Project Management Glossary

Project management has its own share of technical terms and jargon. Project managers, sponsors, and other stakeholders must be able to communicate using the common language of project management in order to ensure successful execution and delivery of the project. Here is a quick glossary of some of the most important project management terms.

Agile project management #

Agile project management is a methodology used to manage software development projects. Agile project management focuses on iterative development, which means that requirements and deliverables are divided into smaller, more manageable pieces called sprints. During each sprint, a team of developers works to complete a set of tasks, which are then reviewed by the product owner. If the product owner approves of the work, it is added to the final deliverable. Agile project management also uses a point system to track progress. Each task is assigned a certain number of points based on its complexity. This allows teams to measure their progress and ensure that they are on track to meet their goals. Agile project management can be beneficial for both developers and clients, as it helps to ensure that projects are completed on time and within budget. However, it is important to note that agile project management is not a silver bullet and there are potential disadvantages associated with this methodology. For example, agile project management can lead to scope creep if not managed properly. Therefore, it is important to weigh the pros and cons of this methodology before deciding whether it is right for your project.

Artifact #

A deliverable or output of a project.

Assumptions #

Statements that are accepted as true without proof. Project assumptions are used to make planning decisions and establish the project’s scope.

Baseline #

The original approved version of a document, against which all future changes are measured.

Budget #

The total amount of money allocated for a project.

Budget tracking #

Monitoring a project’s budget is essential to ensure that costs stay under control and that revenue and expenditure are tracking as planned. Budgetary control is the process of setting and monitoring a project’s budget in order to achieve its financial objectives. There are several key steps in budget control, including: identifying project costs, setting a project budget, monitoring actual project costs against the budget, and taking corrective action if necessary. By following these steps, project managers can ensure that their projects stay on track financially and avoid cost overruns.

Change Control #

A formal process used to manage changes to the project scope, schedule, and budget.

Charter #

A document that formally authorizes a project and defines its objectives.

Critical Path #

The longest sequence of activities in a project plan that must be completed on time for the project to be considered successful.

Deliverable #

A measurable, tangible, verifiable output of a project.

Effort #

The total amount of work required to complete a task or activity.

Feedback #

Information about the results of a process or activity that is used to adjust or improve future performance.

Float #

The amount of time an activity can be delayed without delaying the completion of the project.

Governance #

The processes and policies used to manage a project or program.

Initiating Process Group #

The first phase of a project, during which the project is defined and authorized.

Kanban #

A Project Management method that visualizes work flow and limits work in progress.

Lean #

A Project Management method that emphasizes efficiency and the minimization of waste.

Milestone #

A significant event in a project that represents a major achievement.

Network Diagram #

A diagram that shows the interdependencies between activities in a project.

Project #

Project Management #

Project management is the process of planning, executing, and monitoring a project in order to meet its objectives. It involves identifying the project goals, defining the scope of the project, creating a project plan, securing funding, assigning resources, and tracking progress. Project management is a critical skill for any organization that wants to achieve its goals. By carefully planning and executing projects, organizations can ensure that they are using their resources efficiently and effectively. Furthermore, by monitoring project progress, organizations can make course corrections as needed to ensure that the project stays on track. Project management is an essential skill for any organization that wants to achieve success.

Project Manager #

The individual responsible for leading and coordinating the project team and ensuring that the project is delivered on time, within budget, and to the required quality standards.

Project Sponsor #

The individual or organization that provides funding and resources for the project. The sponsor is also responsible for approving major decisions throughout the life of the project.

Project Scope #

The work that needs to be done in order to deliver a Project’s objectives.

Project portfolio Management (PPM) #

Project portfolio management (PPM) is the process of selecting, prioritizing, and authorizing projects to ensure that they align with an organization’s strategic objectives. PPM also involves monitoring and overviewing all projects in the portfolio to ensure that they are on track and achieving their goals. Many organizations implement PPM in order to better align their project portfolios with their strategic goals and objectives. By doing so, organizations can improve decision-making, better allocate resources, and ultimately improve project outcomes. When done correctly, PPM can be a powerful tool for organizational success.

Project Team #

The group of individuals who are responsible for delivering the project. The team typically includes a mix of functional experts and generalists.

Quality #

The degree to which a Project meets its objectives.

Requirements #

Statements of need or expectation that define Project scope.

Risk #

An uncertain event or condition that, if it occurs, could have a positive or negative effect on Project objectives.

Resource management #

Resource management is the process of allocating resources to meet operational objectives. The goal of resource management is to optimize the use of resources, while minimizing workload and maximizing efficiency. Resource management includes both the allocation and distribution of resources, as well as the tracking and utilization of resources. Resource management is a critical function in any organization, as it ensures that resources are used effectively and efficiently.
Resource management is a complex process that requires careful planning and execution. Organizations must carefully consider their resource needs and allocate resources accordingly. Furthermore, resource management must take into account the workload of employees and ensure that resources are not over-allocated. Over-allocation of resources can lead to increased stress levels and decreased productivity. Therefore, it is essential that organizations carefully plan and execute their resource management strategies.

Stakeholder #

A person or organization with an interest in the Project or its outcome.

Scrum methodology #

Scrum is one of the most popular agile project management frameworks. It is based on the principle of iterative and incremental development, where requirements and solutions evolve through collaboration between self-organizing cross-functional team. Scrum methodology scrum masters to track progress and delivery timelines scrum. Scrum is a time-boxed approach that breaks down complex projects into smaller, manageable pieces called sprints. Each sprint is typically two weeks long and focuses on delivering a specific, value-added functionality. At the end of each sprint, the team holds a scrum retrospective to review what went well and identify areas for improvement. Scrums typically start with a product backlog, which is a list of all the desired features and functions for the final product. The backlog is then prioritized by the scrum team, and the most important items are selected for inclusion in the next sprint. During each sprint, scrum team members work to complete the selected tasks and get them ready for release. In order to ensure that all scrum team members are aware of their responsibilities, scrum uses a points system to estimate the relative size of each task.

Time Management #

The process of planning, monitoring, and controlling the amount of time spent on Project activities.

Triple Constraint #

The Project management triangle that shows the relationships between Project scope, time, and cost.

Utilization #

The amount of time spent working on Project activities divided by the total amount of time available.

Value #

The worth or usefulness of a Project’s deliverables.

Work Breakdown Structure (WBS) #

A tool used to decompose a project into smaller, more manageable parts. The WBS typically starts with a high-level view of the project and then breaks down each component into more detailed tasks.

Zero Defects #

A Quality assurance philosophy that calls for the elimination of all defects in Project deliverables.