Which of the following best describes a project scope statement?

A project scope statement is critical in project management as it provides a comprehensive and detailed outline of the project's boundaries and deliverables. This document serves to define what is included in the project and what is excluded, ensuring all stakeholders have a clear understanding of the project's intentions. By establishing the specific goals and outcomes expected from the project, the scope statement helps to prevent scope creep, which can derail projects if extra work not agreed upon initially enters the scope of the project.

Additionally, the scope statement typically includes descriptions of the project deliverables, criteria for project acceptance, and the overall objectives, which align with the strategic goals of the organization. It acts as a foundational document that guides the project team's efforts and ensures that everyone involved has the same expectations regarding what the project will achieve. This clarity is essential for effective communication and coordination throughout the project lifecycle.

In comparison, the other options focus on different aspects of project management. For instance, summarizing project costs does not capture the project’s specific boundaries or deliverables, while a list of stakeholders merely identifies individuals and groups involved without outlining what the project entails. A schedule of project milestones helps track progress but does not define the scope or boundaries of the project.