The Project Management Institute, USA, published its first body of knowledge document in 1983. Since then, the document has undergone numerous changes. In Fall 1994, the results of the most recent update were issued in the form of an Exposure Draft. The paper provides an overview of the evolution of the PMI's body of knowledge document as well as a discussion of the rationale behind the structure and content of the most recent update. Major elements of the update include a retitling of the document, modifications to key definitions, a description of project management in terms of its component processes, and a recognition of the need for application-area extensions.