December 29, 2019, Project Management has its own glossary. It includes various PM terms. These terms are often used by project teams to standardize the startup process for any project. We have highlighted 25 of the most important terms in project management that you should know. These terms are worth a look!
1. Work Breakdown Structure (WBS).
The hierarchic work breakdown structure breaks down the work into manageable chunks that allow the project team to easily understand each level. The project team creates a WBS by analysing the main deliverables and then sub-dividing them into separate deliverables. This is continued by the specialists until the WBS is assigned to one person.
2. Milestone
A milestone is a process that clearly identifies the set of deliverables. It is one of the Gantt chart components and can be seen as a diamond in the project schedules. These are used primarily for the beginning phase, fixed dates on a schedule, and the end phase.
3. Work Plan
A work plan is a summary of a set of goals and the support needed to help the project team achieve their goals. It is also known as project management work plan. Its purpose is to encourage the organization and completion of the project in a timely manner, in accordance with the schedule, budget, and requirements. The work plan outlines all tasks involved in the project, the time it will be completed, and the people responsible for each task.
4. Baseline
Project managers use the baseline of project management to assess the overall performance of a project. There are typically three baselines in the PM sector.
Plan baseline
Scope baseline
Baseline cost.
Professionals consider the combination of all three to be a complete performance baseline.
5. Stakeholders
Stakeholders in project management refer to those who influence and are involved in a project. Some of these specialists are limited in scope, while others can cover all aspects of an organization. Some stakeholders, such as government agencies, are outsiders and must be provided with the required information. The projects are not only designed to meet customers’ needs but also meet stakeholder expectations.
6. Triple Constraint
A triple constraint is a group of four components that includes time, scope quality, cost and cost. They all are represented by a triangle, with quality at its center and time, cost and scope at its corners. Any of them can be changed to affect the other components. Therefore, it is important to have a balance between all components.
7. Gantt Chart
Gantt charts are bar charts that graphically show the schedule information. It is very useful in planning and scheduling projects. It is also extremely useful in managing relationships between tasks. It is a great tool for managing relationships between different tasks.