resources, and fostering a learning
environment. Outcomes include efficient performance and a capable team.

Key Activities:

• Process management
• Procurement management
• Change management
• Knowledge management
• Continuous improvement

Delivery
Addresses activities and functions related to delivering the scope and quality that the project was
undertaken to achieve. Outcomes include deliverables that contribute to business goals.

Key Activities:
• Requirements management
• Scope definition
• Quality assurance
• WBS development
• Delivery verification

Measurement
Assesses project performance and implements appropriate responses to maintain optimal performance.
Outcomes include a reliable understanding of project status.

Key Activities:

• KPIs & metrics

• Earned value management
• Forecasting
• Dashboards & reporting
• Performance reviews

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Uncertainty
Addresses activities and functions associated with risk and uncertainty. Outcomes include risk-adjusted
delivery and resilience to ambiguity.

Key Activities:

• Risk identification
• Qualitative & quantitative analysis
• Risk response planning
• Opportunity management
• Ambiguity management

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Development Approach Comparison
Characteristic Predictive (Waterfall) Agile / Adaptive Hybrid

Requirements Fixed upfront Evolving & iterative Partially fixed

Planning Comprehensive plan early Rolling wave / just-in-time Mixed planning

Delivery Single final delivery Frequent increments Phased increments

Change Tolerance Low — formal CCB High — welcomed Moderate

Uncertain,
Best For Stable, well-defined scope Complex mixed needs
innovation-heavy

Cross-functional,
Team Structure Functional / project-based Varies by phase
self-organizing

Customer Involvement At milestones Continuous collaboration Regular checkpoints

Documentation Extensive Lightweight Selective

Risk Profile Managed upfront Managed continuously Risk-based selection

Table 2 — Predictive vs Agile vs Hybrid approach comparison

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PART 3 Key Models

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Key Models in Project Management
Models are thinking frameworks used to explain concepts, processes, or systems. They provide
structured ways to analyze situations and guide decisions. The following are widely referenced models in
project management practice.

Situational Leadership II Leadership style adapts to the development level of the team
(Blanchard) member. Four styles: Directing, Coaching, Supporting,
Delegating — matched to Competence × Commitment
combinations.

Servant Leadership Leader prioritizes the needs of the team and enables others to
perform at their best. Focuses on empowerment, listening, and
removing impediments.

OSCAR Coaching Model Outcome, Situation, Choices/Consequences, Actions, Review. A

structured coaching framework for performance conversations.

Communication Model Message → Encoder → Channel → Decoder → Receiver. Noise

(Shannon-Weaver) can distort communication at any stage. Feedback loop confirms
receipt.

Maslow's Hierarchy of Needs Five tiers of human motivation: Physiological → Safety →

Social/Belonging → Esteem → Self-Actualization. Lower-level
needs must be met before higher ones.

Herzberg's Two-Factor Theory Hygiene factors (salary, work conditions) prevent dissatisfaction
but do not motivate. Motivators (achievement, recognition) drive
engagement.

McGregor's Theory X & Y Theory X: workers are lazy and need control. Theory Y: workers
are self-motivated and seek responsibility. Managers'
assumptions shape team behavior.

Tuckman Ladder (Team Five stages: Forming, Storming, Norming, Performing,

Development) Adjourning. Teams cycle through these stages to reach high
performance.

Drexler-Sibbet Team Seven stages from team creation to high performance and
Performance Model renewal. Useful for diagnosing team issues and guiding
development.

Stacey Matrix Maps decisions by degree of agreement and certainty. Zones:

Simple, Complicated, Complex, Chaotic. Guides selection of
management approaches.

Cynefin Framework Five domains: Clear, Complicated, Complex, Chaotic, Confused.

Each requires a different decision-making and problem-solving
approach.

VUCA Model Volatile, Uncertain, Complex, Ambiguous. Framework for

understanding challenging environments and developing
appropriate response strategies.

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Salience Model Classifies stakeholders by Power, Legitimacy, and Urgency. The
(Stakeholders) intersection of all three defines 'definitive' stakeholders requiring
immediate attention.

Business Value Model Value can be tangible (revenue, ROI) or intangible (brand,
morale). Projects should always link deliverables to measurable
value streams.

Organizational Change Kotter's 8-step model guides large-scale change. ADKAR

Models (Kotter, ADKAR) (Awareness, Desire, Knowledge, Ability, Reinforcement) focuses
on individual change adoption.

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PART 4 Methods & Techniques

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Methods & Techniques
Methods are means for achieving an outcome, output, or result. The selection of appropriate methods
depends on the project context, approach, and performance domain.

Brainstorming Facilitated group ideation technique to generate a wide variety of

ideas without judgment. Used in risk identification, scope
definition, and problem solving.

Retrospectives Structured team reflection sessions (common in Agile) to inspect

what went well, what didn't, and what to improve. Held at regular
intervals or end of phase.

Risk Register A document capturing identified risks, their probability, impact,

risk score, owner, and planned response strategies. Updated
continuously throughout the project.

Work Breakdown Structure Hierarchical decomposition of total project scope into

(WBS) manageable deliverables. Each lower level represents finer
definition of project work.

Critical Path Method (CPM) Network-based scheduling technique that identifies the longest
path of dependent activities. Activities on the critical path have
zero float.

Kanban Visual workflow management method using boards and cards.

Limits work-in-progress (WIP) and enables continuous flow.
Originated in lean manufacturing.

Scrum Agile framework using time-boxed Sprints (1–4 weeks), defined

roles (Product Owner, Scrum Master, Dev Team), and
ceremonies (Planning, Daily, Review, Retrospective).

Earned Value Management Integrates scope, schedule, and cost to measure project
(EVM) performance. Key metrics: PV (Planned Value), EV (Earned
Value), AC (Actual Cost), SV, CV, SPI, CPI.

Monte Carlo Simulation Statistical risk analysis technique that uses probability
distributions for uncertain inputs to generate a range of possible
outcomes and confidence intervals.

SWOT Analysis Evaluates Strengths, Weaknesses, Opportunities, and Threats.

Used in project planning, stakeholder analysis, and
organizational assessment.

RACI Matrix Responsibility Assignment Matrix defining Responsible,

Accountable, Consulted, and Informed parties for each task or
deliverable. Clarifies roles and accountability.

Decision Tree Analysis Visual tool representing decision paths and their probable
outcomes and values. Used in risk quantification and option
selection.

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Variance Analysis Comparison of actual performance against planned performance.
Used to identify root causes of deviations and determine
corrective action.

Cause & Effect Diagram Visual tool for root cause analysis. Branches represent
(Fishbone/Ishikawa) categories of causes (Machines, Methods, Materials, Manpower,
Environment, Measurement).

Iterative & Incremental Delivering project outcomes in small, working increments that are
Development reviewed and refined in successive iterations. Core to Agile and
hybrid approaches.

Prioritization Techniques MoSCoW: Must Have, Should Have, Could Have, Won't Have.
(MoSCoW, Kano, Weighted Kano: basic, performance, delight needs. Weighted Ranking:
Ranking) numerical scoring of criteria.

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Earned Value Management (EVM) Quick Reference
EVM integrates scope, schedule, and cost measurements to provide an objective assessment of project
performance.

Metric Formula Meaning

Planned Value (PV) BAC × % Planned Authorized budget for scheduled work

Earned Value (EV) BAC × % Complete Value of work actually accomplished

Actual Cost (AC) Actual spend Costs incurred for work performed

Schedule Variance (SV) EV − PV > 0 = Ahead of schedule

Cost Variance (CV) EV − AC > 0 = Under budget

Schedule Perf. Index (SPI) EV ÷ PV > 1 = Ahead; < 1 = Behind

Cost Perf. Index (CPI) EV ÷ AC > 1 = Under budget; < 1 = Over

Estimate at Completion
BAC ÷ CPI Forecast total project cost
(EAC)

Estimate to Complete (ETC) EAC − AC Cost to finish remaining work

Variance at Completion
BAC − EAC Expected over/under at end
(VAC)

To-Complete Perf. Index

(BAC−EV)÷(BAC−AC) Efficiency needed to finish on budget
(TCPI)

Table 3 — Earned Value Management formulas and interpretation

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PART 5 Project Artifacts

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Project Artifacts
Artifacts are documents, outputs, and project management deliverables. They may be templates, inputs,
or outputs, and can be physical or digital. Some are process-driven; others are product or Agile specific.

Project Charter Formal authorization document that establishes the project,

defines high-level scope, objectives, and milestones, and
designates the project manager.

Project Management Plan Comprehensive document defining how the project will be
executed, monitored, and controlled. Integrates all subsidiary
management plans.

Scope Statement Detailed narrative of the project's deliverables, boundaries,

constraints, and acceptance criteria. Basis for scope control
decisions.

WBS & WBS Dictionary The WBS decomposes scope into work packages. The WBS
Dictionary describes each element's scope, responsible party,
cost estimate, and schedule activity.

Project Schedule Time-phased representation of planned project activities

including durations, dependencies, milestones, and resource
assignments.

Cost Baseline Approved time-phased budget used to measure and monitor

project cost performance. Excludes management reserves.

Risk Register Log of identified risks, their attributes, probability/impact scores,

priority rankings, responses, owners, and current status.

Issue Log Document tracking issues (realized risks or problems) requiring

resolution, their assigned owners, priority, and status.

Change Log Record of all change requests submitted during the project,
including their status (approved, rejected, deferred) and impact
assessment.

Stakeholder Register Catalog of stakeholders including identification, assessment

(power, interest, influence), and classification for engagement
planning.

Communications Defines what information will be communicated, to whom, when,

Management Plan how, and by whom. Includes formats, frequency, and escalation
paths.

Responsibility Assignment Cross-references project roles to WBS elements. A RACI chart is

Matrix (RAM) a common format.

Quality Management Plan Defines quality standards, objectives, metrics, tools, and
processes for the project. Includes quality assurance and quality
control activities.

Lessons Learned Register Captures knowledge gained throughout the project — both
positive and negative — for use by current and future projects.

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Milestone List List of significant project events or deliverables with target or
required completion dates. Used for schedule tracking and
stakeholder reporting.

Assumption Log Tracks assumptions and constraints identified during project

initiation and planning, along with their potential impact if proven
false.

Product Backlog Agile artifact — ordered list of all desired work for the product.
Maintained by the Product Owner and refined continuously
throughout the project.

Sprint Backlog Scrum artifact — subset of the Product Backlog committed to in a

Sprint, plus a plan for delivering the Sprint Goal.

Definition of Done (DoD) Shared understanding of the criteria that must be met for a
deliverable or increment to be considered complete and
accepted.

Burndown / Burnup Chart Agile tracking charts. Burndown shows remaining work over time.
Burnup shows completed work and tracks against total scope,
including scope changes.

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 Risk Response Strategies
Strategy Type Description

Avoid Threat Eliminate the threat by removing the cause or changing the plan

Transfer Threat Shift impact to a third party (insurance, contracts, warranties)

Mitigate Threat Reduce probability or impact to an acceptable threshold

Accept Threat Acknowledge risk; establish contingency if it occurs

Escalate Threat Transfer ownership to a higher authority if beyond project scope

Exploit Opportunity Ensure the opportunity definitely occurs

Share Opportunity Allocate ownership to best-positioned party

Enhance Opportunity Increase probability or impact of positive outcome

Accept Opportunity Take advantage if opportunity occurs, without active pursuit

Escalate Opportunity Transfer to higher authority for greater organizational benefit

Table 4 — Risk response strategies for threats and opportunities

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PM Reference Guide • Page 25
PART 6 Comprehensive Glossary

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Comprehensive Project Management Glossary
This glossary contains 83 key project management terms. Definitions are based on widely accepted
industry usage aligned with PMI standards and Agile frameworks.

A
Acceptance Criteria
Set of conditions that must be satisfied before a deliverable is accepted by the stakeholder or
customer.

Agile
Iterative and incremental approach to project management emphasizing flexibility, collaboration, and
continuous delivery of value.

Analogous Estimating
Technique using historical data from similar projects to estimate duration, cost, or resources for the
current project.

Assumptions
Factors considered to be true, real, or certain for planning purposes, without proof or demonstration.

B
Backlog Refinement
Ongoing process of reviewing, prioritizing, and detailing items in a product backlog. Also called
backlog grooming.

Baseline
Approved version of a work product (scope, schedule, cost) used as a reference for comparison
throughout the project.

Benefits Realization
Process of ensuring that project outcomes deliver the intended value and organizational benefits over
time.

Business Case
Documented justification for undertaking a project, including benefits, costs, risks, and strategic
alignment.

C
Change Control Board (CCB)
Formally constituted group responsible for reviewing, evaluating, approving, or rejecting change
requests.

Colocation
Organizational placement strategy where project team members are physically located in the same
workspace.

Constraints
Limiting factors that affect the execution of a project, such as budget, time, scope, resources, and
regulations.

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Contingency Reserve
Budget or time held in reserve to respond to identified risks that may materialize during the project.

Cost Performance Index (CPI)

Measure of cost efficiency: CPI = EV ÷ AC. CPI > 1 means under budget; < 1 means over budget.

Critical Path
Longest sequence of activities in a project network that determines the earliest project completion
date.

D
Decomposition
Technique that subdivides project scope or deliverables into smaller, more manageable components.

Deliverable
Any unique and verifiable product, result, or capability produced as a project outcome.

Dependency
Logical relationship between two activities that determines the order in which they must be performed.

Duration
Total number of work periods required to complete an activity or WBS component.

E
Effort
Number of labor units required to complete an activity, typically expressed in hours or days.

Enterprise Environmental Factors (EEF)

Conditions — internal or external — that influence project execution but are not under the team's direct
control.

Epic
Large body of work in Agile that can be broken down into smaller stories or features.

Estimate at Completion (EAC)

Expected total cost of completing all project work, calculated using actual performance data.

Estimate to Complete (ETC)

Expected cost to finish all remaining project work from a given point in time.

F
Fast Tracking
Schedule compression technique where activities normally done sequentially are performed in parallel.

Float (Slack)
Amount of time an activity can be delayed without delaying the project finish date (total float) or
successor activity (free float).

G
Governance
Framework of rules, practices, and processes by which a project is directed and controlled.

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H
Hybrid Approach
Combination of predictive and adaptive practices tailored to fit the specific needs of the project.

I
Increment
A working, usable piece of the product delivered at the end of an Agile iteration or Sprint.

Iteration
Defined time period in Agile during which a team produces a working increment of the product.

K
Kickoff Meeting
Meeting held at the beginning of a project or phase to formally start work, align the team, and establish
expectations.

L
Lag
Amount of time a successor activity must be delayed after a predecessor activity begins or ends.

Lead
Amount of time a successor activity can be advanced relative to a predecessor activity.

Lessons Learned
Knowledge gained during a project that shows how project events were addressed or could be
addressed in the future.

M
Management Reserve
Budget held outside the project cost baseline as contingency for unknown unknowns.

Milestone
Significant point or event in the project schedule, typically indicating the completion of a major
deliverable.

Minimum Viable Product (MVP)

Simplest version of a product that can be released to collect feedback and validate assumptions.

Monte Carlo Simulation

Quantitative risk analysis technique that uses probability distributions to model range of possible
project outcomes.

O
Obsolescence
The state of being no longer used or needed; projects may be initiated to replace obsolete products or
processes.

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Operational Acceptance Testing (OAT)
Testing performed to confirm that a project's product is operational and meets requirements in its
intended environment.

Opportunity
Risk with a positive effect on project objectives. Opportunity responses include Exploit, Share,
Enhance, Accept.

Organizational Process Assets (OPA)

Plans, processes, policies, procedures, and knowledge bases from the organization that can influence
the project.

P
Parametric Estimating
Estimating technique using statistical relationships between historical data and other variables (e.g.,
cost per unit) to calculate estimates.

Phase Gate
Review point at the end of a project phase to determine whether to continue, modify, or terminate the
project.

Portfolio
Collection of projects, programs, and operations managed as a group to achieve strategic objectives.

Predictive Approach
Traditional plan-driven methodology where scope, time, and cost are defined early and change is
controlled. Also called Waterfall.

Probabilistic Analysis
Technique estimating the likelihood and impact of various scenarios using probability and impact data.

Process Group
Logical grouping of project management processes. PMBOK 6 defined five groups: Initiating,
Planning, Executing, Monitoring & Controlling, and Closing.

Product Owner
Agile role responsible for defining and prioritizing the product backlog to maximize value delivered by
the team.

Program
Related group of projects managed in a coordinated manner to obtain benefits not available from
managing them individually.

Progressive Elaboration
Iterative process of increasing the level of detail in a project management plan as greater information
becomes available.

Project
Temporary endeavor undertaken to create a unique product, service, or result. It has a defined
beginning and end.

Project Life Cycle

Series of phases a project passes through from its start to its completion.

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Project Manager (PM)
Person assigned by the performing organization to lead the team responsible for achieving the project
objectives.

Project Sponsor
Person or group who provides resources and support for the project and is accountable for enabling its
success.

Q
Quality Assurance (QA)
Process of auditing quality requirements and results from quality control to ensure appropriate
standards are applied.

Quality Control (QC)

Process of monitoring and recording results of quality activities to assess performance and
recommend changes.

R
RACI Chart
Responsibility matrix defining who is Responsible, Accountable, Consulted, and Informed for each
task.

Requirements Traceability Matrix (RTM)

Grid linking requirements to their origins and tracing them throughout the project life cycle to verify
fulfillment.

Reserve Analysis
Technique to determine the amount of contingency and management reserve needed for the project.

Resource Leveling
Schedule technique where start and finish dates are adjusted to balance resource demand with
available supply.

Risk Appetite
Degree of uncertainty an organization is willing to accept in pursuit of its objectives.

Risk Owner
Person responsible for monitoring risks and implementing agreed-upon response strategies.

Risk Register
Document listing identified risks with their attributes, probability, impact, scores, and response plans.

Risk Tolerance
Degree, amount, or volume of risk an organization will withstand.

Rolling Wave Planning

Iterative planning technique where near-term work is planned in detail while future work is planned at a
higher level.

S
Schedule Performance Index (SPI)
Measure of schedule efficiency: SPI = EV ÷ PV. SPI > 1 means ahead of schedule; < 1 means behind.

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Scrum Master
Agile role responsible for facilitating the Scrum process, removing impediments, and coaching the
team.

Sprint
Time-boxed iteration in Scrum, typically 1–4 weeks, during which a potentially shippable product
increment is created.

Sprint Review
Scrum ceremony at the end of a Sprint where the team demonstrates the increment to stakeholders
for feedback.

Stakeholder
Individual, group, or organization that may affect, be affected by, or perceive itself to be affected by the
project.

Statement of Work (SOW)

Narrative description of products, services, or results to be supplied by the project.

T
Tailoring
Deliberate adaptation of project management approach, governance, and processes to fit the project's
context.

Threat
Risk event with a negative effect on project objectives. Threat responses include Avoid, Transfer,
Mitigate, Accept.

Threshold
Cost, time, quality, or risk limit at which a significant response or escalation is triggered.

Timeboxing
Fixed and predefined period of time in which specific work must be completed, regardless of
completion status.

Transition Requirements
Capabilities needed to transition from the current state to the desired future state.

U
User Story
Agile requirement format: 'As a [role], I want [goal], so that [benefit].' Represents a unit of work from a
user perspective.

V
Value
Worth, importance, or usefulness of something. The primary measure of project success in PMBOK
7th edition thinking.

Variance at Completion (VAC)

Projected difference between budget at completion and estimate at completion: VAC = BAC – EAC.

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Velocity
Agile metric measuring the amount of work a team completes per iteration, used for forecasting.

W
Waterfall
Sequential, phase-gate project management approach where each phase must be completed before
the next begins.

Work Package
Lowest level of the WBS for which cost and duration can be estimated and managed.

Workaround
Response to a negative risk that has occurred for which no prior response was planned.

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This reference guide covers universally recognized project management knowledge and is intended for
educational and professional reference purposes. PMBOK® is a registered trademark of the Project
Management Institute (PMI). This document is not affiliated with, endorsed by, or a substitute for official
PMI publications.

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