Top Project Management Terms You Should Know

Top Project Management Terms You Should Know

WBS (Work Breakdown Structure):

Work Breakdown Structure is one of the important project management terms. A work breakdown structure (WBS) is hierarchical that breaks down the work into manageable clods so that each level of WBS could be easily understood by the project team. Project team creates WBS by analyzing major deliverables and then dividing them into sub-deliverables. This dividing process is continued until it is assigned to a single person.

Milestone:

A milestone is a scheduling process that describes the set of related deliverables. These are the significant points in time or an event that mark important moments during the project. This is a best practice for project managers to use a milestone in the project to celebrate something expressive being created. Milestone is one of the components of Gantt chart and you will be able to see them on the project schedules presented as a diamond. These are mainly used for

• Starting phase 
• Ending phase 
• Fixed dates on plan

Stakeholder:

Stakeholders are very important in project management, thus stakeholder is one of the project management terms you should know. Stakeholders are the people engaged in and influenced by the project. Some of the stakeholders cover every section of the organization whether some have limited scope. Some of them are outsiders as government bodies. They must be informed about the necessary information. To deliver a product on the basis of customer’s demand is not enough for the success of a project. Projects must meet all the expectation of stakeholder.

Work Plan: 

One of the key terms of project management is its work plan. A work plan is an outline of a group of goals with the help of which project team can reach those goals. The aim of the project work plan is to promote efficiently, systematized and completion of the project according to budget, schedule, and requirements. It presents all the tasks involved in a project, who is responsible for each task and when these tasks will be completed. It includes the job scope, work product definition, task sequencing, budget, schedule etc. 

Baseline: 

The baseline is one of the most popular project management terms among project managers. A baseline is used to measure the performance of the project. There are three baselines in project management. These are –

• Schedule baseline 
• Cost baseline 
• Scope baseline

Gantt Chart: 

Gantt chart is a bar chart that displays the scheduled information graphically. These are very useful in the planning and scheduling of the projects. It is also helpful in managing the relationship between tasks. This chart can be used to keep the project team and sponsors informed about the project progress. Using the Gantt chart, one will be able to see what is achieved by a certain date and, if the project is behind the schedule then an action can be taken to bring it on track. 

Change Management: 

Change management is one of the project management buzz words. It is a project management plan that has authority to approve or reject the changes on the project. Purpose of this management is to manage the change that occurs during project according to the previous planned requirements and statements. If change management approves the new change in the project, only then the project manager will be able to modify the budget and deadline to reflect the additional work. 

Risk Mitigation:

At the beginning of the project, it is important to know the risk that surrounds the project because you can change your plan or can choose some other option to avoid the risk occurrence. And, risk mitigation is that project management term which identifies the risk. It is a risk reaction devising technique associated with menace to the project. If risks are not identified then it can cause a failed project by taking so much time as you are not prepared for that. So, this risk mitigation, risk identifying term is of much use as this idea reduces the possibility of occurring risk and also reduces the imprint of risk on the project. 

Activity: 

During the course of a project, Work or Work Package consists of an Activity. Sometimes it is defined as the smallest part of a project. It identifies the timeline development, accurate estimating and many other aspects by turning into small tasks. Activity has a unique function i.e. sequencing. Along with Work Breakdown Structure (WBS), it states two main processes: Identification and Documentation. 

Assumptions: 

While dealing with statement of work (SoW) and working on a project, Assumptions are listed as factors. It ensures the validation and result of projects. Assumption Analysis is a practice in which one can identify or calculate the accuracy part. 

Agile: 

Agile is an approach particularly used for product and project management. Sprints are used in terms of short bursts of work typically in an iterative way to deliver software projects. Agile was initially developed for Engineering and Information Technology projects. But with the continuous innovation, marketing industry is also currently using it successfully. Agile’s approach is making its mark rapidly because it gives a flexible working style. It comes under the most popular project management terms. 

Brainstorming: 

Before executing or designing a project, a complete SWOT analysis should have to be performed by teams involving in the same project. The technique used to calculate solutions, risks etc. by professionals is known as Brainstorming. It is basically an analysis method. 

Business Case and Use Cases:

Business Case is referred to a doc file which is used to store data like costs, calculations, benefits etc. Moreover Use Cases also help users by providing the requirement of software tests. These requirements are directed from end consumer directly. Use cases also concentrates on daily actions. 

Business Plan: 

Business Plan is termed as a doc file which evidently describes about the project goals. It includes the business goals and their strategies to achieve them. Business Plan also concludes contextual info. 

Certified Associate in Project Management (CAPM): 

CAPM is generally found among the project management buzz words. Certified Associate in Project Management is an entry-level project management certification offered by Project Management Institute (PMI). This is a knowledge guide by the Project Management Institute to provide an associate level certification. 

Contingency Plan: 

Contingency plan refers to the second plan if your plan A doesn’t work. It includes the situations which may or may not occur in future. Contingency plan provides solutions to exceptional risks. These risks have disastrous concerns. Thus it also includes the risks management. Contingency Plans are often designed by officials who are in businesses or Governments. It is sometimes referred to an alternative action. 

Cost Estimation: 

Cost estimation is one of the most popular project management terms among project managers. Cost is the factor which is the most important for any business. It can impact profit and time duration of the project. So, cost estimating is the key method which is used to calculate entire project cost. 

Critical Path Method (CPM): 

Critical Path Method (CPM) provides functions to write an algorithm for project activities. It is particularly used for scheduling and termed as the “critical or shortest path”. Critical Path Method (CPM) is a step by step approach in which one can analyze critical and non-critical tasks. 

Case Study:

Case study comes among the important project management terms. Case Study is a process in which an individual or a team conducts a research on particular project to analyze its crucial aspects. It basically consists of document files consisting of approaches, practices, and product specifications. 

Dummy Activity: 

Before going through final activities, every project manager suggests dummy activities. Dummy Activities are shown with dashed lines. Dummy Activities are used after a failure, to describe that. 

Earned Value & Earned Value Management (EVM): 

Earned Value is termed as the methodology in which three main aspects of projects i.e. the actual work, project plan & value at which work is completed, are observed. It also demonstrates the timeline and total costs that have been spent on the projects. Moreover, Earned Value Management (EVM) is a process where one can schedule, measure, and check scope of performances. 

Feasibility Study: 

Feasibility Study is among the most popular project management terms. It is defined as the process of assessment of a designed plan. It is a methodology in which you can see everything practicality. It consists of the activities like market research, polls, detailed project study etc. 

Network Diagram: 

Network Diagram is a graph or chart which clearly indicates the flow of elements in the project. It also consists of the elements that are shown from left to right with their dependencies. 

Organizational Breakdown Structure (OBS): 

Organizational Breakdown Structure (OBS) is defined as the organization of a project in hierarchical depiction. It can rely on work packages to perform all the organizational activities. 

PERT Chart: 

PERT Chart is used to evaluate the reviews. It is also known as Program Evaluation Review Technique. PERT Chart is used to create, establish, and organize tasks. A precedence diagram, a network chart, and logic diagram can be created in the PERT Chart. 

Scrum: 

Scrum is an important approach in Agile. It is used for delivering software products with iterative incremental process. Scrum basically follows Rugby stint in which teams use short sprints. Short Sprints are useful for delivering a steady progress in a strong leadership. The leader in Short sprints is referred as Scrum Master. 

Risk Management: 

In every project, you can have some risks. To reduce risks, there are few methods where you can manage risks. Also you can write down the potential risks occurred in the project and through the management tools, you can reduce them easily. Risk management is worth to be included in the list of top project management terms. 

Reporting: 

Reporting is an essential part in any project. Reporting is basically a document file in which every information about the project is stored with the development records. At every phase, one should report to the project manager so that every team which involves in the same project can gather. 

RACI Chart: 

An RACI chart is defined as a matrix in which you can get all the significant actions happening in a project. It is bifurcated according to the roles or people. Also in matrix and at each intersection, you can allocate responsibility to anyone.

Statement of Work (SoW): 

SoW stands for the Statement of Work. It describes the method and production of the project. It is basically a tool by which you can directly work with anyone. You just need to enter the description of tasks which is to be done. 

Status Reports: 

Status reports deliver existing info on the project charge, financial plan, possibility, and other pertinent info. It also includes the completed tasks and tasks in future. It also includes a risk list and project duration. 

SWOT Analysis if you are in project management:

SWOT analysis is among the project management terms you should know. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Before starting a project, there should be a SWOT analysis so that you can have all the required terms of the project and you can calculate the key terms. The SWOT analysis refers to the planning by which you calculate these terms. 

Time Management: 

When a project is designed and delivered to the team for reference, then it consists of the time duration which every team should follow. It also indicates the method of scheduling and management of time of the project. It also involves the project manager, management and all the key personnels who are responsible for the project. It helps to calculate the team efficiency. 

Three-Point Estimation: 

Three point estimation is a method or process by which you can take reviews or cases. Mainly known Three Point Estimations are best-case, worst-case, and most likely case. It helps enterprises to generate accuracy, calculate estimation, and average. 

Waterfall Model: 

In Waterfall Model, There are various phases which need to be followed from sequentially one phase to the next. Waterfall Model is a traditional project management procedure in which sequential development process is followed. Also in this model, development actually moves in downward direction. It also consists of few phases like initiation, analysis, design, build, test, and maintenance. Besides, agile model is preferred over waterfall model now-a-days, waterfall model is always there in project management terms cheat sheet.