In 2022: The top 40 project management phrases and concepts
Every field on the world has its own vocabulary and jargon, which is continually evolving. Project management is a good example of this. Like the field itself, the vocabulary has evolved over time to provide unique project management terminology that one should be familiar with.
Even if you’re a seasoned pro, knowing some of the most commonly used project management ideas and key terminology will help you. Don’t be frightened to increase your vocabulary.
Project Management Term Definitions
1. Create a project strategy.
Before any project can begin, a project plan is one of the most crucial formal documents that must be produced. The permitted cost, schedule, and scope of the project are usually included in this document. It oversees the completion of a project from beginning to end. In addition, the project plan lays the foundation for all sorts of stakeholder communication.
Work Breakdown Structure (WBS)
A work breakdown framework is used to separate the project deliverables into manageable parts. This hierarchical organization of the team’s work helps everyone comprehend the nature of their work and achieve project goals.
The Critical Path Methodology (CPM)
CPM is a scheduling method that is especially effective in project management. It is used to establish the project’s total length by identifying the activity sequence in a step-by-step manner. These procedures must be completed in the sequence stated in order to satisfy the project’s objectives.
№4 Project Manager
A project manager is responsible for overseeing all parts of a project from beginning to end. A project manager’s responsibilities often include excellent planning, resource management, and project scope management.
5. The Project’s Stakeholders
Someone who has a direct or indirect interest in the project is referred to as a project stakeholder. They usually have an impact on or are influenced by project decisions made over the course of the project’s life cycle. Stakeholders can include members of the project team, executives, sponsors, clients, or end-users.
6. Project Portfolio Management
PPM (project portfolio management) is the process of overseeing a set of projects in order to achieve business goals. It allows teams to view the big picture of all initiatives in order to get the most out of their money.
Number seven is collaboration.
Collaboration is the process of involving all members of a team in project operations. The entire concept necessitates the construction of a network that allows users to share information and track project progress.
8. Managing Projects in an Agile Environment
Agile project management is an iterative and incremental approach to project delivery. The strategy focuses on breaking down the project into small iterations. The relevance and urgency of these iterations are then ranked. There are numerous frameworks associated with agile implementation, with Scrum being the most well-known.
A Waterfall Model is a representation of a waterfall.
The waterfall model is a typical project management technique to project lifecycle management. The model’s pattern is comparable to that of a ‘waterfall.’ The project is built in a systematic manner, moving downhill from one phase to the next. Each phase must be completed before moving on to the next, and the phases do not overlap, making any adjustments difficult.
The Project’s Budget
A project budget is a formally approved document that offers a full description of the financial resources required to complete the project, including project expenses.
11. The project’s timeline
The events of a project are listed in chronological order on a project timeline. Throughout the project’s existence, it captures exactly what needs to be done and how it will be done.
12. Completion
A project’s milestone is a major event in the project’s lifecycle. It acts as a yardstick by which the progress of a project can be judged. Milestones, which are often portrayed as diamonds, are very beneficial for project planning and monitoring.
13. Prerequisites
Dependencies determine the relationship between project activities and the order in which they should be accomplished. Dependencies can be classified into four groups:
Start-to-start — Before the Successor may begin, the preceding task must be performed.
Start-to-finish — The Predecessor must finish before the Successor can begin.
From start to finish — Before Successor may finish, Predecessor must start.
From beginning to completion, Predecessor must finish before Successor can begin.
14. Projects in Progress (WIP)
The number of job items that a team is currently working on at any given time within a project is referred to as work in progress. It depicts the team’s current workflow capacity.
Limit the amount of work in progress (WIP).
The WIP limit restricts the amount of work that may be stored in various phases of a workflow. Limiting work in progress allows teams to identify obstacles more quickly and focus on certain projects.
Number 16 bottleneck
A bottleneck occurs when the workload intake exceeds the capacity of the system, blocking the smooth flow of work over time.
Virtual Assistant Services + (Free) Task/ Project Manager
Click here to Subscribe to our VA Services
[We are featured in FeedSpot as Top 90 Virtual Assistant Service Providers]
Scrum is a group of people who work together (nineteenth)
Scrum is a well-known methodology for successfully implementing agile. The framework is based on continuous, systematic engagement among team members throughout the project cycle, and it makes use of the iterative project delivery method.
Sprinting (18.)
A sprint is a period of time within which a set of tasks must be completed. The length of a sprint is usually decided by the Scrum Master (team facilitator). Throughout a sprint, daily standups are held to track progress toward sprint targets.
Preliminary Meeting №19
The kickoff meeting is usually the first meeting between the project team and their client. This meeting occurs after the basic project details have been finalized but before the main project activity begins. Its goal is to evaluate project expectations and ensure that everyone involved is on the same page.
20. The Meeting’s Agenda
An agenda is just a list of all of the subjects that will be discussed during the meeting. It could include detailed topic descriptions, their arrangement, and the expected outcomes for each topic.
Meeting Minutes (№21)
The minutes of a meeting are written recordings of what happened during the meeting. Following the meeting, these minutes can be provided to attendees in order to gain important information and carry out appropriate follow-up activities.
Meeting in the Round (number 22)
A daily stand-up meeting, also known as a daily Scrum, is a short meeting held every day to get an update on each team member’s work. Every day, at the same time and at the same place, a stand-up meeting is held.
23. Maintain Contact
Meeting follow-up refers to all attempts made after a meeting to get feedback from meeting attendees. For this reason, a dedicated follow-up meeting is occasionally organized.
Resourcing Terms in Project Management
One of the most important phrases in project management is “resource.” The following are a handful of the many terminology associated with resource management:
24. Resource Allocation
The most efficient scheduling and assignment of resources for a project is resource allocation. The goal of resource allocation is to make the most efficient use of available resources while still meeting the project’s goals.
№25: Resource Breakdown Structure
A detailed list of the resources required to complete a project. To make project planning and management easier, this list is usually grouped by function and resource type.
26. Allocation of Resources
Resource leveling is a strategy for altering the project timeline so that resource use stays within a given range. It eliminates the need for an employee to work extra hours. Resource leveling has an impact on the project’s critical path.
27. Resource Availability
Whether or not a resource is available at any given time is referred to as “resource availability.”
28. Resources Calendar
A resource calendar shows all of the days that a resource will be available, both working and non-working days.
Any unpredictable occurrence or condition that has a potential of occurring during the project is defined as a project risk. Risks can frequently detract from the project’s ultimate objectives. Some common project management terms that are related to project risk tracking include:
Management of Risk (№29)
Risk management, in a nutshell, is the process of identifying and assessing risks in order to mitigate their negative impact on project operations. During the process, it is verified that the overall project goals are not jeopardized in any way.
30. Risk Mitigation
Risk mitigation is a strategy for lowering the chances of undesirable risk outcomes. A successful risk mitigation strategy focuses on developing activities that mitigate hazards to the project’s overall objectives.
Assessment and Management of Risks (number 31)
The performance of risk responses is compared to the original risk management plan in risk monitoring and control.
The Risk’s Owner
A risk owner is responsible for ensuring that a certain risk is adequately managed. Ensure that the mitigation strategy is correctly implemented is one of the most critical responsibilities of a risk owner. On occasion, he may be involved in qualitative and quantitative risk analysis.
Collaborative Simple (Free) Task/ Project Manager
Click here to Subscribe to our VA Services
[We are featured in FeedSpot as Top 90 Virtual Assistant Service Providers]
Issue Management and Bug Tracking Term Definitions
Problem-Solving 33.
The complete process of detecting, resolving, and tracking issues linked to your projects is known as issue management. The purpose of issue management is to deal with issues before they become significant catastrophes.
Number 34 on the list is Tracking Issues.
Issue tracking is the process of locating a potential flaw or problem in a product that is interfering with its proper operation. Professional issue tracking software is most commonly used to keep track of issues.
35. Tracking Issues
An issue log keeps track of all open and closed project issues, as well as the personnel responsible for resolving them. The document may include the status of each issue as well as resolution timelines.
36. Aspects of the Situation
The issue type determines the type of problem your project is likely to encounter during its lifecycle. The approach simplifies the process of assigning and tracking concerns so that they can be addressed swiftly.
During the course of your project’s life, you’ll likely experience three types of challenges:
A bug is defined as any problem or issue that impairs the functionality of your product.
Epic — An epic is a large work that contains a number of issues.
‘User stories’ are short feature requests from the perspective of an end-user.
Quality Assurance Project Management Terminology
The quality of a project is determined by the stakeholders’ clearly defined set of deliverables. They frequently state what they expect in terms of project quality from a project. The following are some of the terms used in QA project management:
37. Thorough Planning
Quality planning outlines the expected quality requirements for the project and provides strategies to ensure that they are met efficiently. The degree to which a team must be cautious when satisfying quality criteria is described in quality planning.
38. Quality Assurance
By monitoring project processes, quality assurance is a collection of planned and methodical procedures used to guarantee that project quality criteria are met. Throughout the project, quality control is carried out, including frequent quality audits.
39. Quality Control
The use of established methods to verify if a project’s final product meets quality requirements is referred to as quality control. After the product has been created, the process is carried out to identify any quality assurance enhancements that may be required.
№40 Quality Management Plan
A quality management plan is a detailed strategy that incorporates stakeholders’ quality expectations, quality assurance, and quality control requirements in order to properly execute a project. This plan is usually part of the project management plan.
This brings us to the end of our project management ideas discussion. In the comments area below, please feel free to make any changes or additions to the list.
