Project Lifecycle
The project lifecycle consists of five process groups (often referred to as phases): Initiation, Planning, Execution, Control, and Closing.
Project Management
The application of knowledge, skills, tools and techniques to project activities to meet project requirements.
Project Management Body of Knowledge
An inclusive term that describes the sum of knowledge within the profession of project management. As with other professions such as law, medicine, and accounting, the body of knowledge rests with the practitioners and academics that apply and advance it. The complete project management body of knowledge includes proven traditional practices that are widely applied and innovative practices that are emerging in the profession. The body of knowledge includes both published and unpublished material. The PMBOK is constantly evolving.
Project Management Office
An organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain. The responsibilities of a PMO can range from providing project management support functions to actually being responsible for the direct management of a project.
Project Management Plan
A formal, approved document that defines how the project is executed, monitored and controlled. It may be a summary or detailed and may be composed of one or more subsidiary management plans and other planning documents.
Project Scope
The part of project planning that involves determining and documenting a list of specific project goals, deliverables, tasks and deadlines.
Project Sponsor
The executive or system owner who charters the project. He or she must be high enough in the organization to be able to make decisions and provide the necessary resources and support for the project.
Proof of Stake
A consensus mechanism in which participants’; influence or voting power is based on the number of cryptocurrency tokens they hold or “stake” in the network.
Proof of Work
A consensus mechanism in which participants must solve complex computational puzzles to validate transactions or changes in a blockchain network.
Protocol
A set of rules that dictate how components will communicate with each other to navigate across network boundaries in a component-based system.
