What is a 'change order' in project management?

A 'change order' in project management refers specifically to a formal request to modify the original project scope or budget. This process is essential for managing changes that may arise during the course of a project due to various factors such as client requests, unforeseen circumstances, or new regulatory requirements.

By formally documenting these requests, a change order ensures that all stakeholders are aware of adjustments to the project, which helps to maintain clarity and alignment on expectations. It also provides a framework for evaluating the potential impacts of the changes on timelines and budgets, allowing project managers to make informed decisions and maintain control over the project's trajectory.

The other options do not accurately reflect the concept of a change order. An informal agreement between team members does not have the same legal and procedural weight as a change order. A checklist for project deliverables is a tool used to track progress and ensure that all parts of the project are completed but is not related to modifying scope or budget. A project success report reflects on the achievements and outcomes of the project rather than facilitating changes during its execution.