Every realm of work around the globe has its own special identification and a particular keyword that keeps developing over time. The same is also true in the case of project management. With increasing years, just like the manner itself, the lingo has also built some different project management terminologies that one should be well aware of.
Some basic as well as normal terms related to Project Management
- Project Plan(also known as the formulation of the project)
A project plan or formulation is one of the important documents made before the start of any task or project. The document mostly comprises of improvised cost, time-table as well as the outcome of the project. It acts as a guardian angel to the implementation of a project from the beginning to the conclusion of the same. The project plan also paves the way for the foundation for all varieties of data transfer among the shareholders.
- Work Breakdown Structure (also known as the WBS)
A work breakdown structure(commonly called as the WBS) aptly divides the project objectives into some affordable as well as manageable parts. This simple arrangement of the group’s work can be helpful to everyone for understanding the nature of work in a better way as well as executing the goals of the project effectively.
- Critical Path Method (also known as the CPM)
CPM is basically an algorithm mainly used for calculating the project aims. It is used to identify the correct as well as the beneficial sequence of events, which in turn helps in determining the total time required for completion of the project. These events must be finished according to this already decided sequence for achieving the goals of the project.
- Project Manager (also called the base person of the project)
The person who is solely responsible for managing every aspect of a project from the day it starts till it ends properly is called as a project manager or referred to as the base person for a project. The roles of a project manager mostly require strong planning, advanced resource implementation, and managing the outcome of the project.
- Project Shareholder
Any individual or candidate that has or promises to have a direct or indirect interest in a project is called by the term project shareholder. They basically affect or are affected by the decisions of the projects that are being taken during the course of the project life span. A shareholder can be any human from the project group, clients, sponsors, dealers, or the end-users as usual.
- Project Portfolio Management(or PPM)
Project portfolio management (or PPM) contains a joint association of a chain of projects to attain the goals of an organization. It helps the teams to analyze the big scenario of all tasks as well as maximize the return depending on the amount invested in the same.
- Collaboration(or joining hands in simple terms)
The process of precisely gathering each team member in project events is referred to as collaboration. The whole logic needs the advancement of an interconnected system through which candidates exchange data as well as information and control or regulate the performance of the project.
- Project Budget (in association with the monetary parts)
A precisely approved as well as entertained document focusing a detailed list of financial benefits, including the budget of the project, required to successfully conclude a project is known as a project budget.
- Project Timeline(or spreadsheet file)
A project timeline(which is compared to as a spreadsheet file because of nature) formulates the project activities in order of their happenings. It stores exactly what requires to be completed over the course of the project life span and how it will be achieved.
- Milestone (or a major achievement)
A milestone presents a major or probably the biggest event in a project life span. It is termed as a reference point in order to measure the reach of a project. Mostly represented as gems, milestones highly help with the scheduling, handling, managing as well as controlling the project.
These are some of the most basic terms used by various job holders in various project management as well as these can be defined, as a whole, like the keywords that are required to understand the nature of an attribute.