HKSM

Information and artifacts from earlier projects that can be reused to guide current work, such as project files, records, correspondence, closed contracts, and archives of completed projects.

Key Points

• Helps with estimating, risk identification, planning, and decision making by showing what worked before.
• Includes documents and data on prior projects: project files, records, correspondence, closed contracts, and closed projects.
• Usually stored within organizational process assets and should be indexed and easy to retrieve.
• Quality and relevance matter; ensure sources are complete, current, and comply with confidentiality requirements.

Example

A project manager preparing a cost estimate reviews similar past project files, change logs, vendor correspondence, and closed contracts from completed projects to calibrate labor rates, identify typical risks, and refine the procurement plan.

PMP Example Question

To improve the accuracy of your schedule and cost estimates, which source should you consult first?

1. Organizational process assets containing historical information from prior projects, including project files, records, correspondence, closed contracts, and closed projects
2. The current project's stakeholder register
3. The team charter for the current project
4. The milestone list for the current project

Correct Answer: A — Historical information

Explanation: Historical information provides concrete data from previous work that supports more reliable estimating and planning, unlike documents focused only on the current project.