If you are stepping into a new role of project management, then you would hear a lot of jargon that would probably sound as foreign language.
Don’t worry! In this article I will break down 15 MUST KNOW project management terms every project manager needs to have in its tool kit. These are not the buzzwords, but foundations that will help you communicate effectively.
So let’s dive in!
Project Charter
Project Charter is ultimate starting point in initiating a new project.
Project Charter provides high level road-map that aligns everyone on project goals and expectations from the very beginning.
It defines project purpose, summarizes the project scope, includes high level project schedule and budget, and identifies risks and assumptions.
The project charter is a critical document in project management that formally authorizes a project, defines its objectives and scope, and provides the project manager with the necessary authority. It ensures that all stakeholders have a common understanding of the project’s goals
Project Scope
Project scope refers to the work that must be accomplished to deliver a product, service, or result with the specified features and functions.
It encompasses all the tasks, activities, and deliverables required to complete the project successfully. The project scope is a critical component of project management as it defines the boundaries of the project and ensures that all necessary work is included.
project scope is essential for defining the work required to achieve project objectives. It helps in setting clear boundaries, ensuring that all necessary tasks are included, and providing a basis for monitoring and controlling project progress.
Stakeholder
A project stakeholder is any individual or group that has an interest in a project.
This interest can be either positive, such as wanting the benefits of the project’s outcomes, or negative, such as seeing the project’s outcomes as a hindrance. Stakeholders can impact or be impacted by the project in various ways.
Understanding and managing project stakeholders is crucial for the success of any project. It involves identifying all relevant stakeholders, understanding their interests and influences, and developing strategies to engage and communicate with them effectively.
Milestone
A project milestone is a significant point or event in the project timeline that marks the completion of a major phase or deliverable.
Milestones are used to track progress, ensure that the project is on schedule, and provide a clear indication of key achievements throughout the project lifecycle.
project milestones are essential for monitoring and controlling the progress of a project. They provide clear markers for significant achievements, help in maintaining the project schedule, and ensure that all stakeholders are aligned with the project’s goals and progress.
Critical Path
The critical path is a key concept in project management that represents the longest sequence of dependent activities that must be completed on time for the project to finish within its allotted time frame. It is both the longest and shortest route through your project, determining the minimum project duration.
Understanding and managing the critical path is essential for ensuring that a project is completed on time. It allows project managers to focus on the most critical tasks, anticipate potential delays, and make informed decisions to keep the project on schedule.
Risk Management
Risk management is a continuous, forward-looking process that is an essential part of business and technical management processes.
It involves identifying, assessing, and mitigating risks that could endanger the achievement of critical objectives. Effective risk management helps anticipate and address potential issues before they impact the project.
Risk management is crucial for anticipating and managing changes, improving decision-making, and increasing the chances of realizing opportunities for the benefit of the business.
Work Breakdown Structure
A Work Breakdown Structure (WBS) is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. It is a fundamental building block of most project management practices, as it answers the question of “what are we doing?”
The Work Breakdown Structure is essential for defining the scope of work, organizing tasks, and ensuring that all necessary activities are included in the project plan.
Gantt Chart
A Gantt chart is a type of bar chart that illustrates a project schedule, named after its inventor, Henry Gantt (1861-1919). It provides a visual representation of the project timeline, showing the start and end dates of individual tasks, as well as their dependencies.
Gantt charts are essential tools in project management for visualizing the project schedule, understanding task dependencies, and ensuring that all tasks are completed on time. They provide a clear and concise view of the project, making it easier to manage and communicate with the team.
Resource Allocation
Resource allocation is a critical process in project management that involves distributing the best resources to projects and activities to ensure their successful completion. It is essential for managing the workload effectively and preventing under or over utilization of resources.
By understanding the availability and capacity of resources, project managers can make informed decisions and adjust allocations as necessary to meet project objectives.
Scope Creep
Scope creep is a term used in project management to describe the uncontrolled expansion of a project’s scope without corresponding adjustments to time, cost, and resources. It typically occurs when new features or requirements are added to a project after the initial scope has been defined and approved, leading to potential delays and budget overruns.
Scope creep is an unwelcome phenomenon in traditional project management as it deviates from the original plan, causing potential delays and increased costs.
However, agile frameworks are designed to welcome and manage change
Project Sponsor
A project sponsor is a key individual or group within the performing organization who provides the financial resources, in cash or in kind, for the project. The sponsor plays a crucial role in the success of the project by promoting and supporting it throughout its lifecycle.
The project sponsor is essential for the successful initiation and execution of a project. They provide the necessary resources, support, and strategic alignment to ensure the project meets its objectives and delivers value to the organization.
Change Control Board
A Change Control Board (CCB) is a formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to a project.
The CCB plays a crucial role in managing changes to ensure that they are beneficial and do not negatively impact the project’s performance, schedule, or cost.
The Change Control Board is essential for maintaining control over project changes. It ensures that all changes are thoroughly evaluated and approved before being incorporated into the project baseline.
Project Baseline
A project baseline is a fixed reference point in the project management process that represents the original project plan and is used to measure and compare the project’s progress and performance over time.
It includes the approved scope, schedule, and cost of the project, serving as a benchmark for evaluating deviations and making necessary adjustments.
By comparing actual progress against the baseline, project managers can identify variances, manage changes, and ensure that the project remains aligned with its original objectives and constraints.
Project Kick Off Meeting
A project kick-off meeting is a crucial event that marks the formal start of a project. It is an opportunity for the project team and key stakeholders to come together, align on the project objectives, and set the tone for the entire project lifecycle.
The meeting helps to establish a common understanding of the project goals, deliverables, and roles and responsibilities.
a project kick-off meeting is essential for setting a solid foundation for the project. It helps in aligning the team, clarifying expectations, and ensuring that everyone is committed to the project’s success.
Lessons Learned Document
A lessons learned document is a critical project management tool used to capture and document the knowledge gained during a project. This document helps organizations to learn from their experiences, avoid repeating mistakes, and leverage best practices in future projects.
A lessons learned document is essential for fostering a culture of continuous improvement within an organization. By systematically capturing and analyzing lessons learned, organizations can enhance their project management practices, avoid repeating mistakes, and capitalize on best practices.
Summary
These terms form the foundation of project management knowledge. Understanding and effectively using these terms will help new project managers plan, execute, and control projects more efficiently. Mastery of these concepts is crucial for successful project delivery and stakeholder satisfaction.
References
Project Management Body of Knowledge, Seventh Edition, PMI
