Top 50 Project Management Terms You Need to Know [Infographic]

S MT W TES 10 11 12 13 14016 7 18 19 20 21 22 21 24 25 26 27 28 29 30 ТОР ТОР 50 PROJECT MANAGEMENT TERMS YOU NEED TO KNOW A cheat sheet of terms for every project management professional. ASSUMPTION ACCOUNTABILITY An acceptable external factor or event Accountability is the obligation to report on one's actions. that can affect a project's success rate. BASELINE BUSINESS CASE This is a document that records the justification This refers to the approved configuration for starting a project. such as a project that has been given a go signal for implementation or execution. CAPITAL EXPENDITURE CLIENTS/CUSTOMERS (САРEX) CAPEX is the amount which an organization An individual or a group of people that are the project's direct beneficiaries. spends to buy fixed assets or add value to an existing fixed asset that extends beyond its taxable year. CONSTRAINTS CST VARIANCE (CV) The CV is the difference between the actual These are the restrictions, boundaries, or cost (AC) and the project's earned value (EV) challenges that occur outside the project team's control. These are not always or performance. problems. CRITICAL PATH DELIVERABLE A project's tangible outcome. The critical path is the sequence of activities in the project network that takes the longest to complete. EARNED VALUE (EV) DEPENDENCIES This refers to any event or work that is In terms of time and budget spent, the EV is used to monitor if the project is right on track. dependent on the project's outcome or vice versa. FUNCTIONAL MANAGER FLOAT A project management professional reports to the functional manager who is in charge of the This refers to the time with which a task can be delayed without affecting the performance review. project's timeline. ISSUE GANTT CHART A bar chart that represents all the activities This refers to a major problem threatening the project's timeline and success. and milestones of the project. LIFECYCLE S MT WTFS 1 2 3 4 5 6 7 8 9 10 11 12 13 14(15)16 Covers the detailed actions and techniques to be utilized by the project 17 18 19 20 21 22 23 24 25 26 27 28 29 30 team to complete tasks. 31 MILESTONE An event that represents the completion of a major task. ОBJECTIVE NET PRESENT VALUE (NPV) A statement that describes the project's desired This refers to the estimate that helps results. organizations identify the financial benefits of long-term projects. PROGRAM MANAGER PROGRAM An authorized individual that manages the This refers to an overarching structure that manages a series of related projects or program and leads overall planning and execution. activities managed as one entity. PROJECT This refers to a temporary or one-time effort to complete a single objective within a particular period. 13:00 PROJECT DEFINITION PROJECT BASELINE (CHARTER) This refers to a formal document that authorizes This is used to create the original budget a project manager to execute a project. and projected schedule timeline. PROJECT MANAGER PROJECT MANAGEMENT OFFICE (PMо) An individual authorized to supervise a project A group within the company that creates and manage the team. and implements project management tools, methods, and processes. PROJECT PLAN PROJECT PHASE A project plan details the tools, techniques, This represents a group of tasks within and processes that will be used to manage a project that requires deliverables to the project. meet a significant milestone. PROJECT OR WORK PROJECT TEAM SCHEDULE This refers to the group assigned to deliver This refers to task lineup that details specific tasks in the project. resources, durations, and dependencies used to estimate the project completion date. RED FLAG REQUEST FOR PROPOSAL (RFP) A red flag is raised as an indication that An organization's formal request for solutions and services from accredited vendors. there's something wrong in the project. REQUEST FOR REQUIREMENTS QUOTATION These include a detailed list of how a service An organization's formal request to or product should perform. shortlisted vendors asking for the actual costs of the specific services they need for the project. RISKS SCHEDULE VARIANCE (SV) External factors that could potentially It compares the earned value (EV) to the baseline planned value (PV) to analyze the impact and delay a project. project's schedule performance. SCOPE SCOPE CHANGE MANAGEMENT This refers to the project's boundaries. This is crucial in handling changes in the formerly approved scopes and requirements. SCRUM Scrum is an agile methodology for software project management invented by Jeff Sutherland, John Scumniotales, and Jeff McKenna in 1993. SIX SIGMA SPONSOR (PROJECT SPONSOR AND EXECUTIVE SPONSOR) This refers to the individual with overall Six Sigma, a management philosophy that authority over the project. stresses that setting extremely high objectives, collecting data, and analyzation are important in reducing defects in products and services. STEERING COMMITTEE STAKEHOLDER This is comprised of executives or stakeholders A group of people or organizations who provide high-level strategic direction who have made investments in the for the project. project's overall outcome. SWOT ANALYSIS TRANSPARENCY This refers to knowing particular persons A strategic planning tool that evaluates a designated on working on a specific project's strengths, weaknesses, task, as well as who aren't accomplishing opportunities, and threats. activities on time. WATERFALL TOTAL COST OF МЕТНODOLOGY OWNERSHIP (TCO) TCO is the estimate of all direct and indirect This refers to a project's consecutive phases which could include Investigation, Design, costs related to an asset or acquisition Development, Testing, and Implementation. throughout. WORKPLAN WORK BREAKDOWN STRUCTURE (WBS) A hierarchical list of major project This is a guide for project management professionals on how to complete a project. deliverables. Check out our Project Management and Business Analysis Courses. www.APEXGLOBALLEARNING.COM An ecci Venture арех -GLOB AL Learning f or Excellence REFERENCES: http://www.pm4dev.com/resources/docman/doc_download/129-project-management-glossary-of-terms.html http://www.techrepublic.com/blog/it-consultant/it-project-management-terms-you-should-know/ http://visual.ly/13-project-management-terms-you-should-know https://www.projectsmart.co.uk/glossary.php