A managed process is a performed process that is planned and executed in accordance with policy; employs skilled people having adequate resources to produce controlled outputs; involves relevant stakeholders; is monitored, controlled, and reviewed; and is evaluated for adherence to its process description.

The process can be instantiated by a project, group, or organizational function. Management of the process is concerned with institutionalization and the achievement of other specific objectives established for the process, such as cost, schedule, and quality objectives. The control provided by a managed process helps to ensure that the established process is retained during times of stress.

The requirements and objectives for the process are established by the organization. The status of the work products and services are visible to management at defined points (e.g., at major milestones, on completion of major tasks). Commitments are established among those who perform the work and the relevant stakeholders and are revised as necessary. Work products are reviewed with relevant stakeholders and are controlled. The work products and services satisfy their specified requirements.

A critical distinction between a performed process and a managed process is the extent to which the process is managed. A managed process is planned (the plan can be part of a more encompassing plan) and the execution of the process is managed against the plan. Corrective actions are taken when the actual results and execution deviate significantly from the plan. A managed process achieves the objectives of the plan and is institutionalized for consistent execution.