Project management is vital to the success of any company. It is responsible for keeping all project details organized, prioritized, and on track to meet deadlines and ensure quality. It also has a lot of influence over whether or not a project is completed successfully.
If you're an entrepreneur looking to build your business, you'll want to ensure your project management has the skills necessary to keep things on track. If you don't have a dedicated person who can do this job well, it will be difficult for your company and your customers to stay on target with their goals.
Project managers are often seen as the most important people in a company. They are responsible for ensuring that projects are completed on time and within budget, which is crucial to the success of any business.
As a result, the project manager must stay updated with every change tomorrow; to become a perfect manager, they must be familiar with these critical project management buzzwords.
What are Project Management Terms?
If you're new to PMP terms, you might be wondering what they mean. And that's normal! The first thing you need is a clear understanding of PMP terms.
We're here to help.
Project management terms and definitions are important for a variety of reasons. It helps keep the project on track, ensures that it is completed promptly and on budget, and helps to ensure that the project reflects the client's needs. PMP terms are also responsible for ensuring that all parties involved are working towards the same goal and have a lot of influence over how well that goal is achieved.
30+ Project Management Terms You Should Know in 2022
Here is a list of project management terms that will help you communicate and understand things better in your profession.
General Project Management Terms
The most common General PMP terms include:
- Project Scope: An outline of what needs to be done, when it needs to be done, and how much it should cost. It includes the work breakdown structure (WBS), which details the tasks that need to be completed for each phase of the project. It also includes a description of the resources needed for each phase of activity on the project. Managers and other stakeholders use the WBS to communicate with each other about what needs to be done and when it needs to be done.
- Project Schedule: A schedule showing when tasks will be accomplished by assigning them to start and actual completion dates. It also breaks down these tasks into phases for the overall project plan to work properly (for example, planning, research, and design). Then it shows how long each phase will take and how long they'll overlap with other tasks to keep everything moving smoothly toward the completion date(s).
- Project Breakdown Structure: A critical component of the project breakdown structure is the division of huge projects into manageable segments (PBS). This hierarchical structure benefits everyone on the team since it allows them to better understand the nature of their work and achieve project goals more effectively.
- Project Budget And Timeline: To properly complete a project, a project budget must include an accurate inventory of financial resources, including project expenses. On the other hand, a project timeline lists the project's events in chronological order. It specifies what must be done and how it will be done during the project's lifecycle.
- Agile Project Management: In project management, agility is a continual and progressive approach to job completion. The basic purpose of this strategy is to divide the project into 'iterations.' The iterations are then prioritized based on their urgency and relevance. Scrum is one of the most well-known frameworks associated with agile implementation.
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Gantt Project Management Terms
The most common Gantt PMP terms include:
- Project resources: The people involved in the project, including their roles, skills, and availability.
- Project tasks: The steps required to complete a task on a given date.
- Milestones: The dates at which tasks must be completed.
- Task duration: The length of time it takes for an individual task to complete.
Kanban Project Management Terms
Kanban is a system that keeps track of the workflow and quality of a project. It helps teams work with each other and ensures they don't miss any steps in the process. The key points of a Kanban system are:
- Pull system: The team members pull the parts needed for their tasks from a central location instead of assembling them individually.
- Kanban board: A visual representation of tasks that can be pulled or queued up for later processing.
- Work in progress (WIP): The number of items currently being worked on by the team members at any given time; this should not exceed the capacity limit.
Meeting Project Management Terms
These most common terms that include all the aspects to be considered while working on a meeting or project are as follows:
- Meeting the Priorities: This is a list of all the subjects discussed at the meeting. It could include a thorough breakdown of the many topics, the order in which they'll be covered, and the expected consequences for each one.
- Minutes of a Meeting: Minutes of a meeting record the events that took place there. Using these minutes after a meeting can provide valuable information and allow participants to take appropriate follow-up measures.
- Stand-Up meetings: "Stand up" meetings are short meetings held every day to get an update from everyone on how their work is progressing. Stand-up meetings are held at the same time and place every day.
- Follow-Ups: To gather feedback from attendees following a meeting, you'll want to do several things called meeting follow-ups. A specific follow-up meeting may be held to accomplish the goal.
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Resourcing Project Management Terms
The terms used for managing all the resources are as follows:
- Resource Allocation: Scheduling and allocating resources most effectively is the goal of resource allocation. Allocate resources in such a way that they serve the project's end aims.
- Resource Breakdown Structure: A detailed breakdown of all the materials is needed to finish a project. The purpose of this list is to aid in the planning and control of a project, and it is often organized by function and resource type.
- Resource Leveling: Resource leveling is known as adjusting a project's timeline to keep a resource's utilization within a predetermined range. It prevents a resource from being forced to work past their normal schedule. The project's critical route is affected by resource leveling.
- Availability of resources: A resource's availability can be determined at a given point in time.
- Resource Calendar: A resource calendar for each resource shows when it is available and when it is not.
Project Risk Management Terms
Project risk management terms help organizations identify and analyze project risks. These PMP terms include:
- Risk: The likelihood that an event or situation will occur in which a negative impact is likely to occur.
- Risk assessment: Identifying, analyzing, and prioritizing risks to determine which ones should be addressed first during the development of a project plan or during the execution of a project plan.
- Risk avoidance: A strategy for managing risks involves choosing not to deal with them by doing nothing at all (e.g., avoiding using hazardous materials or using only low-cost materials).
- Risk assessment tools: Software applications or other tools used to assess project risks (e.g., probability analysis software).
Issue Management And Bug Tracking Terms
Having a cliche in a well-prepared strategy can be daunting. Here are the most common issue management and bug tracking terms to help you with this task.
- Issue Management: As a part of the issue management process, Issue management encompasses the entire process of discovering, addressing, and tracking difficulties in your projects. The goal of issue management is to prevent disasters by resolving problems as soon as they arise.
- Issue Tracking: Issue tracking aims to identify a product bug or error that is interfering with the product's functioning. It's common practice to use a professional issue tracking programme most of the time.
- Issue Logs: The issue log contains a detailed record of all the project's issues, both open and resolved, as well as the individuals who were responsible for addressing them. The status of each issue and the timeframes for its resolution might also be included in the paper.
- Issue Types: During a project, you may run into a variety of different types of issues. The system makes it simple to assign and track issues so they may be resolved quickly.
QA Project Management Terms
The most used types of QA project management terms are:
- Quality Assurance: The term "Quality Assurance" refers to a collection of systematic and planned activities to ensure that the project's processes meet the project's quality requirements. Regular quality audits are an important part of quality assurance throughout a project.
- Quality Control: Standardized techniques are used in quality control to determine whether or not the final product satisfies quality expectations. After the product has been generated, the process is used to identify any adjustments that may be necessary for the quality control process.
- Quality Management Plan: Stakeholders' quality expectations, quality assurance, and quality control rules are all included in a quality management plan that helps a project get off the ground and stay on track.
Agile, scrum, milestone, float, and quality assurance are all phrases you'll need to learn if you're working on a project as part of a team. Team members use these terms to convey information about the project's scope, milestones, problems, and solutions. If you aim to become an expert project manager, contact KnowledgeHut’s PMP prep course online.
Frequently Asked Questions (FAQs)
Q1. What are the 3 PMP domains?
The 3 PMP domains include:
- Business Environment
Q2. What are the five major project management processes?
The project life cycle contains five phases (sometimes known as the five process groups):
Q3. What is better in terms of job prospects, prince two or PMP?
The most demanding credential is the PMP. This is because a minimum of 4,500 hours and a four-year degree are required. It is also feasible to complete the programme with only 7,500 hours and a secondary degree. The PRINCE2 Foundation and PRINCE2 Practitioner certifications are achieved solely by examination.
Q4. What are the nine elements of project management?
Here are the nine principles of project management:
- Formal project management structure.
- Invested and engaged project sponsor.
- Clear and objective goals and outcomes.
- Documented roles and responsibilities.
- Strong change management.
- Risk management.
- Mature value delivery capabilities.
- Performance management baseline.
Q5. What is the PMP certification worth regarding increased income - 2%, 5%, more?
Compared to a non-certified project manager, a PMP-certified project manager earns 20% more.