Project Management Terminology | 10 Terms Every Project Manager Should Know
Why are project management terms important?
Many business professionals use project management jargon frequently in day-to-day operations as it has evolved into its own vocabulary. Learning the common terms used in the sector enables you to share project details with your colleagues and comprehend the factors that influence a project’s success. By mastering the terminology of their field, aspiring project managers can improve their leadership abilities.
Common project management terms
The following list of 50 project management terms can help you better understand the subject:
1. Agile project management
Agile project management is a well-liked methodology that encourages rapid project turnaround and supports flexible work styles. The agile methodology divides projects into short cycles, or sprints, and prioritizes tasks.
A backlog includes all tasks required to complete a project. Backlogs are used by industries to keep track of all factors contributing to a project’s success and are accessible to all team members throughout the project’s life cycle.
A baseline is a defined starting point for any project. All team members’ performance on a project is measured by baselines, which are updated whenever a project’s scope is altered.
A bottleneck occurs when issues with a project’s workflow prevent it from moving forward. When a project’s workflow exceeds the resources applied to address it, bottlenecks frequently result.
5. Business plan
The objectives of a project are defined in a business plan, along with the steps necessary to accomplish them. The plan outlines the rationale for initiating a project and contains crucial data, such as tasks, resources, ROI, etc. —required to ensure the projects completion.
6. Change control
Change control entails keeping track of and implementing requests throughout the project’s duration. This reduces the risk of scope creep or uncontrolled changes throughout the project, enabling managers to approve or deny changes across the project scope.
Collaboration involves team members actively taking part in project activities. Effective delegation, planning, and communication between all team members are necessary for successful project collaboration throughout the project scope.
When a problem cannot be solved using standard methods, contingencies are put in place as safety measures. Contingencies address numerous mistakes throughout the project’s scope and keep it from stalling.
9. Cost overrun
An unforeseen expense that occurs throughout a project’s life cycle is the cost overrun. Teams are inconvenienced by cost overruns, and they are occasionally forced to reallocate resources to deal with issues that are within the project’s scope.
10. Critical path method
A well-liked project management algorithm that helps teams schedule project tasks is the critical path method. The shortest path to completing a project is known as the “critical path,” and it is scheduled. Finding the critical path can assist in determining the overall amount of time needed to complete a project.
A dashboard shows project information, analytics, and other resources needed to complete a project. The dashboard has been transformed by contemporary software applications, which now give project teams real-time updates as needed.
Deliverables are tangible products or goals that are specified as milestones on the way to a project’s completion. Deliverables come in a variety of formats, including reports, documents, and finished goods.
Dependencies are connections between goods or activities that affect a project’s success.
Estimates are indicators that assist teams in analyzing the elements that go into finishing a project. Indicators like time, money, and manpower are frequently used to estimate how much work can be done with the fewest resources.
15. Feasibility study
Feasibility studies examine various aspects of a project to determine whether it is feasible to carry out a proposed project; they do this by examining available resources, costs, scheduling, and other factors to give a clear picture of the project’s viability.
16. Gantt chart
Project managers can plan schedules, human resources, and physical resources accordingly using a Gantt chart, which is a horizontal bar chart that shows a project’s overview. Many industries use Gantt charts, which serve as the foundation of contemporary project management software programs.
17. Hybrid methodology
In order to increase a project team’s efficiency, the hybrid methodology combines the best aspects of both waterfall and agile methodologies.
18. Issue log
Issue logs record all mistakes and flaws found throughout the project’s scope and in the finished product or service. An issue log will include information about the issue, the person or people assigned to resolving it, and other pertinent details.
19. Issue management
Identification and documentation of issues as they arise throughout the project life cycle comprise issue management. Successful issue management finds early solutions to issues before they grow larger.
20. Issue tracking
Issue tracking finds mistakes and flaws that have an adverse effect on the final good or service. Issue tracking tools let project teams record issues as they happen and designate the best team to handle them.
21. Just-in-time production
The goal of the inventory production system known as “just-in-time production” is to ensure that only the resources needed to complete a project are included in the project process. This increases efficiency and reduces costs.
A scheduling method called Kanban is intended for just-in-time and lean manufacturing. The systems style encourages team members to move cards to show their advancement in the project scope, similar to a virtual billboard.
23. Kickoff meeting
The project team and client meet for the first time during the kickoff meeting. It determines what is expected of a project and how long it will take to complete. Before beginning, the meeting enables both parties to review the project scope.
24. Lean project management
By delivering more with less, lean project management focuses on production and efficiency from the perspective of the customer. The system assists project managers in identifying procedures that will increase output while minimizing resource wastage.
Monitoring establishes whether a project and its tasks can be completed within the projected time frame and budget. Reports, graphical dashboards, and other documentation are tools that project teams can use to keep track of the project plan.
26. Project budget
The funding earmarked for a project’s and its phases’ completion is known as the project budget. Project teams can compile the budget into a detailed report that details the resources and costs for each task.
27. Project management
By completing projects, project management uses labor, money, and resources to meet the needs and expectations of stakeholders.
28. Project manager
Project managers are in charge of overseeing every aspect of a project’s completion, including the labor, materials, and financial commitments made throughout the project’s lifespan. Planning, monitoring, and adjusting phases are essential to the manager’s success in ensuring smooth project development.
29. Project portfolio management (PPM)
The management of project portfolios is known as project portfolio management, and it is used to analyze both large and small objectives a company may have. PPM enables team members and company managers to evaluate the big picture underlying a project’s scope and link its completion to the company’s objectives.
30. Project timeline
The total amount of time allotted for completing a project is included in a project timeline. To ensure that a project stays within the company budget, the timeline takes into account all stages of the project’s life cycle.
31. Quality assurance
A product or service’s compliance with predetermined requirements is determined by quality assurance. To make sure a project meets all the quality benchmarks specified in its scope, audits are planned.
32. Quality management plan
Plans for quality management lay out the criteria for meeting an organization’s quality policy, including expectations, rules, and regulations. Before a product or service is released, the plan makes sure the organizations’ and stakeholders’ quality standards are met.
33. Resource allocation
Resource allocation entails the efficient distribution of resources, money, and labor to guarantee the completion of a project. The goal of resource allocation is to use resources as efficiently as possible to meet project requirements.
34. Resource breakdown structure
All resources required to complete a project are included in the resource breakdown structure. The hierarchy classifies the resources according to type and category.
35. Resource calendar
When a resource, like a team member, is available to help with project activities is indicated on a resource calendar.
36. Resource leveling
To prevent resources from being used more than they should be, resource leveling modifies the project’s scope. The goal of a project that levels its human resources is to stop team members from working extra hours on it.
37. Resource management
Planning, scheduling, and managing resources are all aspects of resource management that guarantee projects are finished on time. Time, money, and performance are typical measures of an organization’s objectives.
38. Risk management
Identifying risks to a project’s scope and reducing their impact on the project’s life cycle are both parts of risk management. Daily operations and project objectives must resume without interruption as part of risk management responsibilities.
39. Risk mitigation
Taking steps to reduce potential risks in a project team’s daily operations is known as risk mitigation. Strategies for risk mitigation will anticipate potential risks and create plans for maintaining a constant project life cycle.
A project’s scope is the total number of tasks and resources needed to finish it. When additional resources or requirements are added during the project life cycle, the scope changes.
A scrum is an agile methodology that emphasizes taking small, gradual steps to finish a project. Scrum tracks a project’s progress using sprints, or brief increments. Through sprints, team members deliver a ton of progress toward a project’s objectives.
The total amount of extra time devoted to fixing mistakes or delays in the project scope is known as slack. Finding the amount of slack during a project’s life cycle allows project managers to adjust workloads and resources for the entire project.
A sprint is a period of time that project teams can use to focus on a particular body of work during a project’s life cycle. A sprint includes planning, working on, and reviewing bundled tasks that go into the release of a product or service.
Stakeholders are individuals, both internal and external, who have expressed interest in the success of a project. Customers, employees, business owners, or other people who might be impacted by the project’s outcome are examples of stakeholders.
45. Stand-up meeting
The purpose of the stand-up meeting, also referred to as the daily scrum, is to report on a project’s progress over the course of the project’s life cycle. The meeting depends on team members providing regular updates to track progress and make sure the right amount of time is spent finishing a given task.
46. Waterfall model
According to the waterfall model, a project is developed sequentially from one stage to the next until it is finished. The waterfall model doesn’t involve much overlap or change in tasks throughout the course of a project, in contrast to the agile methodology.
A workstream is a group of connected tasks that are needed to finish a project. Some tasks can only be worked on after a prior task has been finished.
48. Work breakdown structure (WBS)
A work breakdown structure divides larger tasks into smaller ones. It is simpler for managers to clarify the duties of the tasks and allot time to ensure their completion when tasks are broken up.
49. Work-in-progress (WIP)
A task or set of tasks that a team is currently working on are known as “works in progress.” An unfinished task that is being reviewed can also be referred to as a WIP.
50. Work-in-progress limit
The maximum number of tasks that can be in progress at once is decreased by the work-in-progress limit. The cap prevents teams from building up a backlog of unfinished work throughout the course of a project.
What are the terms of management?
- Planning, including identifying goals, objectives, methods, resources needed to carry.
- Organizing resources. to achieve the goals in an optimum fashion.
- Setting direction for the company, groups, and individuals is part of being in charge.
- Controlling, or coordinating,
What are the 5 definition of management?
Planning, organizing, acting, and controlling are all distinct processes that are used to accomplish predetermined goals. These processes use both science and art. “.
Which are the three terms used in the meaning of management?
The three primary management tasks of planning, implementing, and controlling are covered by this definition. It points out management is what management does, i. e. , planning, executing and controlling group activities.