project management terminology

activity – the smallest unit of work necessary to complete a project work package (which includes multiple activities). it is used to assess the comparison between project progress and project baselines and is usually stated as a percentage. (see also bottom-up estimating) application area – the specific project category of which the project is a part. approach analysis – during the project planning phase, this type of analysis is used to examine the various methods by which a project’s goals may be achieved. budget – the sum of money allocated for a project. business value – the business value of a project is the sum of positive effects — tangible and intangible — it has on the business. change control – change control is the process of identifying, evaluating, approving, and implementing changes to a project. configuration management – configuration management ensures that the product of a project meets all necessary specifications and stipulations. core process – a process that follows an established order and is central to the performance of the process system or project of which it is part. it is a part of the project management plan. critical success factor – a critical success factor is an aspect of a project that is crucial to the success of the project. drawdown – a method used to exercise control on the release of project funds. earned value management – a method of measuring project performance and progress with regard to scope, time, and costs. enterprise modeling – enterprise modeling is the creation of a model to represent an organization’s structure, processes, and resources. fishbone diagram – a fishbone diagram is used in project management to identify and categorize the possible causes of an effect. gantt chart – a gantt chart is a type of bar chart that shows all the tasks constituting a project. hermes – a project management method created by the swiss government and used by it and business organizations. (see also request for proposal) ishikawa diagram – ishikawa diagrams are used in project management to identify the possible causes of an effect. kickoff meeting – the first meeting between a project team and stakeholders. management process – the act of planning and executing a project or process to meet a defined set of objectives or goals. management science (ms) – a field of study that seeks to improve organizational decision making through the use of quantitative and scientific research methods. moscow – the moscow prioritization method allows project managers to communicate with stakeholders on the importance of delivering specific requirements.

net present value (npv) – net present value is a concept that compares the present value of a unit of currency to its inflation-adjusted possible value in the future. order of magnitude estimate – an order of magnitude estimate provides an early, imprecise idea of the time and money required to complete a project. performance measurement baseline – a performance measurement baseline uses the schedule, cost, and scope baselines to create a point of comparison by which project performance is assessed. portfolio charter – a portfolio charter details the formal structure of a portfolio and describes what it is meant to achieve. process architecture – the sum of structures, components, and relationships that constitute a process system, which is a complex system of processes. program manager – a program manager has formal authority to manage a program and is responsible for meeting its objectives as part of organizational project management methods. project charter – a project charter is a document that details the scope, organization, and objectives of a project. project management software – project management software is a family of tools typically used in the management of complex projects. project scope statement – a project scope statement details what a project is meant to achieve and describes the deliverables expected. proport – the term proport is used to define the sum of unique skills that team members bring to a project. the raid log is a project management tool that records developments in these four aspects of project work for the stakeholders’ benefit and for an end-of-project review. repeatable – the term repeatable is used to describe a sequence of activities that may be easily and efficiently replicated. it is used to assess the overall profitability of a project. risk management – a subset of management strategies that deals with identifying and assessing risks and acting to reduce the likelihood or impact of negative risks. risk transference – risk transference involves handing ownership of risk to a third party who is typically specialized and better able to address the risk or to withstand its impact. scope change management – scope change management deals with amendments to the scope as set in the scope baseline and project management plan. stakeholder – in project management, a stakeholder is any party with an interest in the successful completion of a project. systems engineering – a field of engineering that applies principles of systems thinking to the development of complex systems. task – in project management, a task is a unit of work or activity needed for progress towards project goals. value engineering – value engineering seeks to increase the functionality-to-cost ratio of a product by providing improved functionality at lower cost. value for money ratio – in project management, the value for money ratio is expressed as the ratio of financial and other benefits to the resources expended in a project. work package – the work packages of a project are its lowest-level deliverables.

it guides the execution of a project from initiation to project closure. the person responsible for handling every aspect of a project from the day it starts till it closes is called a project manager. waterfall model is a traditional project management approach to the project lifecycle. it is used as a reference point to measure the progress of a project. when discussing kanban, some of the commonly used project management terms are: at any point during a project, the number of task items a team is currently working on is called work in progress.

a meeting agenda is simply a list of all the topics that are to be discussed during a meeting. this list is usually made according to the function and resource type, facilitating the planning and control of a project work. some common project management terms related to project risk tracking include: in a nutshell, the process of identifying and assessing risks to decrease their negative impact on project operations is called risk management. quality of a project refers to a clearly defined set of deliverables by the stakeholders. this plan is usually a part of the project management plan.

the ultimate resource for project management terminology. get easy-to-understand explanations of all key concepts to make sure you use the general project management terms 1. project plan 2. work breakdown structure (wbs) 3. critical path method (cpm) 4. project manager 5. project stakeholder. project management glossary contains a number of terms to standardize project startup process. here are the 50 project management terms you should know!, .

project management terms: m-s milestone mvp okr prioritization product manager product management project coordinator project manager. this glossary is a unique collection of popular project management terms sourced from the fifth, sixth and seventh editions of the apm body of knowledge and great question. project management is the application of strategies, skills, and tools to achieve a specific goal, which is most often (drum, .

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