Evolution of "Project" Definition: PMBOK 8th Edition vs. Previous Versions

Hi colleagues!

I’ve been reviewing the new PMBOK 8th Edition, and I’m particularly interested in how the definition of a "project" has evolved compared to earlier versions.

In my current workplace, our EPMO used to define almost everything as an "initiative" rather than a "project." I often argued that they were different concepts: to me, an initiative is the proposal to start/initiate something, whereas a project is a temporary endeavor that has already been formally approved and authorized.

However, I really like how the new version handles this definition. It feels more aligned with how we deliver value in modern environments.

What are your thoughts about it?

How do you interpret the change in the project definition in the 8th edition?

In your organizations, do you distinguish between "initiatives" and "projects," or are they used with no difference?

Regards!