50 must know project management terms for every professional
Post on 16-Apr-2017
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ACCOUNTABILIT
YIt refers to the fact of being accountable or responsible.
1
ASSUMPTIONAssumptions help in risk
management of a project.
2
BASELINE
It refers to a plan that has been approved.
3
BUDGET
The planned expenses for a project.
4
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.
7
COLLABORATION
This refers to the process in which teams plan, organize
and track their work together.
8
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.
10
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.
11
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.
14
DEPENDENCIESAny task or event depends on
other tasks or outcomes of the project.
15
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.
18
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.
19
GOALGoals help you plan in a better way to complete a
project successfully.
20
ISSUEThe roadblocks that hinder
the project progress are referred to as issues. These are needed to be addressed
to run a project successfully.
21
KANBANIt consists of a series of cards that visualizes the workflow
creating physical representations of their tasks.
22
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.
39
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.
41
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.
47
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.
49
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
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