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TOP 15
Project Management
Terms every New
Project Manager
Must Know
Siddharth Sahasrabudhe
pmfornonpm.in
01 Project Charter
Project Charter is ultimate starting point in initiating a
new project.
Project Charter provides high level road-map that aligns
everyone on project goals and expectations from the
very beginning.
It defines project purpose, summarizes the project
scope, includes high level project schedule and budget,
and identifies risks and assumptions.
The project charter is a critical document in project
management that formally authorizes a project, defines
its objectives and scope, and provides the project
manager with the necessary authority. It ensures that
all stakeholders have a common understanding of the
project’s goals
02 Project Scope
Project scope refers to the work that must be
accomplished to deliver a product, service, or result
with the specified features and functions.
It encompasses all the tasks, activities, and deliverables
required to complete the project successfully. The
project scope is a critical component of project
management as it defines the boundaries of the
project and ensures that all necessary work is included.
project scope is essential for defining the work
required to achieve project objectives. It helps in
setting clear boundaries, ensuring that all necessary
tasks are included, and providing a basis for
monitoring and controlling project progress.
03 Stakeholder
A project stakeholder is any individual or group that
has an interest in a project.
This interest can be either positive, such as wanting
the benefits of the project's outcomes, or negative,
such as seeing the project's outcomes as a hindrance.
Stakeholders can impact or be impacted by the
project in various ways.
Understanding and managing project stakeholders is
crucial for the success of any project. It involves
identifying all relevant stakeholders, understanding
their interests and influences, and developing
strategies to engage and communicate with them
effectively.
04 Milestone
A project milestone is a significant point or event in the
project timeline that marks the completion of a major
phase or deliverable.
Milestones are used to track progress, ensure that the
project is on schedule, and provide a clear indication of
key achievements throughout the project lifecycle.
project milestones are essential for monitoring and
controlling the progress of a project. They provide clear
markers for significant achievements, help in
maintaining the project schedule, and ensure that all
stakeholders are aligned with the project's goals and
progress.
05 Critical Path
The critical path is a key concept in project
management that represents the longest sequence
of dependent activities that must be completed on
time for the project to finish within its allotted time
frame. It is both the longest and shortest route
through your project, determining the minimum
project duration.
Understanding and managing the critical path is
essential for ensuring that a project is completed on
time. It allows project managers to focus on the most
critical tasks, anticipate potential delays, and make
informed decisions to keep the project on schedule.
06 Risk Management
Risk management is a continuous, forward-looking
process that is an essential part of business and
technical management processes.
It involves identifying, assessing, and mitigating risks
that could endanger the achievement of critical
objectives. Effective risk management helps
anticipate and address potential issues before they
impact the project.
Risk management is crucial for anticipating and
managing changes, improving decision-making, and
increasing the chances of realizing opportunities for
the benefit of the business.
07
Work Breakdown
Structure
A Work Breakdown Structure (WBS) is a hierarchical
decomposition of the total scope of work to be carried
out by the project team to accomplish the project
objectives and create the required deliverables. It is a
fundamental building block of most project
management practices, as it answers the question of
"what are we doing?"
The Work Breakdown Structure is essential for defining
the scope of work, organizing tasks, and ensuring that all
necessary activities are included in the project plan.
08 Gantt Chart
A Gantt chart is a type of bar chart that illustrates a
project schedule, named after its inventor, Henry Gantt
(1861-1919). It provides a visual representation of the
project timeline, showing the start and end dates of
individual tasks, as well as their dependencies.
Gantt charts are essential tools in project
management for visualizing the project schedule,
understanding task dependencies, and ensuring that
all tasks are completed on time. They provide a clear
and concise view of the project, making it easier to
manage and communicate with the team.
09 Resource Allocation
Resource allocation is a critical process in project
management that involves distributing the best
resources to projects and activities to ensure their
successful completion. It is essential for managing the
workload effectively and preventing under or
overutilization of resources.
By understanding the availability and capacity of
resources, project managers can make informed
decisions and adjust allocations as necessary to meet
project objectives.
10 Scope Creep
Scope creep is a term used in project management to
describe the uncontrolled expansion of a project's scope
without corresponding adjustments to time, cost, and
resources. It typically occurs when new features or
requirements are added to a project after the initial
scope has been defined and approved, leading to
potential delays and budget overruns.
Scope creep is an unwelcome phenomenon in
traditional project management as it deviates from the
original plan, causing potential delays and increased
costs.
However, agile frameworks are designed to welcome
and manage change
11 Project Sponsor
A project sponsor is a key individual or group within
the performing organization who provides the
financial resources, in cash or in kind, for the project.
The sponsor plays a crucial role in the success of the
project by promoting and supporting it throughout its
lifecycle.
The project sponsor is essential for the successful
initiation and execution of a project. They provide the
necessary resources, support, and strategic alignment
to ensure the project meets its objectives and delivers
value to the organization.
12 Change Control Board
(CCB)
A Change Control Board (CCB) is a formally chartered
group responsible for reviewing, evaluating, approving,
delaying, or rejecting changes to a project.
The CCB plays a crucial role in managing changes to
ensure that they are beneficial and do not negatively
impact the project's performance, schedule, or cost.
The Change Control Board is essential for maintaining
control over project changes. It ensures that all
changes are thoroughly evaluated and approved
before being incorporated into the project baseline.
13 Project Baseline
A project baseline is a fixed reference point in the
project management process that represents the
original project plan and is used to measure and
compare the project's progress and performance over
time.
It includes the approved scope, schedule, and cost of
the project, serving as a benchmark for evaluating
deviations and making necessary adjustments.
By comparing actual progress against the baseline,
project managers can identify variances, manage
changes, and ensure that the project remains aligned
with its original objectives and constraints.
14 Project Kick Off
Meeting
A project kick-off meeting is a crucial event that marks
the formal start of a project. It is an opportunity for the
project team and key stakeholders to come together,
align on the project objectives, and set the tone for the
entire project lifecycle.
The meeting helps to establish a common
understanding of the project goals, deliverables, and
roles and responsibilities.
a project kick-off meeting is essential for setting a solid
foundation for the project. It helps in aligning the
team, clarifying expectations, and ensuring that
everyone is committed to the project’s success.
15 Lessons Learned
Document
A lessons learned document is a critical project
management tool used to capture and document the
knowledge gained during a project. This document
helps organizations to learn from their experiences,
avoid repeating mistakes, and leverage best practices
in future projects.
A lessons learned document is essential for fostering a
culture of continuous improvement within an
organization. By systematically capturing and
analyzing lessons learned, organizations can enhance
their project management practices, avoid repeating
mistakes, and capitalize on best practices.
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