Keep reading for FREE
Project management is a diverse discipline that can be found in any industry at any level. There is a broad demand for skills in the process of initiating, planning, executing, controlling and closing the work of a team to achieve the desired outcome.
As a result, with a Graduate Diploma in Project Management, you could find yourself communicating with people from multiple backgrounds in a wide range of specialisations.
So, here’s a guide to ten of the most important terms that all project management professionals should understand.
As defined by the Project Management Body of Knowledge, the project plan is, ‘a formal, approved document used to guide both project execution and project control.’ It’s one of the most important documents in project management which is prepared by and relied on by the project manager.
Along the timeline are milestones, which are dates where specified work must be completed and where progress, budgets and resources can all be measured.
Agile is a form of project management that identifies priorities in the project and works on them in sessions called sprints. The team focuses their attention on each sprint, then reviews their work with the client to identify issues or opportunities before starting the next sprint. Agile is popular in software development as the client interaction often highlights new priorities and allows work in previous sprints to be revisited.
Scrum is a form of agile which is often misunderstood as the only way of being agile.
Waterfall is another, more traditional form of project management that is popular outside of software development, in industries such as manufacturing and construction. With the waterfall methodology, the client is consulted during the planning stage to break the project into sequential phases.
The phases in waterfall are staggered, where the end of each phase is marked with a milestone, and the next phase does not start until the previous phase was completed.
Unlike agile, the waterfall method doesn’t allow previous phases to be revisited.
If the project plan is one of the most important documents in project management, then the scope statement is one of the most important parts of the project plan. A scope statement outlines the common understanding among stakeholders of what work will go into the project and what outcomes will define its success.
Sometimes the client, or other stakeholders, will ask the project manager to undertake work that isn’t part of the scope statement or is out of scope. If the project manager agrees, they risk scope creep, which can blow out budgets and timelines.
A Gantt chart is a visual representation of the individual tasks in a project. It’s a bar chart that would form part of your project plan with a calendar running along the top (x-axis) and the list of tasks running down the side (y-axis). Each task is represented as a bar along with the dates on which it is scheduled to occur. Related tasks can be linked to show their relationship.
A risk is an event that may or may not occur , but if it does, it will impact negatively on the project. Project managers prepare for risks with a risk assessment. First, they have to assess the likelihood of the risk, then decide what precautions to take. If the risk is very unlikely, they may take no precautions, or if it’s more likely, they may prepare a contingency plan.
For more significant risks, there may be a section of the budget allocated to compensate, or even special equipment purchased to mitigate that risk.
While a risk is something that hasn’t happened yet, an issue is something that has happened – whether it was a risk or not. An issue is basically a problem that must be resolved.
It can be as simple as resources not arriving on time, or something so complex that the entire project grinds to a halt. For example, an $85 million hotel project in the United States recently experienced the worst kind of issue when the construction collapsed, killing two workers.
It appears that this issue may have been preceded by risks that could have been addressed.
Generally prepared weekly or daily, a status report is a standardised update on the project that is distributed to stakeholders. It describes the project’s current situation, highlights any risks or issues and reviews milestones. Status reports use consistent measurements, terms, layout and distribution to make it easy for all stakeholders to access and understand. All of these factors are usually decided upon in the planning stage of the project.
The sponsor is effectively the head of the project . They may be the owner or general manager of the organisation who has requested the project. Or they may be a representative of a large organisation or government for whom the project is being undertaken.
The project manager reports to the sponsor who has the capacity to make executive decisions, approve budgets and agree on the final specifications.
Outside of project management, change management is concerned with assisting employees with a change in strategy or a change in culture. In project management, the focus of change management is quite different . It’s about managing changes to the project plan with relation to the scope, the budget or the timeline.
These changes may be prompted by risks, issues or requests from the sponsor. Of course, you’ll put your heart and soul into preparing an effective project plan, but it’s wise to remember that one of the constants in life is change.
Self Motivated, Trauma Neutralizer, Lover of Persiflage & Sapio-sensual
Wanna be a certified PMP Project Manager? Follow me for curated information pertaining to the PMP certification.
More like this
New To Project Management? Here Are 50 Terms You Should Know
PMP Study: 49 Project Management Processes - 100% Full List
Explore the World’s
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
2 Million Stashers
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
Unlimited listening to ideas
Downloading & offline access
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates