A managed process is a performed process that is planned and executed in accordance with policy; employs skilled people who have 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 may be used by a project, group, or organizational function. Management of the process focuses on achieving the objectives established for the process, such as cost, schedule, and quality. The control provided by a managed process ensures that the established process is retained during times of stress.

The organization establishes requirements and objectives for the process. The status of the work products and delivery of the services are visible to management at defined points (e.g., at major milestones and completion of major tasks). Commitments are established among those performing the work and the relevant stakeholders and these commitments 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 may be part of a more encompassing plan) and the performance of the process is managed against the plan. Corrective actions are taken when the actual results deviate significantly from the plan. A managed process achieves the objectives of the plan and is institutionalized for consistent performance.