Interview Preparation Meeting Project Management Terms . These are mainly used for. It is a risk reaction devising technique associated with menace to the project. This information is usually described in project documentation, created at the beginning of the development process. Cost estimation is one of the most popular project management terms among project managers. All rights reserved. And, risk mitigation is that project management term which identifies the risk. It is then too late to make any significant adjustments to the project to improve quality, cost, or schedule to bene- fit the owner. Quality Assurance refers to the approach which includes prevention of errors. it is very friendly. Here, we have covered all the project management terms that you should know. The term project management is sometimes used to describe an organizational ap-proach to the management of ongoing operations. Scrum basically follows Rugby stint in which teams use short sprints. But with the continuous innovation, marketing industry is also currently using it successfully. The combination of these three is considered as complete performance measurement baseline. Introduction to Project Management Introduction Realization of these objectives requires systematic planning and careful implementation. It can be categorized in terms of Software, Hardware and design documents. Once the requestor has completed the form, the project manager can determine whether the change is indeed necessary, should be rejected, or should be delayed until the completion of the current project. Certification Preparation © Copyright 2020. Business Plan also concludes contextual info. Resource calendar is termed as the list of working days along with non-working days which specifies the activity of resources. Contingency Plans are often designed by officials who are in businesses or Governments. Project Busines… Some of them are outsiders as government bodies. PERT Chart is used to create, establish, and organize tasks. There must a balance among all these components as the change in any one will impact the other components. Contingency plan refers to the second plan if your plan A doesn’t work. Activity has a unique function i.e. Reporting is an essential part in any project. Project management is a set of important skills for most of the careers. PERT Chart is used to evaluate the reviews. The category of certified project manager includes all the associate and professional level candidates. You have entered an incorrect email address! You might think of project management as a relatively new discipline, but actually humans have been managing projects since before the Great Wall of China, before the Roman aqueducts, before the pyramids of Giza, and likely before that. This is a knowledge guide by the Project Management Institute to provide an associate level certification. It has … So, cost estimating is the key method which is used to calculate entire project cost. Big Data Before executing or designing a project, a complete SWOT analysis should have to be performed by teams involving in the same project. It also takes care of budget. Thus it also includes the risks management. It requires the requestor not only to describe the change, but also to supply a reason why this change is appropriate and needed. Here we have given top 50 project management terms that you should know-. These are the significant points in time or an event that mark important moments during the project. Critical Path Method (CPM) provides functions to write an algorithm for project activities. At the beginning of the project, it is important to know the risk that surrounds the project because you can change your plan or can choose some other option to avoid the risk occurrence. Dashboard is basically a platform which helps to check all the useful information about the project. For this, it is required to know and understand the project management terms. the actual work, project plan & value at which work is completed, are observed. Fast forward a couple thousand y… It’s inconceivable to think that the pyramids were built in an ad hoc manner. Thanks. It also includes a risk list and project duration. Usually project management isn’t about just doing one thing right, but succeeding in lots of little areas to motivate others, keep tasks moving and managing all the unknowns for the project to reach fruition. Critical Path Method (CPM) is a step by step approach in which one can analyze critical and non-critical tasks. A document, A Report, End Product or Project Block are the best examples of Deliverables. Professional team meetings are a core component of any project, but there are many meeting terminologies that a lot of us don't know about. The aim of the project work plan is to promote efficiently, systematized and completion of the project according to budget, schedule, and requirements. Dashboards are categorized as Informational, Planned, Logical or Operational. At every phase, one should report to the project manager so that every team which involves in the same project can gather. It has a free trial can be helpful especially for beginners to see how things work , I second Proggio recommendation As project team can manage timely completion of project activities based on project delivery schedule, ... companies struggle with the pool of resource in terms of their availability, utilization; especially of the scarce resource having special knowledge/skill sets. Project management speak can get technical, but it all comes back to terms that keep projects on track. PRINCE2 refers to Projects In Controlled Environments – version 2. Work Breakdown Structure is one of the important project management terms. What is the best strategy to prepare for PMP? Some of the stakeholders cover every section of the organization whether some have limited scope. The baseline is one of the most popular project management terms among project managers. Programme management … It is basically a tool by which you can directly work with anyone. It is a formal project approach which provides functions like Planning, Monitoring, and Controlling. It includes the situations which may or may not occur in future. It also includes the completed tasks and tasks in future. Agile. The SWOT analysis refers to the planning by which you calculate these terms. The ideas from Agile software development applied to project management. If change management approves the new change in the project, only then the project manager will be able to modify the budget and deadline to reflect the additional work. A milestone is a scheduling process that describes the set of related deliverables. Determining the project requirements, the standard of deliverables, resource allocation, timescales etc. A project life cycle consists of initiating the project, it’s planning, monitoring and controlling, executing, and closing. Also Read: Earned Value Management – Analysis. It is bifurcated according to the roles or people. They must be informed about the necessary information. Milestone is one of the components of Gantt chart and you will be able to see them on the project schedules presented as a diamond. Agile Project Management! This area is quite similar to what is taught in theory of project management. Preparing for PRINCE2 Foundation Certification? SWOT stands for Strengths, Weaknesses, Opportunities and Threats. To this effect, application of knowledge, skill, tools and techniques in the project environment, refers to project management. An RACI chart is defined as a matrix in which you can get all the significant actions happening in a project. It is used for delivering software products with iterative incremental process. Here we have given top 50 project management terms that you should know-1. See his author profile at end of this article. Master the Schedule Yep, time management. Purpose of this management is to manage the change that occurs during project according to the previous planned requirements and statements. It comes under the most popular project management terms. Project management has its own terminology and abbreviations, making your entry into the field pretty hard. The project life cycle is among some important project management terms you should know. It encourages individuals or teams to attain their goals timely. In human resource planning, you can identify the individual roles. PERT estimate is used to calculate time and costs. What’s the V for.. It presents all the tasks involved in a project, who is responsible for each task and when these tasks will be completed. It is basically an analysis method. Organizational Breakdown Structure (OBS) is defined as the organization of a project in hierarchical depiction. Also Check: What are the Responsibilities of a Project Manager? Project management is the process by which projects are defined, planned, monitored, controlled and delivered such that the agreed benefits are realised. No doubt, project manager is worth to be included in the list of top project management terms. It is sometimes referred to an alternative action. It can rely on work packages to perform all the organizational activities. Professional team meetings are a core component of any project, but there are many meeting terminologies that a lot of us don’t know about. He/She is responsible for aspects like execution, planning, and closure of a project. 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