Term

Meaning

Acceptance Criteria

Criteria which is outlined in a contract and is what the final output or product should look like. This criterion determines what the client is paying for and the criteria for the final product.

Accountability

The process of ensuring that all team members, including the project manager, remain on task and produce at the level determined by the acceptance criteria.

Acquisition Process

The process of purchasing products and services.

Action Item Status

The overall list of issues that occur during the project. This document also contains a list of actionable items taken during the course of the project as well as any other documentation regarding the said items.

Action Plan

A plan that moves the project forward through an actionable list of tasks, process and procedures. It can also include the delegation of tasks.

Activity

Any work performed on a project. During the course of a project, work or work Package comprises of an Activity. It's described sometimes as the lowest portion of a project. Activities identifies the timeline development, accurate estimating and many other aspects by turning into small tasks. Activity has a distinctive function i.e. sequencing. Along with Work Breakdown Structure (WBS), it states two main processes: Identification and Documentation.

Actuals

The cost or effort incurred in fulfilling tasks. Also, the dates tasks have been started or finished and the dates milestones have been reached.

Agile

Agile is an approach particularly used for product and project management. Sprints are typically used in terms of brief bursts of work typically in an iterative way to deliver software projects. Initially, Agile was created for engineering and IT projects. But with ongoing innovation, it is also currently used successfully by the marketing industry. Agile’s approach is making its mark rapidly because it gives a more flexible working style. It falls under the most popular project management terms.

Agile Project Management

Agile project management is an incremental and iterative approach to delivering projects. The approach focuses on breaking down the project into smaller cycles, known as ‘iterations.’ These iterations are then prioritized in terms of importance and urgency. There are several frameworks associated with agile implementation, one of the most common being Scrum.

Analogous Estimating

Estimating using comparable projects or activities as a basis for determining the cost, effort and/or duration of a current one. Usually used in Top-down Estimating.

Assumption

Something taken as true without proof. Assumptions are generally used during the planning of the project to determine the outcome and process of the project. These provide the basis for estimating. Remember, assumptions are not facts. Assumption Analysis is a practice in which one can identify or calculate the accuracy part.

Authority

Authority is the ability to get other people to act based on your decisions. It is generally based on the perception that a person has been officially empowered to issue binding orders.


 

Term

Meaning

Backward Pass

A list of complete late start and finish dates. This document is called the backward pass because it is drafted by starting at the end date of the project and working backwards to the beginning of the project.

Baseline

One of the project management terms that relates to the outline or plan of the beginning project that includes any approved changes to the project. The baseline is one of the most popular project management terms among project managers. There are three baselines in project management. These are – Schedule baseline, Cost baseline, Scope baseline. The combination of these three is referred to as complete performance measurement baseline.

Bottleneck

A bottleneck is a work stage where the inflow of workload exceeds the capacity of the system, resulting in hindering the smooth flow of work over time.

Bottom-up Estimating

Approximating the size (duration and cost) and risk of a project (or phase) by breaking it down into activities, estimating the effort, tasks and sub-tasks, duration and cost of each and rolling them up to determine the full estimate. Determining duration through a bottom-up approach requires sequencing and resource leveling to be done as part of the scheduling process.

Brainstorming

A full SWOT assessment should be carried out by teams involved in the same project before implementing or developing a project. The method used to calculate solutions, risks etc. by professionals is known as Brainstorming. It is basically an analysis method.

Budget at Completion

The total cost the project will take to complete.

Budget 

The total amount of money that is set aside for any given project. Also, the budget can also outline the complete cost prejections for any given milestone or segment of the project.

Business Case

Business Case is referred to a doc file which is used to store data like costs, calculations, benefits etc. The business case is often complex and may require financial analysis, technical analysis, organization impact analysis and a feasibility study.

Business Plan

A business plan is the simple but detailed plan that outlines how the team members and project manager plan to execute the project. It includes the business goals and their strategies to achieve them. Business Plan also concludes contextual info.




Term




Meaning

Calendar Date

A specific date shown on the calendar (e.g. July 4, 2018) as opposed to a relative date. See Relative Date.

Calendar Unit

The unit used in a project's breakdown or chunking. The unit defined by the project's various milestones.

Capital Expenditure

The amount of money a client spends that adds value outside the fiscal year to a product or service.

Case Study

Case study is one of the key aspects of project management. Case Study is a process in which an individual or a team conducts a research on particular project to analyze its key elements. It basically comprises of document files composed of approaches, practices, and product specifications.

Certified Associate in Project Management (CAPM)

CAPM is generally found among the buzz words in project management. Certified Associate in Project Management is an entry-level project management certification offered by Project Management Institute (PMI). This is a knowledge guide by the Project Management Institute to provide an associate level certification.

Change

The difference in an expected value or event. The most significant changes in project management are related to scope definition, availability of resources, budget and schedule.

Change Control

Change Control is the documentation of any changes to the process. The process of managing scope, schedule and budget changes to the plan. The control process is put in place to minimize damage and wasted time.

Change Management

Change management is a project management plan authorized to approve or dismiss the project modifications. The purpose of this management is to manage the change that takes place during project in accordance with the requirements and statements previously planned. If change management approves the new change in the project, only then will it be possible for the project manager to change the budget and deadline to reflect the additional work.

Change Request

A documented request to alter the scope or other aspects of the plan.

Client

The individual or organization that is the project's main beneficiary. The client generally has significant authority regarding scope definition and whether the project should be initiated and/or continued.

Clients 

One of the terms of project management referring to the group of individuals or organization that the project management team reports to; the group or manager representing a company that is buying the product or service from the product management team.

Closing

The process of gaining formal acceptance for the results of a project or phase and bringing it to an orderly end, including the archiving of project information and post-project assessment.

Closing Processes

Closing Process is defined as the completion of a project along with all the phases and processes. It is the end of the project that denotes the successful completion of the project. Closing Processes is the final step in the five phases of the life cycle of project management.

Collaboration

Collaboration is the process of actively involving each team member in project activities. The whole idea requires development of an inter-connected network through which individuals exchange information and monitor the project performance.

Consensus

Consensus is the unanimous agreement among the decision-makers. To live with the decision, one has to be convinced that the decision will adequately achieve objectives. There is no consensus as long as someone believes that the decision will not achieve the goals.

Constraint

The restrictions that are applied to any project. For instance, a target date may be a planning constraint. A schedule may be constrained by resource limitations.

Contingency Plan

If your plan A does not work, the contingency plan refers to the second plan. It involves events that may or may not happen in the future. Contingency plan offers solutions to exceptional risks. There are disastrous concerns with these risks. Thus, risk management is also included. Contingency Plans are often designed by officials who are in businesses or Governments. It is sometimes referred to an alternative action.

Contingency Reserve

A specific amount of time and/or budget to account for parts of the project that are not fully predictable. For example, it is relatively certain that some rework will occur, but it is not known how much rework will occur and where it will occur in the project (or phase). Sometimes these are called "known unknowns." The contingency reserve's aim is to provide a more precise sense of the project's anticipated completion date and cost. Some PMs separate contingency reserves from management reserves while others combine the two into a single reserve. Reserves for changes and issues may be part of the contingency reserve or separate reserves.

Controlling

Controlling is the process of measuring, monitoring and reporting on progress and taking corrective action to achieve project goals.

Cost Estimation

Cost estimation is one of the most popular project management terms among project managers. Cost is the most significant factor for any company. It can affect the project's profit and time duration. Cost estimation is therefore the main technique used to calculate the total cost of the project.

Cost Variance

The difference between the project or product's actual cost and the output's estimated cost.

Critical Path

The path(s) in a project network that has the longest duration. This represents the series of activities that determines the earliest completion of the project. This includes the milestones, testing and final product.

Critical Path (CPM)

Critical Path Method (CPM) is an algorithm particularly used for scheduling the project activities. It is particularly used for scheduling and termed as the “critical or shortest path”. Critical Path Method (CPM) is a step by step approach in which one can analyze critical and non-critical tasks.


 

Term

Meaning

Dashboard

Basically, the dashboard is a platform that helps to verify all the helpful project information. Anyone can view information from their location via dashboards. It is used to verify key performance indicators (KPIs). Dashboard monitors all the reports and enables users to update on a regular basis. Dashboards are categorized as Informative, Planned, Logical or Operational.

Debate

A coversation in which the participants exchange information to support or refute the positions of one another. Debates are win-lose debates, as opposed to win - win debates.

Decision Tree

A diagram that charts the flow of a particular choice or action plan. The tree shows the offshoots created by team members and project managers of various opportunities and decisions.

Decision Tree Analysis

The analysis of the decision tree.

Deliverable

For every tasks or projects, there is a commitment of required result/output which is to be delivered to the users. That required output is known as deliverables. Deliverable is an outcome of a project, project milestone or a part of the project that proves the validity of the project; a result of the project that is sent out to the client or customer.

Dependencies 

Any event, individual or product that depends on the success of any given project.

Dependency

A connection between two or more tasks. There may be a logical or resource-based dependence.

Design Documents

The blueprint or map of the product's end result; a clear and concise final product measurement.

Dialogue

A conversation where participants share their ideas and achieve a better knowledge of the topic and potentially achieve consensus. This is contrasted with debate.

Digital Collaboration

Digital collaboration utilizes technology to take all the communications needed to finish the job together.

Dummy Activity

Every project manager indicates dummy operations before going through final activities. Dummy Activities with dashed lines are displayed. Following a failure, dummy activities are used to define that.

Duration

The time needed or scheduled for a project activity to be executed. Measured in units of calendar time — days, weeks, months.


 

Term

Meaning

Early Start

Early start is the earliest time a task can begin. The time at which all the tasks' predecessors have been completed and its resources are planned to be available.

Earned Value

How well the product performs can be measured by project managers and team members. To determine the end value, team members must compare the units of labor to build the product to the end result.

Earned Value & Earned Value Management (EVM)

Earned Value is called the methodology in which three primary elements of projects i.e. the actual work, project plan & value at which work is completed, are observed. It also shows the timeline and total costs of the projects. Moreover, Earned Value Management (EVM) is a process where one can measure, schedule, and check scope of performances.

Effort

The amount of work expected by the project manager that is required to produce the product's final product or the end result. Measured in terms of person hours, person days, etc.

Estimate

Estimate is a prediction of the end result. An assessment of the required duration, effort and/or cost to complete a task or project. Since estimates are not actual, some indication of the degree of accuracy should always be given.

Estimate to Completion

Estimate to Completion is the expected effort, cost and/or duration to complete a project or any part of a project. It may be made at any point in the project's life cycle.

Ethics 

Ethics are the rules and regulations that guide the team members and project manager to ensure that all processes and procedures are not compromised.

Executing

The process of coordinating individuals and other resources in project performance or the actual performance of the project.


 

Term

Meaning

Feasibility Study

Feasibility Study is defined as the process of assessment of a designed plan. It is a methodology in which all practicality can be seen. It includes operations such as market research, surveys, thorough study of the project, etc.

Float

Float is the amount of time available for a task to slip before it results in a delay of the project end date. It is the difference between the early and late start dates of a task.

Float Functional Manager

Project manager specializing in one department; this individual reports to the head project manager.

Follow Up

A follow-up conference involves all the operations aimed at gathering feedback after a conference from the meeting attendees. Sometimes a dedicated follow-up meeting is conducted to serve the purpose.

Function Point

The unit which measures the complexity of a computer application.

Functional Group

An organizational group that performs a specialized function (e.g., design, Human Resource management, etc.) and may provide staff, products or services to a project.

Functional Manager

A manager responsible for an organizational unit's operations (work group, department, etc.), which provides some specialized products, services or staff to projects. For instance, the manager of an engineering group, testing department or procedures development department. Also known as a line manager.


 

Term

Meaning

Gantt Chart

A chart that diagrams the workflow of the process. These are very useful in the planning and scheduling of the projects. This chart can include information such as dates, work activities and the breakdown of the workload. This chart can be used to keep the project team and sponsors informed about the project progress. Gantt Charts may be annotated with dependency relationships and other schedule-related information.

Goal

A desired outcome, often synonymous with objective. May be a high-level objective that has less-than complete definition.


 

Term

Meaning

Hanger

Hanger is a deviation from the desired path; hangers are the result of an oversight of logical relationships.

Historical Information

One of the project management terms referring to the information collected during the scope of the project and used to ensure the project remains on task. Emails, phone calls, documents and agreements could be included in this sort of information.

Human Resource Planning

Human resources are accountable for the manpower and their implementation. You can define the individual roles in human resource planning. You can also observe the relationships between individuals who are related to the project.


 

Term

Meaning

Implementation

May be a stage in the life cycle of a project in which a product is used. Also, a term used as a development synonym.

Incremental Delivery

A project life cycle strategy used by separating projects into more manageable parts to decrease the likelihood of project failure. The resulting sub-projects may deliver parts of the full product, or product versions. These will be improved in later sub-projects to boost functionality or enhance product quality.

In-house Projects

Projects carried out mainly by performers who are part of the same organization as the client. For example, a product developed by a manufacturing company's own Engineering Department is an in-house project. If the same item was created by an external contractor, the project would be externally sourced. Note that depending on the degree to which they are responsible, vendors may be used in in-house projects.

Initiating (Project)

Starting a task, a set of tasks or a project that can assist to propel the project forward to the final outcome.

Issue Log

A full record of all the project issues (continuous and closed), along with the persons responsible for resolving them. The document may also include the status and deadlines for resolving each issue.

Issue Management

The process of resolving, identifying, and tracking issues associated with your projects comes under issue management. Issue management aim is to resolve problems in a timely manner before they become major disasters.

Issue Tracking

Issue tracking is the process of identifying a potential bug or error in the product which is affecting its optimal performance. Sometimes, a professional problem tracking software is in place for efficient issue tracking.

Issue Types

During its life cycle of your project, issue type defines the particular category of an issue you are likely to encounter. The process makes assigning and tracking of issues easy for their timely resolution.

Issue 

A setback that could trigger failure or falling behind the time constraints of the entire project.


 

Term

Meaning

Job Description

Documentation of a project participant's job title, supervisor, job summary, responsibilities, authority and any additional job factors, such as use of resources available.

Job Evaluation

A systematic assessment of job content. It establishes the worth of a job in terms of salary or wage compared to other jobs.

Joint Venture

An enterprise owned and operated by two or more businesses or individuals as a separate entity (not a subsidiary) for the mutual benefit of the members of the group.


 

Term

Meaning

Kick-Off Meeting

A kick-off meeting is generally the first meeting that occurs between the project team and their client. This meeting generally takes place after the basic project details have been finalized, but the primary work on the project has not yet begun. It serves the objective of reviewing project expectations and creating alignment among all the project participants.


 

Term

Meaning

Lag

The amount of time it takes to complete one task; the amount of time between tasks; the amount of time the successor will have to wait to start his or her part of the project.

Late Start

Late start is the latest time a task can start before it causes a delay in the project end date.

Life Cycle 

The predetermined method that the team will use to create and develop the project.

Logical Relationship

A relationship of dependence between two or more tasks or between tasks and milestones, such that one cannot start or finish before you begin or complete another task.


 

Term

Meaning

Management Reserve

A designated amount of time and/or budget to account for parts of the project that cannot be predicted. These are sometimes called "unknown unknowns." For example, major disruptions in the project caused by serious weather conditions, accidents, etc. Use of the management reserve generally requires a baseline change. See Contingency Reserve.

Matrix Organization

A business structure in which people are assigned to both a functional group (departments, disciplines, etc.) and to projects or processes which cut across the organization and require resources from multiple functional groups.

Meeting Agenda

A meeting agenda is simply a list of all the topics that are to be discussed during a meeting. It may include detailed topic descriptions, their sequence, and the expected outcomes of each topic.

Meeting Minutes

Meeting minutes are written notes of whatever is discussed during a meeting. These minutes can be circulated among meeting participants after the meeting to gain valuable insights and take appropriate follow-up actions.

Metrics

Metrics are quantitative measures such as the number of on time projects. They are used in improvement programs to determine if improvement has taken place or to determine if goals and objectives are met.

Milestone

A milestone is a scheduling process that describes the set of related deliverables. These are the significant points in time or an event that mark important moments during the project. This is a best practice for project managers to use a milestone in the project to celebrate something expressive being created. Milestone is one of the components of Gantt chart and you will be able to see them on the project schedules presented as a diamond. These are mainly used for - Starting phase, Ending phase, Fixed dates on plan

Mission Statement

An actionable and accountable statement that summarizes the project as well as the desired output. This is generally a very short statement that is succinct to remind the team members of the optimum desired results.

Multi-Project Schedule

A schedule of all the work (projects, operational activities, etc.) planned for an individual or organization unit. The purpose is to ensure that resources are not overburdened by inadvertently scheduling project or other work without regard to previously scheduled work. The Multi-Project Schedule is also used to determine the impact of slippage in one project on other projects assigned to the same resources.

Murphy's Laws

A set of laws regarding the perverse nature of things. For example: 1. Nothing is as easy as it looks. Everything takes longer than you think. Anything that can go wrong will go wrong. If there is a possibility of several things going wrong, the one that will cause the most damage will be the one to go wrong. Corollary: If there is a worse time for something to go wrong, it will happen then. 2. If anything simply cannot go wrong, it will anyway.


 

Term

Meaning

Near Critical Activity

Activity (or lack thereof) that slows down the project to critical levels.

Net Present Value

The value set forth by the project team and the client that helps to understand the importance of the project and the financial gain as the result of the project.

Network Diagram

A graphic tool for depicting the sequence and relationships between tasks in a project. PERT Diagram, Critical Path Diagram, Arrow Diagram, Precedence Diagram are all forms of network diagrams.


 

Term

Meaning

Objective

An objective is something to be achieved. In project management, the objectives are the desired outcomes of the project or any part of the project, both in terms of concrete deliverables and behavioral outcomes (e.g., improved service, more money, etc.).

Organizational Breakdown Structure (OBS)

Organizational Breakdown Structure (OBS) is defined as the organization of a project in hierarchical depiction. It can rely on work packages to perform all the organizational activities.


 

Term

Meaning

Parametric Estimating

Estimating using an algorithm in which parameters that represent different attributes of the project are used to calculate project effort, cost, and/or duration. Parametric estimating is usually used in top-down Estimating.

Path

The set of steps that the project team decides to follow to reach the end result of output of any given project.

PERT Chart

PERT Chart is used to evaluate the reviews. It is also known as Program Evaluation Review Technique. PERT Chart is used to create, establish, and organize tasks. A precedence diagram, a network chart, and logic diagram can be created in the PERT Chart.

PERT Diagram

A type of network diagram deriving its name from the PERT technique. The term is often used as a synonym for network diagram.

Phase

A grouping of activities in a project that are required to meet a major milestone by providing a significant deliverable, such as a requirements definition or product design document. A project is broken down into a set of phases for control purposes. The phase is usually the highest level of breakdown of a project in the WBS.

Planning

The process of establishing and maintaining the definition of the scope of a project, the way the project will be performed (procedures and tasks), roles and responsibilities and the time and cost estimates.

Post-Project Review

An activity to assess and evaluate the way a project was performed, so as to learn from the experience and continuously improve project performance.

Power

Power is the ability to influence the actions of others. Power may come from formal delegation of authority, reference power, subject matter expertise, the ability to influence rewards and penalties, as well as other sources.

Predecessor Task

A task (or activity) that must be started or finished before another task or milestone can be performed.

Process

A series of steps or actions to accomplish something. A natural series of changes or occurrences.

Product

The project's material outcome. It maybe a service, event or any material object (e.g., a machine, computer system, new drug, building, etc.). The product includes all necessary aspects of the deliverable (e.g., training, documentation, etc.).

Program

A suite of related projects and ongoing operational activities managed as a whole.

Project

An effort to provide a product or service within finite time and cost constraints.

Project Baseline

The document that is used by the project manager to predict the budget of the project and the timeline of the project.

Project Budget

An effort to provide a product or service within finite time and cost constraints.

Project Change Request Form

Formalizes requests from anyone to the project manager. It requires the requestor not only to describe the change, but also to supply a reason why this change is appropriate and needed. Once the requestor has completed the form, the project manager can determine whether the change is indeed necessary, should be rejected, or should be delayed until the completion of the current project.

Project Definition

The document that allows the project manager to move forward on a project.

Project Life Cycle

The full set of activities from the beginning to the end of a project. Generally associated with a set of phases, which are determined based on the major parts of project performance (e.g., requirements definition, design, construction, deployment) and the need for control by the Client organization (checkpoints for Go/No go decision-making).

Project Management

The process of managing a project which requires the application of planning, team-building, communicating, controlling, decision-making and closing skills, principles, tools and techniques.

Project Management Office

Abbreviated to PMO, is a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization.

Project Manager

The person in charge of the project, team and output of the product development phase; this is the person that takes responsibility for all aspects of the project.

Project Phase

A chunking and grouping of tasks that leads to a project milestone or final product or service.

Project Plan

An actionable plan with specific dates and milestones that ensures the project moves smoothly; the exact methodology of the testing of the output.

Project Portfolio Management

Project portfolio management (PPM) involves collective management of a series of projects to achieve organizational goals. It allows the teams to visualize the big picture of all projects and maximize the return on investment.

Project Schedule

The predetermined amount of time that the project will take to complete. This includes major milestones and dates for deliverables.

Project Stakeholder

Any individual that has a direct or indirect interest in a project is known as a project stakeholder. They usually affect, or are affected by the project decisions being taken over the course of project lifecycle. A stakeholder can be anyone from the project team, executives, sponsors, customers, or the end users.

Project Team

The people who work on the development of the project. This can include project managers, who are at the helm of the project, as well as supervisors and other project leads.

Project Timeline

A project timeline outlines the project events in order of their occurrence. It captures exactly what needs to be done over the course of project lifecycle and how it will be done.

Project 

The non-permanent process of the creation of a product or service that will serve as the output.


 

Term

Meaning

Quality Assurance

A set of planned and systematic activities implemented to monitor the project processes in a way that project quality requirements are fulfilled. Quality assurance is done during the project and involves regular quality audits.

Quality Control

Quality control involves the use of standardized practices to evaluate whether the resulting product of a project meets quality expectations or not. The process is conducted after the product has been created to identify any changes that might be required in the quality assurance process.

Quality Planning

Quality planning identifies the expected quality standards that are to be met during the project, and creating systems which ensure these standards are met with effectiveness. In quality planning, it is determined how vigilant a team needs to be when fulfilling the quality standards.

Quality Management Plan

A quality management plan is a detailed plan consisting of stakeholders’ quality expectations, quality assurance, and quality control policies to successfully execute a project. This plan is usually a part of project management plan.


 

Term

Meaning

Ramp Down

Ramp down is the effort required to close or suspend a task. It may consist of filing away information, making notes, clean-up, etc. Ramp down can be significant, depending on the task. For tasks that are suspended the degree of ramp down (e.g., notes and filing away information) performed will reduce the ramp up effort. See Ramp Up.

Ramp Up

Ramp up is the work required to get ready to do a task. It consists of assembling materials, learning about the task (including new tools and techniques) and the time required getting into an optimum work pace. Initial ramp up can be significant, depending on the task. Each time a task is interrupted there is an additional ramp up—getting back to that optimal work pace. See Ramp Down.

Red Flag

A sign that of a setback within the project or something that signifies the project might not succeed.

Relative Date

A date expressed as a number of periods (e.g., days, weeks, or months) from a reference point. For example, two months after the project start date. See Calendar Date.

Reporting

Reporting is an essential part in any project. Reporting is basically a document file in which every information about the project is stored with the development records. At every phase, one should report to the project manager so that every team which involves in the same project can gather.

Request for Proposal

A document that describes a need for products and/or services and the conditions under which they are to be provided. The purpose of the RFP is to solicit bids or proposals from prospective suppliers. Also called a Request for Quote (RFQ).

Requirements

The statement of detailed product objectives that describes the features and functions and performance constraints to be delivered in the product. The requirements provide the basis for accepting the product.

Resource

Any tangible support such as, a person, tool, supply item or facility used in the performance of a project. Human resources are people.

Resource Calendar

A resource calendar indicates all the working and non-working days a specific resource will be available.

Resource Leveling

Resource leveling is the process of adjusting the project schedule in a way that keeps a resource use below a set limit. It ensures that a resource doesn’t have to work overtime. Resource leveling has an impact on project’s critical path.

Responsibility

The obligation to perform or take care of something, usually with the liability to be accountable for loss or failure. Responsibility may be delegated to others but the delegation does not eliminate the responsibility.

Risk

The likelihood of the occurrence of an event. Generally, the event is a negative one like project failure, but may also be a positive event, like the early completion of a task.

Risk Assessment

Part of risk management in which planners identify potential risks and describe them, usually in terms of their symptoms, causes, probability of occurrence and potential impact.

Risk Mitigation

A strategy devised to decrease the probability of adverse effects of a risk is known as risk mitigation. A successful risk mitigation strategy focuses on developing actions that reduce the possible threats to overall project objectives.

Risk Owner

A person responsible for ensuring that a particular risk is managed appropriately is a risk owner. One of core duties of a risk owner is to make sure that the mitigation strategy is implemented effectively. He can also sometimes be involved with performing qualitative and quantitative risk analysis.

Risk Response Development

Part of risk management in which planners identify and define actions to be taken in case a risk (positive or negative) occurs.


 

Term

Meaning

Schedule

The project timeline, identifying the dates (absolute or relative to a start date) that project tasks will be started and completed, resources will be required and upon which milestones will be reached.

Scope

Scope is defined in terms of three dimensions—product, project and impact. Product scope is the full set of features and functions to be provided as a result of the project. Project scope is the work that has to be done to deliver the product. Impact scope is the depth and breadth of involvement by, and effect on, the performing and client organizations.

Scope Change Management

The process of changing the end result; through the use of testing, the scope could change throughout the project. The management of this change is necessary to keep the project in line.

Scope Creep

The unconscious growth of the project scope resulting from uncontrolled changes to requirements.

Scope Planning

Development of a statement of the principle deliverables of a project along with the project's justification (business case) and objectives. Part of requirements definition.

Scrum

Scrum is a popular framework utilized for successfully implementing agile. The framework uses iterative method of delivering projects and is based upon continuous systematic collaboration among team members in between the project cycle.

Specifications

Detailed statements of project deliverables that result from requirements definition and design. Specifications generally describe the deliverables in terms of appearance, operational constraints and quality attributes. Specifications are the basis for acceptance criteria used in scope verification and quality control. In some organizations and industries, specifications may be qualified as requirements specifications and design specifications

Sponsor 

The person or persons who are bankrolling the project. This can be in the form of cash or credit; the financial benefactor.

Sprint

A sprint is a fixed unit of time during which specific tasks has to be completed. Typically, the duration of a sprint is determined by the Scrum master (team’s facilitator). During a sprint, daily stand ups are conducted to monitor the progress towards sprint goals.

Stakeholder

Anybody and everybody with a stake in the project - clients, sponsors, performers, the general public and even the family and friends of direct participants

Statement of Work

SoW stands for the Statement of Work. It describes the method and production of the project. It is basically a tool by which you can directly work with anyone. You just need to enter the description of tasks which is to be done.

Status Reports

Status reports deliver existing info on the project charge, financial plan, possibility, and other pertinent info. It also includes the completed tasks and tasks in future. It also includes a risk list and project duration.

Sub-contractor

A group or individual providing products or services to the project. Commonly, sub-contractors are considered to be vendors.

Sub-task

A breakdown of a task into the work elements that make it up. A task must be broken down into at least two sub-tasks for a meaningful decomposition.

Successor

A task or milestone that is logically linked to one or more predecessor tasks.


 

Term

Meaning

Task

A piece of work requiring effort, resources and having a concrete outcome (a deliverable). A task may be of any size (a project is a very large task).

Task Dependency

A relationship in which a task or milestone relies on other tasks to be performed (completely or partially) before it can be performed. Also referred to as a logical relationship.

Template 

The process of purchasing products and services.

Testing 

The process of testing each product to ensure it meets the criteria set at the beginning of the project. A planned process to ensure the product produces the desired results.

Time Management

When a project is designed and delivered to the team for reference, then it consists of the time duration which every team should follow. It also indicates the method of scheduling and management of time of the project.

Top-down Estimating

Approximating the size (duration and cost) and risk of a project (or phase) by looking at the project as a whole and comparing it to previously performed similar projects.

Transparency 

The list of team members who are assigned to a task or area of the project; this term can also hold team members accountable for tasks.

Triple Constraint

All the projects are brought about under some constraints. Triple constraint is a four components group (time, scope, cost and quality of the product) represented by a triangle with time, scope and cost at corner side and quality at the central theme. There must a balance among all these components as the change in any one will impact the other components.


 

Term

Meaning

UI

User Interface

UB

Undistributed budget.

Uncertainty

All events, both positive and negative whose probabilities are neither 0% nor 100%. Uncertainty is a distinct characteristic of the project environment

Uncontrollable Risks

Those risks to the project which, if occurring, cannot be mitigated in any way by the project manager or his/her team, are listed in the project plan as excluded from the project’s estimated cost and schedule and require the prior direction of the project’s sponsor before any further action can be taken.

Under-allocation

Assigning a resource to work fewer hours than the resource is available.

Unit Cost

Total labor, material, and overhead cost for one unit of production, i.e., one part, one gallon, one pound, etc.

Usage Variance

The difference between the budgeted quantity of materials and the actual quantity used.


 

Term

Meaning

Variance

The difference between estimated cost, duration or effort and the actual result of performance. In addition, can be the difference between the initial or baseline product scope and the actual product delivered.

Vendor

An organization or individuals providing products or services under contract to the client or to the project performance group. Also called outside contractors or sub-contractors.


 

Term

Meaning

Waterfall Methodology

The phases of the project; this could include the initial planning phases, design phases, development and testing phases that lead to the end result of the product

WBS (Work Breakdown Structure)

A hierarchical task list created by decomposing the project based on the breakdown of the product into components and the breakdown of the project process into increasingly detailed tasks. The WBS is depicted as a tree diagram (or hierarchy chart) or as a list in outline form with detailed items subordinated to higher-level items.

Work in Progress (WIP)

At any point during a project, the number of task items a team is currently working on is called work in progress. It indicates the capacity of the team’s workflow in any moment.

Work Package

A task at a low level of the Work Breakdown Structure at which project accounting is performed. Usually a week or so in duration and performed by an individual or small work group.

Workplan 

The complete guide to the flow of the project.