Before we move on to discussing the key terms associated with project management, let’s talk a bit about what is project management? Project management is the process of managing a project from start to end, including initiating, planning, executing, and closing the project. The job of managing and controlling these tasks falls to a project manager. Regardless of the type or size of the project, a project manager is needed for the smooth execution of a project.
For controlling and managing a project, project managers use a certain lexicon that is understood by the PM and the project team. While many of these terms are used commonly, some are specific to an industry and not known by everyone. If you are a beginner, having an idea of common project management terms is beneficial.
Common Project Management Terms
Every business and the related course has its own glossary, including project management. Below are some of the most common project management terminologies used by project managers.
Work Breakdown Structure (WBS)
WBS is a primary term used by PMs which refers to a hierarchical breakdown of work into manageable clouds, making each level of WBS easily understood to the project team. The WBS is developed by the project team using the analysis of deliverables and sub-deliverables. The division process is continued until it has been assigned to one person.
Work Plan
Another key term in project management is the work plan. This plan is an outline of the project goals, which enables the project team to efficiently and systematically complete the project and all its associated tasks. The work plan includes all the tasks that are a part of the project, which team member should be assigned to what task, and the completion date of each task.
Project Lifecycle
This is a common PM term and indicates the project stages. It includes project budgeting, planning, design, goals, and implementation method. There are various models that are used to develop a project lifecycle, but the final goal of each model is to build the project deliverables. The process of a project life cycle involves initiating the project, planning & monitoring it, and closing the project.
Risk Mitigation
It is useful to have an idea of all the risks associated with a project, and that is what risk mitigation stands for. Before starting work on a project, devise a risk reaction devising technique to mitigate the most critical risks to the project. Risk mitigation is identifying project risk and reducing the chances of any major risk occurring.
Change Management
Change management refers to a project management plan for approving or rejecting any changes in the project. It refers to a particular authority that is responsible for making such a decision. It manages the changes that arise, different from the previously planned requirements and statements. The project manager can modify anything in the project only after approval for the change is obtained from the change management.
Agile
Agile is a term specific to project management. Agile involves a flexible working format that has given it a lot of popularity in recent times. Sprints refer to short bursts of work that are an iterative method for delivering software projects.
Critical Path Method
CPM, or Critical Path Method, contains the functions that are used for writing algorithms in project activities. They are specially used for scheduling tasks. CPM is a stepwise approach wherein project managers can analyze important and subsidiary tasks.
Dashboard
Dashboard typically refers to a platform that is used to check all the information about the project. Anyone involved in the project can view its details from their location using dashboards. Project managers also use dashboards to check key Performance Indicators and monitor reports and updates. The types of dashboards include Planned, Informational, and Operational.
Project Change Request Form
The project change request form is used to formalize any request made to the project manager. It is not only used for describing any changes to the project but also provide a reason for the changes that are needed. Upon receiving this form, the project manager determines if the request should be granted, rejected, or delayed until the project is complete.
Deliverable
Every project and task has a set output that needs to be delivered to the customer. This output is called deliverable. It defines the most important objective of the project, which can be a document, report, project block, or end product. For every task or project, there is a commitment to the required result/output which is to be delivered to the users.
Conclusion
Just like any other discipline, project management, too, has its own unique terms and jargon that have been used over the years. Most of these terms are covered in the project management certification courses, and while most of these terms are common and understood by the layman, many have industry-specific usage and an understanding of these terms is critical.
