Certified - Project Management Professional (PMP)

In this glossary session, we will review key terms and concepts that are essential to understanding modern project management. Each definition is explained in clear language, with enough detail to make the idea practical and memorable. Listen carefully, and pause whenever you need extra time to repeat the term aloud in your own words.
Governance and governance framework. Governance is the system of oversight that ensures projects are managed responsibly and in line with organizational priorities. It includes policies, procedures, and accountability structures that define who makes decisions and how progress is monitored. A governance framework provides the detailed structure, such as escalation paths, approval boards, and review cycles, that make governance actionable. Together, governance and its framework keep projects aligned with strategy, ensure transparency for stakeholders, and prevent misuse of resources.
Scope baseline, schedule baseline, and cost baseline. A baseline is the approved version of a plan that serves as a reference point for performance measurement. The scope baseline defines the agreed work to be done and sets boundaries on what is included or excluded. The schedule baseline establishes the timeline for completing the work, including milestones and dependencies. The cost baseline represents the authorized budget spread over time. Once baselined, these become control measures, and any changes must go through structured approval before adjustments are made.
Phase gate or stage gate. A phase gate is a formal checkpoint between stages of a project where progress, alignment, and readiness are evaluated. At each gate, leaders review deliverables, confirm that objectives are being met, and decide whether to continue, adjust, or stop the project. Stage gates ensure discipline by preventing projects from moving forward without the right approvals. They also provide an opportunity to revalidate benefits and confirm that resources are still justified for the next phase of work.
Minimum viable product. A minimum viable product, often shortened to MVP, is the smallest functional version of a product that can deliver usable value. The intent is to release something quickly that allows real users to provide feedback. By testing with an MVP, organizations validate assumptions before investing heavily in full development. This approach reduces risk, saves cost, and allows teams to adapt based on what customers truly need instead of what was assumed at the start.
Increment and iteration. An increment is the sum of all usable features produced so far, including the new work added in the current cycle. Each increment is fully tested and capable of being released or used. An iteration is the fixed time period during which development work takes place, often lasting two to four weeks. Iterations provide rhythm for the team, while increments provide tangible progress. The two concepts together ensure that projects move forward in small, predictable steps while creating visible results.
Agile roles of product owner, scrum master, and development team. The product owner is responsible for maximizing value by prioritizing the backlog and ensuring the team works on the most important features. The scrum master acts as a servant leader, facilitating collaboration, coaching agile practices, and removing obstacles that block the team. The development team is cross-functional and self-organizing, responsible for producing a potentially releasable increment at the end of each iteration. These three roles complement each other to create balance between leadership, support, and delivery.
Functional, projectized, and matrix organizations. A functional organization groups people by specialty, such as marketing or engineering, and project managers have little authority since functional managers control resources. A projectized organization is structured entirely around projects, giving project managers high authority and full-time teams. A matrix organization blends the two, with staff reporting to both functional managers and project managers, requiring negotiation of authority. These structures affect decision-making speed, accountability, and the project manager’s influence in practice.
Project charter. The project charter is the document that formally authorizes a project to begin. It names the project manager, sets initial objectives, outlines key stakeholders, and identifies early constraints. It also links the project to organizational strategy by referencing the business case and expected benefits. The charter provides authority for the project manager to use resources and begin planning. Without it, a project lacks formal legitimacy and direction.
Business case. A business case is the justification for why a project should exist. It explains the problem or opportunity, outlines the proposed solution, and describes the expected benefits, costs, and risks. Decision makers use the business case to determine whether the investment is worthwhile and aligned with strategic priorities. A well-prepared business case provides a foundation for the project charter and ensures that the work undertaken has clear purpose and measurable outcomes.
Benefits realization. Benefits realization is the process of ensuring that the expected advantages of a project are achieved and sustained. It starts with identifying benefits in the business case and continues through monitoring after project completion. Benefits can include financial gains, efficiency improvements, regulatory compliance, or customer satisfaction. By tracking benefits beyond project close, organizations confirm that value was delivered and that resources were used effectively.