50 must know project management terms for every professional
TRANSCRIPT
ACCOUNTABILIT
YIt refers to the fact of being accountable or responsible.
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ASSUMPTIONAssumptions help in risk
management of a project.
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BASELINE
It refers to a plan that has been approved.
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BUDGET
The planned expenses for a project.
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BUSINESS PROCESS
MODELING (BPM)In BPM, a business process is
analyzed and required changes are made in it.
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CAPABILITIESFind people who are skilled,
experienced and willing to do their best.
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CLIENT/ CUSTOMER
They are the ones that matter- a project is run for
them.
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COLLABORATION
This refers to the process in which teams plan, organize
and track their work together.
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CONSTRAINTSAnything that limits a team’s
action. Time, budget and scope are the main constraints
in a project.
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COST BENEFIT ANALYSIS
In CBA, total expenditure of a project is compared with its benefits to calculate the net
cost of the project.
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CRITICAL PATHIt refers to the longest
sequence of project activities needed to be done on time so
that the project gets completed within the deadline.
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DELIVERABLEThis refers to tangible products of a project. Every project has
deliverables such as a report, a plan, a software product etc.
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DECISIONSAuthorize right people for taking decisions and also
decide how quickly a decision should be taken.
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DEBATEWhile tackling a situation think from each perspective and zero
in on the best option. Also, encourage your colleagues to
do the same.
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DEPENDENCIESAny task or event depends on
other tasks or outcomes of the project.
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EARNED VALUEThe EV helps you know
whether the project is on track or not by monitoring time and money spent and the amount
of work done.
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EXPLORATIONConsider all the possible options
with their negatives and positives before taking final
decision.
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FLOATThe amount of time for which
a task can be postponed without any impact on timeline of a project.
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GANTT CHARTIn a gantt chart, horizontal
bars show activities of a project against time. A horizontal bar shows
beginning date and end date of a task.
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GOALGoals help you plan in a better way to complete a
project successfully.
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ISSUEThe roadblocks that hinder
the project progress are referred to as issues. These are needed to be addressed
to run a project successfully.
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KANBANIt consists of a series of cards that visualizes the workflow
creating physical representations of their tasks.
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LIFECYCLELifecycle of a project mainly
has four parts- planning, collaboration, execution and
delivery.
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MANAGEMENTBringing people and
resources together so as to achieve goals.
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MILESTONE
A reference point in timeline of the project to track its progress.
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OBJECTIVE
It refers to a statement that tells the purpose of a project.
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PROGRAMA series of related projects considered as one entity is referred to as a program.
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PROGRAM MANAGER
It refers to the person who is given authority to manage a
program.
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PROJECTIt’s a structure made for a
limited period of time in order to plan, organize and manage
work to achieve a specific goal.
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PROJECT MANAGER
The person who’s given authority to manage a project. He has the full responsibility
and power to decide processes to run the project.
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PROJECT MANAGEMENT
It refers to overall management of a project whether it’s about
the team, tasks or tools.
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PROJECT MANAGEMENT
SOFTWAREProject management software
helps plan, organize, and manage a project in a fast and
easy way.
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PROJECT PHASE
A project phase is a part of a project that shows the completion of a main
deliverable or other deliverables related to it.
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PROJECT REPORTINGIt refers to a record of
different events in a project.
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PROJECT TEAMThe project team consists of
the resources who are assigned tasks to complete a
project successfully.
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RED FLAGSAmbience of a workplace
matters a lot. People should be encouraged to raise their voice
against anything they find wrong and look for solutions to
such problems.
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REQUIREMENTS
Requirements refer to the description of how a product should be built or a service
should act.
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RESOURCESA manager needs resources to run a project. The resources
can be capital, people, space or anything else required to
complete the project.
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RISKIt refers to an uncertain
condition which has an impact on the project, if it occurs.
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SCOPEProject scope refers to
determination and documentation of a list of
project goals, deliverables, tasks, deadlines and related
aspects.
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SCOPE CREEPIt refers to change in scope of
a project over time. It can take place if a project’s scope is not defined or controlled.
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SCRUMA project management
methodology in which a small team is led by a Scrum Master who solves the problems faced
at work.
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SIX SIGMAIt refers to a methodology based on statistics used to
improve any process.
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STAKEHOLDERIt refers to a particular
person who has share in the results of a project.
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TASK The smallest activity in a
project with a set start and end date.
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TRANSPARENCYA manager needs to know who’s doing what and how
much work has been done by his team members at any
point of time.
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TIMELINEIt refers to a graphical
representation of a specific time period that shows
sequence of important events.
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WATERFALLIt’s a hierarchical design
process which shows progress in software development
through different phases like analysis, design, construction,
testing, and deployment.
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WORK BREAKDOWN STRUCTURE
(WBS)A list of project deliverables that organizes a work into
different sections.
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WORK PLAN
It refers to a document used by organizations to manage
their projects.
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SourcesTechrepublic.com/blog/it-consultant/it-project-management-terms-you-should-know/
Businessnewsdaily.com/6448-project-management-works.html
Visual.ly/top-50-project-management-terms-you-need-know-infographic
