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 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 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 are revised as necessary. Work products are reviewed with relevant stakeholders and are controlled. The work products and services satisfy
their specified requirements.