Unravel, to rip up, to undo.
There are many reasons why someone would unravel a knitted item.
Maybe you found a sweater made out of a great yarn. The sweater doesn't fit, but you have visions of that wool cashmere blend being turned into a perfect hat and mittens set. Or, you're working on that great shawl and half way through you realize that the knitted lace pattern is way off and you can't stand looking at it anymore, so you unravel until the point where you made the mistake.
In the beginning I wouldn't dare unravel the knitting project I was working on....after all that work, I just couldn't bring myself to unravel it. Now, I unravel away....unless it's only obvious to me and no one else...!
Have you ever had to undo or unravel a project?