In project management, familiarity with key project management terminology is essential for effective communication and successful project execution. Below are essential project management terminology that every project manager or team member should know. The key project management terminology is listed in alphabetical order.
Table of Contents
Agile Methodology
Agile is a project management methodology characterized by iterative development, collaboration, and flexibility. It emphasizes continuous improvement and rapid delivery of small, incremental changes.
Change Management
Change Management refers to the process of managing changes to the project scope, schedule, and resources. It ensures that any modifications are systematically evaluated, approved, and implemented.
Constraints
Constraints are limitations or restrictions that impact the project’s performance. Common constraints include scope, time, and cost, often referred to as the project management triangle. Effective constraint management ensures project objectives are met within these limits.
Contingency
Contingency refers to the allocation of funds, time, or resources set aside to address potential risks or unexpected changes during a project. It acts as a buffer to ensure project stability and completion despite uncertainties.
Cost Baseline
The Cost Baseline is an approved version of the project budget, which includes all authorized budgets but excludes management reserves. It is used as a basis for comparison with actual costs to determine if the project is on track financially.
Critical Path
The Critical Path is the longest sequence of activities in a project plan that must be completed on time for the project to finish by its due date. Identifying the critical path helps prioritize tasks and manage project timelines effectively.
Critical Path Activity
A Critical Path Activity is a task that must be completed on time to ensure that the project does not fall behind schedule. Delays in critical path activities directly impact the project’s completion date.
Critical Path Method (CPM)
The Critical Path Method (CPM) is a technique used to identify the sequence of crucial steps that determine the minimum project duration. Understanding the critical path helps in prioritizing tasks and ensuring timely project completion.
Decomposition
Decomposition is the process of breaking down the project scope into smaller, more manageable components. It is a key technique used in creating the Work Breakdown Structure (WBS) and ensures that all aspects of the project are covered in detail.
Deliverable
A Deliverable is any tangible or intangible output produced as a result of project activities. It is a measurable, verifiable work product that must be produced to complete a project or part of a project.
Float
Float, also known as slack, is the amount of time that a task can be delayed without affecting the project’s overall completion date. There are two types: free float, which is specific to individual tasks, and total float, which pertains to the entire project schedule.
Free Float
Free Float is the amount of time a task can be delayed without delaying the early start of any subsequent task. It is specific to individual tasks and provides flexibility in scheduling.
Gantt Chart
A Gantt Chart is a visual project management tool that illustrates the project schedule. It shows the start and finish dates of elements and provides a clear overview of project timelines, dependencies, and progress.
Kanban
Kanban is a visual project management method that uses boards and cards to represent tasks and workflow. It focuses on continuous delivery, limiting work in progress, and improving efficiency by visualizing work and managing flow.
Lag
Lag is the amount of time that must pass after one task is completed before the next task can start. It introduces a delay between tasks to accommodate scheduling needs.
Lead
Lead is the amount of time that a successor activity can be advanced with respect to a predecessor activity. It allows for overlapping tasks to expedite the project schedule.
Lessons Learned
Lessons Learned are insights gained from the process of executing a project. Documenting lessons learned helps identify successful strategies and areas for improvement, providing valuable knowledge for future projects.
Milestone
A milestone is a significant point or event in a project timeline. It represents key achievements or stages of the project and helps in tracking progress and maintaining focus on important deliverables.
Operations
Operations refer to the ongoing activities that produce the same product or provide a repetitive service. Unlike projects, operations are continuous and repetitive, focusing on maintaining and improving the efficiency of ongoing business activities.
Organizational Breakdown Structure (OBS)
The Organizational Breakdown Structure (OBS) is a hierarchical model that displays the organization’s departments, teams, or units involved in a project. It helps in understanding roles and responsibilities and aligns them with project tasks and deliverables.
Predecessor Activity
A Predecessor Activity is a task that must be completed before another task can start. It establishes the sequence of tasks and dependencies in a project schedule.
Program
A program is a group of related projects managed in a coordinated manner to obtain benefits and control not available from managing them individually. Programs are aligned with organizational strategy and often focus on achieving long-term goals.
Progressive Elaboration
Progressive Elaboration is the process of continually refining and detailing a project plan as more information becomes available. It allows for increased accuracy and understanding as the project progresses and new insights are gained.
Project
A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined beginning and end, with specific objectives and deliverables. Effective project management ensures that these objectives are met within the constraints of time, cost, and quality.
Project Budget
A Project Budget is a financial plan that outlines the estimated costs for all project activities and resources. It includes direct and indirect costs, contingency reserves, and helps in managing project finances effectively.
Project Charter
A Project Charter is a formal document that authorizes the project and outlines its objectives, scope, stakeholders, and key deliverables. It serves as a reference point throughout the project lifecycle.
Project Contingency
Project Contingency refers to the allocation of funds, time, or resources set aside to address potential risks or unexpected changes during a project. It acts as a buffer to ensure project stability and completion despite uncertainties.
Project Life Cycle
The Project Life Cycle encompasses the stages a project goes through from initiation to closure. It typically includes phases such as initiation, planning, execution, monitoring and controlling, and closure. Each phase has specific deliverables and review processes to ensure the project stays on track.
Project Phase
A Project Phase is a distinct stage within a project life cycle that is marked by the completion of one or more deliverables. It helps in organizing and managing the project in smaller, more manageable sections.
RACI Matrix
The RACI Matrix is a responsibility assignment chart that clarifies roles and responsibilities in a project. RACI stands for Responsible, Accountable, Consulted, and Informed. It ensures that everyone knows their specific duties and who to communicate with regarding tasks.
Risk Breakdown Structure (RBS)
The Risk Breakdown Structure (RBS) is a hierarchical representation of risks according to their categories. It helps in identifying, organizing, and managing risks by breaking them down into more manageable components.
Risk Management
Risk Management involves identifying, assessing, and controlling risks that could impact the project. It is a proactive approach to minimize potential negative effects on project outcomes.
Risk Mitigation
Risk Mitigation is the process of developing options and actions to enhance opportunities and reduce threats to project objectives. It involves planning and implementing measures to control or eliminate project risks.
Schedule
A schedule is a detailed plan that outlines when tasks and activities will be completed. It includes start and finish dates, milestones, and dependencies, ensuring that the project stays on track and deadlines are met.
Schedule Baseline
The Schedule Baseline is the approved version of the project schedule, which includes the planned start and finish dates. It serves as a reference point to measure and track project progress.
Scope
Scope refers to the detailed set of deliverables or features of a project. It defines the boundaries and ensures that all necessary tasks are included. Proper scope management helps avoid scope creep, which occurs when additional tasks are added without corresponding adjustments to time, cost, and resources.
Scope Baseline
The Scope Baseline is the approved version of the project scope statement, work breakdown structure (WBS), and its associated WBS dictionary. It is used as a basis for comparison during project execution.
Scope Creep
Scope Creep refers to the uncontrolled expansion of project scope without adjustments to time, cost, and resources. It often results from changing requirements and can negatively impact project success if not managed effectively.
Scrum
Scrum is an Agile framework that uses fixed-length iterations called sprints to deliver increments of a project. It involves roles such as Scrum Master, Product Owner, and development team, and ceremonies like sprint planning, daily stand-ups, sprint reviews, and retrospectives.
Stakeholder
A stakeholder is any individual or group that has an interest in the outcome of a project. This includes clients, team members, managers, and anyone else affected by the project’s results. Identifying and managing stakeholders is vital for project success.
Successor Activity
A Successor Activity is a task that follows another task in the project schedule. It cannot start until its predecessor activity is completed.
Toll Gate
A toll gate is a checkpoint in the project lifecycle where progress is reviewed, and decisions are made on whether to proceed, make adjustments, or halt the project. Toll gates ensure that project objectives are being met and risks are managed before moving to the next phase.
Total Float
Total Float is the amount of time that a project task can be delayed without delaying the project completion date. It provides flexibility in scheduling and helps manage dependencies.
Waterfall Methodology
Waterfall Methodology is a linear project management approach where each phase must be completed before the next one begins. It is characterized by distinct stages such as requirements gathering, design, development, testing, and deployment.
Work Breakdown Structure (WBS)
The Work Breakdown Structure (WBS) is a hierarchical decomposition of the total scope of work to accomplish project objectives. It breaks down the project into smaller, manageable sections, making it easier to assign tasks, estimate costs, and track progress.
Work Package
A Work Package is the lowest level of the Work Breakdown Structure (WBS). It is a defined deliverable or group of related tasks that can be assigned to a specific team or person for completion.
Project Management Terminology Conclusion
Understanding these key project management terminology enhances the ability to manage projects effectively. Each term is crucial in ensuring project success, from initial planning to final delivery. Mastering these concepts helps to navigate the complexities of project management, programs, and operations with greater confidence and competence. For PMBOK definitions of project management terminology refer to the lexicon published by PMI.
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