Just like every course, project management also has its own glossary. It contains various PM terms. They usually help the project team to effectively standardize the startup process of any project. In this blog article, we have highlighted the top 25 project management terms that you are supposed to know. Check them out!
1. Work Breakdown Structure (WBS)
A work breakdown structure is hierarchic, which breaks down the entire work into small manageable chunks so that the project team can easily understand every level of it. WBS is created by the project team through analyzing main deliverables and then dividing each of them into sub-deliverables. The specialists continue with this diving process until it is eventually assigned to one person.
A milestone refers to a scheduling process that clearly describes the set of the related deliverables. It is among the Gantt chart components, and you can see them presented as a diamond on the project schedules. These are mainly used for the starting phase, fixed dates on a plan, and the ending phase.
3. Work Plan
A work plan of project management refers to the summary of a group of goals with the necessary help, in which the project team expects to achieve these goals. Its aim is to promote the systematization and completion of the project in an efficient way in accordance with the budget, requirements, and schedule. The work plan represents all the tasks that are involved in the project, when it will be completed and those who are responsible for each task.
The baseline of project management is used by the project managers to measure the general performance of a project. Typically, there are 3 baselines in the PM sector:
- Schedule baseline,
- Scope baseline,
- Cost baseline.
The combination of all three ones is considered by the professionals as a complete performance measured baseline.
The stakeholders in project management are those people who are influenced and involved in a project. While some of these specialists have a limited scope, others cover every part of an organization. Some stakeholders are outsiders like government bodies that must be provided by the necessary information. The projects are designed not only to meet the customers’ demands but also meet the stakeholder’s expectations.
6. Triple Constraint
A triple constraint is a four-component group comprising of time, scope, quality, and cost of a project. They are all represented by a triangle with quality at the central theme, and time, cost, and scope – at the corner sides. Changing any of them will affect other components. Hence, there must be a balance among all the components.
7. Gantt Chart
A Gantt chart is a bar chart that graphically shows the scheduled information. It is extremely useful in scheduling and planning the projects. Moreover, it is also very helpful in managing relationships between different tasks. The project managers can use this chart to keep the sponsors and project team informed about the progress of the project.
8. Project Life Cycle
A project life cycle includes project planning, design, implementation, budget, and analysis. It can have many models but each model usually represents just a single phase to build project’s deliverables. The project life cycle typically consists of project initiation, project planning, controlling and monitoring, executing, and closing.
9. Risk Mitigation
Risk management is a term that identifies the risks surrounding a project. It is simply a risk reaction devising technique that is associated with the menace to the project. Failure to identify the risks can make the project fail as you will take too much time since you are not prepared for it. So, risk mitigation reduces the imprint of risk on your project and the possibility of occurring any.
10. Change Management
Change management refers to the authority that approves or rejects any changes on a project. It manages the changes that occur during the execution of the project as per the original statements and planned requirements.
Assumptions are usually listed as factors, which occur while working on a project and dealing with the statement of work (SoW). Assumption analysis is a practice where one calculates or identifies the accuracy part.
Brainstorming is the technique used in calculating risks and solutions by the professionals. Before designing or executing a project, the project team must perform complete SWOT.
13. Business Plan
A business plan in project management is termed as a document that describes the goals of a project. It includes all the business goals and the strategies to attain them. It also comes with contextual information.
14. Business Case and Use Case
A business case is a file document used to store data, such as calculations, benefits, and costs, among others. A use case also helps the users by providing them with the requirements of the software tests. All these requirements are directed by the end consumers.
15. Cost estimation
Cost is usually the most important factor for any business as it can directly impact the time duration and profit of any project. So, it is the cost estimation that is usually used in calculating the entire project cost.
16. RACI Chart
A RACI chart refers to a matrix, in which one can get all important actions that are happening in a project. The chart is based on the roles of people.
Reporting is a doc file where every piece of information about a project is usually stored with all development records. You should report to your project manager at every phase to ensure that all the teams involved can gather.
18. Statement of Work (SoW)
Statement of work is a term used to describe the production and methods of a project. SoW is basically a tool that enables you to work directly with anyone. All you need is to key the tasks that should be done in the description.
19. Resource Calendar
A resource calendar is the list of working and non-working days that specified the activity of resources. The project managers use it to calculate the holidays.
20. Status Reports
A status report delivers existing information on the project possibility, financial plan, project charge, and other pertinent information. It also includes the tasks that have been completed and those that will be completed in the future.
21. SWOT Analysis
SWOT Analysis is the term used to refer to the planning by which one calculates the terms, such as Strengths, Weaknesses, Opportunities, and Treats. You should have this analysis before starting any project.
22. Case Study
A case study is a process, in which a team or an individual conducts a research on a particular project to effectively analyze all its crucial aspects. It basically consists of document files that have practices, approaches, and product specifications.
23. CPM (Critical Path Method)
A critical path method refers to a step-by-step approach where you can analyze both critical and non-critical tasks of a project. It provides functions in which one can write an algorithm for the activities of the project.
24. Certified Associate in Project Management (CAMP)
Certified Associate in Project Management is an entry-level PM credential offered by the Project Management Institute (PMI). CAMP is basically a study tutorial to guide the associate-level credentials.
25. Closing Process
A closing process is a description of the termination of a project with all its processes and phases. It is simply its end that indicates the successful completion of any project. Losing is usually the last step in the 5 stages of the project management life cycle.
Now that you have added the new PM terms to your vocabulary, you are one step closer to the job role of project manager. Keep learning to get all the necessary knowledge.