{"id":288652,"date":"2023-09-22T10:35:51","date_gmt":"2023-09-22T10:35:51","guid":{"rendered":"https:\/\/project.co\/?p=288652"},"modified":"2024-11-08T11:10:22","modified_gmt":"2024-11-08T11:10:22","slug":"project-management-terms","status":"publish","type":"post","link":"https:\/\/project.co\/project-management-terms\/","title":{"rendered":"20 ESSENTIAL Project Management Terms to Know (2024 Glossary)"},"content":{"rendered":"
<\/div>\n

Project management is one of those industries that can be super intimidating to enter because of the many buzzwords and project-specific terminology that’s thrown around. <\/p>\n\n\n\n

And we all know communication is key <\/strong>for any successful project, so it’s important that everyone involved is on the same page and speaking the same language.<\/p>\n\n\n\n

Enter our project management glossary! <\/p>\n\n\n\n

In this glossary – true to our mission of simplifying project management for everybody<\/strong> – we\u2019ll demystify the 20 most important and widely used project management terms, so that you know exactly what they mean. <\/p>\n\n\n\n

Let\u2019s jump in\u2026<\/p>\n\n\n\n

1. Project plan\/Project charter<\/strong><\/h2>\n\n\n\n
\"Project<\/figure>\n\n\n\n

A project plan or charter is a document that officially starts a project and provides an overview of its goals, objectives, and deliverables. It\u2019s a pretty formal document that generally includes milestones, tasks, and deadlines. It\u2019ll also generally define roles and responsibilities, as well as set expectations.<\/p>\n\n\n\n

Without a project management plan or charter, it can quickly become more difficult to coordinate all the different aspects of a project and keep everybody accountable throughout the process. <\/p>\n\n\n\n

2. Project scope<\/strong><\/h2>\n\n\n\n
\"Project<\/figure>\n\n\n\n

Project scope is the size, extent, and nature of work to be completed during a project. Scope generally defines the project management processes, deliverables, and project activities.<\/p>\n\n\n\n

It\u2019s often confused with schedule or timeline, but it\u2019s important to remember that scope refers to what<\/strong> work needs to be done – while schedule and timeline refer to when<\/strong> it needs to be done.<\/p>\n\n\n\n

3. Scope creep<\/strong><\/h2>\n\n\n\n
\"Scope<\/figure>\n\n\n\n

Scope creep describes a project changing or \u2018creeping\u2019 over time, beyond what was originally agreed upon. This can lead to projects going over budget, missing deadlines, and ending up with lower project quality outcomes.<\/p>\n\n\n\n

Scope creep can happen for a variety of reasons, but is often the result of poor planning or inadequate communication between the project manager and the client.<\/p>\n\n\n

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\"scope-creep-image\"<\/a><\/div>\n <\/div>\n
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What is Scope Creep? (Causes, Examples + Tips for Avoiding it!)<\/a><\/div>\n
Scope creep can be a huge problem for project managers. Here, we discuss what it is, what causes it, and how to avoid it.<\/div>\n <\/div>\n<\/div><\/div>\n\n\n

4. Critical path method<\/strong><\/h2>\n\n\n\n
\"Critical<\/figure>\n\n\n\n

\u2018Critical path\u2019 may sound like a bad daytime hospital drama, but it\u2019s actually about the order in which tasks need to be completed. <\/p>\n\n\n\n

The critical path method<\/a> dictates that each task must be completed before the next one can begin. It\u2019s represented as a diagram that shows the order of tasks and their dependencies. The length of each arrow represents the amount of time needed to complete the task.<\/p>\n\n\n\n

\"Critical<\/figure>\n\n\n\n

It\u2019s called \u2018critical path\u2019 because it\u2019s the longest path through the diagram, which represents the minimum amount of time needed to complete the project. <\/p>\n\n\n\n

5. Work breakdown structure (WBS)<\/strong><\/h2>\n\n\n\n
\"Work<\/figure>\n\n\n\n

Work breakdown structures<\/a> are important tools that help project managers and teams to break down large projects into smaller, more manageable tasks. <\/p>\n\n\n\n

6. Resource allocation<\/strong><\/h2>\n\n\n\n
\"Resource<\/figure>\n\n\n\n

Resource allocation is the process of assigning resources to tasks. This includes human resources, material resources, and financial resources. The goal of resource allocation is to ensure that the project is completed on time and within budget. <\/p>\n\n\n\n

\u2018There are a couple of different ways to approach resource allocation. The most common is to start with a list of all the tasks that need to be completed, and then assign resources to each task based on its importance or urgency. <\/p>\n\n\n\n

You might also do it the other way around – start with a list of all the available resources, and then match them up with the tasks that need to be completed.<\/p>\n\n\n\n

7. Project life cycle<\/strong><\/h2>\n\n\n\n
\"Project<\/figure>\n\n\n\n

The project lifecycle (sometimes called project management life cycle) is a fancy name to describe the process that a project goes through from start to finish. There are four main stages in the classic project lifecycle: initiation, planning, execution<\/strong>, and closure.<\/strong> <\/p>\n\n\n\n

8. Project management tool<\/strong><\/h2>\n\n\n\n
\"Project<\/figure>\n\n\n\n

Project management tools (like Project.co<\/a>) are used to help manage and monitor projects. There are a variety of project management tools available, each with its own set of features and benefits. <\/p>\n\n\n

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\"\"<\/a><\/div>\n <\/div>\n
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10 Free Project Management Software For 2024 [Reviewed]<\/a><\/div>\n
Here’s our list of free project management software so that you can track tasks, manage budgets, and keep everyone in the loop during all your projects.<\/div>\n <\/div>\n<\/div><\/div>\n\n\n

9. Earned value management<\/strong><\/h2>\n\n\n\n
\"Earned<\/figure>\n\n\n\n

Earned value management (EVM) is a project management technique that allows you to track the progress of your project in terms of its budget. This is done by multiplying the completion percentage of a project by the total cost of the project to find out what your project’s earned value is. When used correctly, EVM can help you complete your project on time and within budget.<\/p>\n\n\n\n

10. Contingency plan<\/strong><\/h2>\n\n\n\n
\"Contingency<\/figure>\n\n\n\n

A contingency plan is a key part of any project manager’s toolkit. It’s a plan that outlines how to deal with unexpected events or risks that could impact the success of a project.<\/p>\n\n\n

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Project Failure: 12 Reasons Why Projects Fail (+Solutions)<\/a><\/div>\n
Project failure is common. But with the tips and tricks in this article, hopefully you can manage your project successfully to avoid common mistakes.<\/div>\n <\/div>\n<\/div><\/div>\n\n\n

11. Change management<\/strong><\/h2>\n\n\n\n
\"Change<\/figure>\n\n\n\n

Change management is a process that project managers use to deal with changes to the scope, timeline, or other aspects of a project. <\/p>\n\n\n\n

Change management includes four main phases:<\/p>\n\n\n

\n 1. Identification of changes<\/strong>
2. Assessment of impact<\/strong>
3. Control of changes<\/strong>
4. Communication of changes<\/strong>\n<\/div><\/div>\n\n\n

12. Key performance indicators<\/strong><\/h2>\n\n\n\n
\"Key<\/figure>\n\n\n\n

Most people are familiar with the idea of key performance indicators (KPIs)<\/a> in different industries. But specifically in a project management context, KPIs are measures that help you track and assess project progress.<\/p>\n\n\n\n

13. Triple Constraint<\/strong><\/h2>\n\n\n\n
\"Triple<\/figure>\n\n\n\n

The triple constraint is one of the most important project management terms to be aware of. It refers to the three main factors that can have an impact on the success of a project: time, cost, and scope<\/strong>. <\/p>\n\n\n\n

All three of these factors need to be managed carefully in order to ensure the success of the project.<\/p>\n\n\n\n

14. Burndown Chart <\/strong><\/h2>\n\n\n\n
\"Burndown<\/figure>\n\n\n\n

A burndown chart is a graphical representation of work remaining versus time. It’s used to track the progress of a project and identify any potential problems that may arise. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Burndown charts are a valuable tool for project managers because they provide a clear picture of progress and can help identify potential issues early on. <\/p>\n\n\n

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\"\"<\/a><\/div>\n <\/div>\n
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What is a Burndown Chart and How Do I Use It?<\/a><\/div>\n
Burndown charts are an interesting way to measure overall project progression. Find out how they work and how to use them.<\/div>\n <\/div>\n<\/div><\/div>\n\n\n

15. Kanban<\/strong><\/h2>\n\n\n\n
\"Kanban\"<\/figure>\n\n\n\n

Kanban<\/a> is a popular project management technique that can be used in a variety of ways to help improve efficiency and coordination. Work is divided into small pieces (called “cards”) and each card is assigned to a specific person. <\/p>\n\n\n\n

\"Kanban<\/figure>\n\n\n\n

As work is completed, the cards are moved from one person, team or status to the next until the project is finished.<\/p>\n\n\n\n

16. Sprint<\/strong><\/h2>\n\n\n\n
\"Sprint\"<\/figure>\n\n\n\n

Sprint is a project management term that refers to a set period of time during which a specific set of tasks or a goal must be completed. Sprints are particularly well suited to \u2018iterative\u2019 undertakings like software projects because they allow for a more agile approach to development. <\/p>\n\n\n\n

With Sprints, teams can iterate more quickly and respond to feedback more effectively. This makes for a more efficient and effective development process overall.<\/p>\n\n\n

\n <\/i>Recommended Article\n<\/div>\n
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\"\"<\/a><\/div>\n <\/div>\n
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What is a Sprint &amp; How to Manage One [+Free Template]<\/a><\/div>\n
In this article we\u2019re going to take a closer look at what sprints are and how you can manage yours with our free development sprint template.<\/div>\n <\/div>\n<\/div><\/div>\n\n\n

17. Agile project management<\/strong><\/h2>\n\n\n\n
\"Agile<\/figure>\n\n\n\n

Agile project management<\/a> is an iterative and incremental approach to managing projects. This means that instead of trying to do everything all at once, you break the project down into smaller pieces and work on them one at a time, allowing you to make changes and adapt as you go, instead of having to stick to a set plan.<\/p>\n\n\n\n

18. Project Management Body of Knowledge<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

The Project Management Body of Knowledge (PMBOK) is a comprehensive guide that outlines best practices, processes, and tools for managing projects effectively. It’s a collection of standard terminology and guidelines for project management developed by the Project Management Institute (PMI)<\/a> – so many acronyms!<\/p>\n\n\n\n

The PMBOK is designed to be a framework that can be applied to any type of project, regardless of its size or complexity. It’s based on the knowledge and experience of project management professionals around the world and provides a standardised approach to managing projects. <\/p>\n\n\n\n

19. Risk management<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

In project management, risks are events that could mess up the project, like delays, cost overruns, or changes in requirements. Risk management is the process of identifying these risks and figuring out how to deal with them before they become a problem. <\/p>\n\n\n\n

20. Stakeholder management<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Stakeholders are people who have an interest in your project, like clients, team members, suppliers, and regulators. Stakeholder management is the process of making sure you keep all these people happy by understanding their needs and concerns, and communicating with them regularly. <\/p>\n\n\n\n

Final thoughts<\/h2>\n\n\n\n

Every industry has its own jargon and buzzwords and, in some ways, it\u2019s important to keep on top of this and be able to speak the lingo.<\/p>\n\n\n\n

But in another sense, project management can be much more simple than people so often make it: it\u2019s about managing people, teams, projects and tasks.<\/p>\n\n\n\n

We built our project management software tool to help you do all this without the fuss. Take it for a test drive today<\/a> and get ready for project management made simple!<\/p>\n","protected":false},"excerpt":{"rendered":"

True to our mission of simplifying project management for everybody – we identify the most important and widely used project management terms and buzzwords<\/p>\n","protected":false},"author":6,"featured_media":288653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[13],"tags":[],"class_list":["post-288652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-productivity"],"jetpack_featured_media_url":"https:\/\/project.co\/wp-content\/uploads\/2023\/01\/Project-Management-Terms.png","jetpack_shortlink":"https:\/\/wp.me\/pgGBe0-1d5G","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/project.co\/wp-json\/wp\/v2\/posts\/288652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/project.co\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/project.co\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/project.co\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/project.co\/wp-json\/wp\/v2\/comments?post=288652"}],"version-history":[{"count":0,"href":"https:\/\/project.co\/wp-json\/wp\/v2\/posts\/288652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/project.co\/wp-json\/wp\/v2\/media\/288653"}],"wp:attachment":[{"href":"https:\/\/project.co\/wp-json\/wp\/v2\/media?parent=288652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/project.co\/wp-json\/wp\/v2\/categories?post=288652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/project.co\/wp-json\/wp\/v2\/tags?post=288652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}