Project Team Definition

The project team consists of the full-time and part-time resources assigned to work on the deliverables of the project all of who will help achieve the project objectives. They are responsible for:

• understanding the work to be completed
• planning out the assigned activities in more detail if needed
• completing assigned work within the budget, timeline, and quality expectations
• informing the project manager of issues, scope changes, risk, and quality concerns
• proactively communicating status, and managing expectations

The project team can consist of human resources within one functional organization, or it can consist of members from many different functional organizations. A cross-functional team has members from multiple organizations. Having a cross-functional team is usually a sign your organization is using matrix management.

Other Definitions

I've also put together a description of project management fundamentals if you're interested in learning more about this profession.

References
Tom Mochal and Jeff Mochal, Lessons in Project Management