SPM PQS 5227 key terms

A temporary endeavour undertaken to create a unique product, service or result, with a defined start and finish, a budget and specified objectives. It is progressively elaborated as understanding of requirements grows.

A group of related projects and change activities managed together in a coordinated way to obtain benefits and control not achievable by managing them individually. Programmes typically run longer than their constituent projects.

The collection of projects, programmes and other work that an organisation groups together to meet strategic objectives. Portfolio management prioritises investment and balances risk and resource across the whole set of change activity.

The sequence of phases a project passes through from concept to closure, such as definition, delivery and handover. Each phase ends in a decision point where continuation is reviewed and authorised.

The documented justification for a project or programme, setting out expected costs, benefits, risks and strategic alignment. It is reviewed and refreshed at decision points to confirm the investment still makes sense.

A structured comparison of alternative ways of meeting a need, including doing nothing, assessed against cost, benefit, risk and feasibility. It provides evidence for the preferred solution recorded in the business case.

Any individual, group or organisation that can affect, be affected by, or perceive itself to be affected by the project. Stakeholders include sponsors, users, suppliers, regulators and the wider public.

The process of identifying stakeholders and assessing their interest, influence, attitude and likely impact on the project. Outputs inform engagement strategies and the communications plan.

A matrix that classifies stakeholders by their authority to influence the project and their level of concern in it. It guides how closely each group is managed, informed or consulted.

A documented approach defining who needs what information, in what format, at what frequency and through which channel. It also assigns responsibility for producing and distributing each communication.

The deliberate process of building and maintaining constructive relationships with stakeholders through dialogue, involvement and responsiveness to concerns. Effective engagement reduces resistance and surfaces requirements early.

A narrative description of what the project will deliver and, importantly, what it will not deliver. It records boundaries, assumptions and acceptance criteria that anchor later change control.

A hierarchical decomposition of the total scope of work into manageable deliverable-oriented components. The lowest level, the work package, provides the basis for estimating, scheduling and control.

The documented linkage of each requirement back to its source and forward to design, delivery and test evidence. It demonstrates that every requirement is addressed and supports impact analysis when change is proposed.

Uncontrolled expansion of project scope through small, unapproved additions that are not matched by time, cost or resource changes. It erodes the baseline and is a common cause of overrun.

The longest sequence of dependent activities through the network, which determines the shortest possible project duration. Any delay on the critical path delays the whole project unless it is recovered.

The amount of time an activity can be delayed without affecting the project finish date or a subsequent activity. Activities on the critical path have zero total float.

Adjusting the start and finish dates of activities within their available float to smooth peaks and troughs in demand for people or equipment. It may extend duration if float is insufficient.

The approved version of the project schedule, against which actual progress is measured and reported. Changes to it must pass through formal change control.

A technique that integrates scope, schedule and cost by comparing the value of work performed against planned value and actual cost. It yields objective measures of schedule and cost performance.

The difference between earned value and actual cost, showing whether work completed has cost more or less than budgeted. A negative figure indicates overspend against the value delivered.

A forecast of the total cost of the project based on performance to date and expected conditions for the remaining work. It is recalculated as actuals and risks change.

A budget or time allowance held for known risks that may occur, calculated from risk exposure. It sits within the approved baseline and is released through defined authority.

An amount held outside the project baseline by senior management for unforeseen work within the project scope. Its use requires formal authorisation and changes the baseline when released.

The living record of identified risks and opportunities, each with owner, cause, potential effect, assessed probability and impact, and planned response. It is reviewed regularly throughout the life cycle.

The planned action chosen to address an identified risk, such as avoid, reduce, transfer, accept or exploit for opportunities. Each response has an owner, an action and a fallback position.

The named individual accountable for managing a specific risk and its response, with the authority and resources to act. Ownership is distinct from the person who merely monitors the risk.

An uncertain event that, if it occurs, would have a positive effect on project objectives. Opportunities are managed actively through exploit, enhance, share or accept responses.

Planned, systematic activities that provide confidence that processes and outputs will meet defined standards. It is preventive and process-focused, distinct from inspection of finished deliverables.

The process of monitoring and measuring deliverables against acceptance criteria and reporting results. It is detection-focused and may trigger rework or corrective action.

The process of tracking and confirming that the benefits forecast in the business case are actually delivered and sustained after handover. It often extends beyond project closure into operational ownership.

The specific, testable conditions a deliverable must satisfy to be accepted by the customer or sponsor. They are agreed before work begins and underpin verification and sign-off.

The plan for how goods and services will be obtained, covering make-or-buy decisions, contract types, sourcing routes, tendering approach and evaluation criteria. It balances risk allocation against value for money.

The payment and risk-allocation structure of an agreement, such as fixed price, target cost or time and materials. Choice determines how much cost risk the buyer transfers to the supplier.

The structured scoring of supplier bids against published criteria, typically separating technical quality from price. It must be transparent, documented and consistent to withstand challenge.

The structures, roles, policies and decision rights that direct and control the project or programme. It defines who can approve what, at which thresholds, and how performance is reported.

A scheduled decision point at the end of a phase where progress, business case and risk are reviewed before the next phase is authorised. It can approve, conditionally approve, hold or terminate.

Independent and objective review activity that provides evidence to decision-makers on whether governance, controls and delivery are effective. It is distinct from management self-checking.

The formal process by which proposed changes are logged, assessed for impact, approved or rejected, and then implemented and verified. It protects the baseline from uncontrolled alteration.

A documented proposal to alter scope, schedule, cost or quality, submitted for impact assessment and decision. Approved requests update the relevant baselines and records.

A situation where a person's private interests or relationships could improperly influence their professional judgement or decisions. It must be declared, recorded and managed, often by removal from the decision.

The documented standards of behaviour expected of professionals, covering integrity, competence, confidentiality and respect for others. Breaches may be handled through disciplinary or regulatory processes.

Raising a concern about wrongdoing, danger or malpractice, typically to an internal or external authority, with protection from retaliation. Proper channels should be known and communicated in advance.