Glossary of Project Management Terms

Our glossary of project management let you find the terms and definitions that are commonly used in business and project management. Use the form below to find a term.
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Calculating the Internal Rate of Return
The Internal Rate of Return (IRR) is the discount rate that generates a zero net present value for a series of future cash flows. This essentially means that IRR is the rate of return ...
Capability
Capability is a measure of the ability of a system to perform within its specification limits. It uses a series of indices: Cp, Cpk, Cr, and Cpm.
Cash flow
The amount of cash derived over a certain period of time from an income-producing property. The cash flow should be large enough to pay the expenses of the income producing property (mortgage ...
Change Control
The processes and procedures to manage changes being made to a product, process, schedule, budget including the submission, analysis, decision making, approval, implementation and post implementation ...
Change Management
Change management is the practice of tracking and administering changes during the development of a product or service. It is intended to avoid errors and minimize the impact of ...
Closure
The act of completing a project or a phase of a project, either because it has been completed or because it has been terminated early.
Concept engineering
Concept engineering is the process of translating customer needs to design features and measurable performance paramaters.
Corrective action
Corrective Action is an action taken to eliminate the causes of an existing nonconformity or other undesirable situation. Changes made to bring expected future performance of a project ...
Cost Management
The function required to maintain effective financial control of a project through the processes of evaluating, estimating, budgeting, monitoring, analyzing, forecasting, and reporting the cost ...
Critical path
The sequence of activities that must be completed on schedule for an entire project to be completed on schedule. Each task on the critical path is called a critical task. If a ...
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