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15 Project Management Terms you Should Know

15 Project Management Terms you Should Know Project management profession which is the most sought after profession in the whole world has a huge knowledge base. In fact, there are multiple project management methodologies that enterprises rely on to complete the projects in a successful manner. Project management approaches such as the PMBOK PRINCE2, Agile, Kanban etc have certain project management terms that every project manager or project team members should be aware of. If the project objective is not defined properly, Objective Deliverable then it becomes difficult for project team members to 2 align themselves to the project. During the project kick-off meeting define the Deliverable is a tangible outcome that is produced by the project in its lifecycle. The project creates internal or external deliverables which is produced as a consequence of executing the project. metrics and show them what is that they have to achieve. Goals Project goals provide you the focus required to develop a roadmap to fulfill the project objective. The goals should be SMART (Specific, Measurable, Achievable, Relevant and Time-bound). 3 Resources Project Team Your project team is the most important resource of all. Select your team based on their individual 5 capabilities with regards to skills and experience to achieve at the Decisions Get your project resources on highest level. board in the form of people, capital, tools, space, time etc. Without proper resource allocation, successful There should be transparency about decision making in a project. Be clear about who can take what decisions completion of projects is a difficult prospect. which needs to be vetted by the project committee to take quick decisions. Debates Deadline Analyze a situation from different angles and encourage your project team to find multiple solutions and 7 choose the best. Initiate a healthy debate to explore new opportunities and to make an Time is one the most critical resources in your project, your team should adhere to the project deadlines to complete. If time is wasted it will eat up more resources to complete the same work. informed decision. Explore Explore new avenues and every option available. Understand the advantages and disadvantages, and come up with the best possible project plan that adds the most value for both customer and the enterprise. Constraints Priorities Analyze a situation from different STOP angles and encourage your project team to 11 find multiple solutions and choose the best. Initiate a healthy debate to explore new opportunities and to make an 10 Constraints are Milestones something that is outside the control of the project and need to be informed decision. managed effectively. 12 Resource constraints may arise in the middle of the project when the dates / Milestones are related to schedules which signify completion of a major project deliverable. In fact, it is used as a project checkpoint to validate how the project is progressing. timelines get stretched. Red Flags Accountability Critical Path 13 14 15 In the end, project Enterprise should create an The term critical path refers to the longest duration path through the work plan. If an activity gets delayed in the critical path by couple of days, the entire project gets delayed by couple of days. So make sure you identify the critical path throughout the project lifecycle. environment where employees raise issues if there team members who are accountable for their work is what is something wrong in the project. Project teams should gets the project completed. Teams can share their workload, but individuals in a come together to solve problems and give their real and unbiased opinions. project team are responsible for getting their tasks completed. InvEnsis. www.invensislearning.com Global Learning Services

15 Project Management Terms you Should Know

shared by invensislearning on Dec 06
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Project management profession which is the most sought after profession in the whole world has a huge knowledge base. In fact, there are multiple project management methodologies that enterprises rely...

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