A project is a temporary endeavor undertaken by a specific team, to create a unique product, service or result. Its serves a purpose which can be expressed in terms of capability that is acquired (new), extended (improvement) or decommissioned (rationalization).

A projects portfolio gathers all the projects of a given Project Domain in the defined project state (Demands, Candidate Projects, Ongoing Projects). In a Portfolio, Projects can be assessed and compared against Projects Criteria (derived from projects information or project qualitative assessment) or Portfolio criteria (additional criteria defined at portfolio level).

A project domain gathers all the projects managed from the same perspective in terms of portfolio management decisions. Project Portfolios are therefore also attached to Project Domains; by default, one portfolio of each portfolio type is created when creating a new Project Domain.

A life cycle is represented by all the states an abject can take over time, as well as the transitions enabling change of state.

An object life is a set of time periods representing the updated calendar of object life cycle states.

A project milestone defines an intermediate delivery step in the life cycle of the project life. A project deliverable can be associated with a project milestone if it is delivered during the project and on the project date.