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, processes 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.
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. The budget can also outline the complete cost projections 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.
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 Method (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.
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 conversation 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.
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.
Epic
Epic can be described as a large piece of work that has one common objective. It could be a feature, customer request or business requirement. In backlog, it is a placeholder with few lines of description for a required feature. In User Stories, these details are defined.
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 Complete
Estimate to Complete 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.
Estimate at Completion
Estimate at completion (EAC) is the forecasted cost of an activity or a project. EAC is calculated by adding the actual cost (AC) to the estimate to complete (ETC).
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.
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.
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)
The process of deciding and describing to begin a project (or phase) and authorizing the Project Manager to expend resources, effort and money for the initiated ones.
Initiation
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.
Management Reserve
A specified amount of time and/or budget to account for unpredictable parts of the project. These are sometimes called "unknown unknowns." For instance, major disruptions in the project caused by accidents, serious weather conditions, etc. Use of the management reserve generally requires a baseline change.
Matrix Organization
Matrix organization is a business structure where individuals 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 for a conference is merely a list of all the subjects to be discussed during a conference. It may include thorough descriptions of the topic, its sequence, and the anticipated results of each topic.
Meeting Minutes
Meeting minutes are written notes about anything that will be discussed during a meeting. After the conference, these minutes can be distributed among the attendees to obtain useful ideas and take suitable follow-up measures.
Metrics
Metrics are quantitative measures like the number of on time projects. They are used in programs to improve or determine whether there has been improvement or to determine whether objectives and goals are being met.
Milestone
A milestone is a date or event that acts as a goal within the project. Milestones are put into place to ensure the project runs smoothly and stays on track. It 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. A milestone is an event; it has no duration or effort. It must be preceded by one or more tasks.
Mission Statement
An actionable and accountable statement that summarizes the project and the required production. Generally speaking, this is a very brief declaration that is succinct to remind team members of the optimum desired results.
Multi-Project Schedule
A schedule of all the work planned for an individual or organization unit. The aim is to ensure that resources are not overburdened by accidentally delaying project schedules or other work without regard to previously scheduled work.
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.
Parametric Estimating
Estimating using an algorithm to calculate project effort, cost, and/or duration using parameters that represent distinct project characteristics. In top-down estimating, parametric estimation is generally used.
Path
The set of steps to be followed by the project team to achieve the end outcome of any specified project output.
PERT Chart
PERT Chart is used to evaluate the reviews. A type of project diagram. This type of chart diagrams the networks that will evaluate the processes and procedures used by the project management team. 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 a logic diagram can be created in the PERT Chart.
PERT—Program Evaluation and Review Technique
PERT is a scheduling technique using dependency analysis and critical path to determine the duration of a project and slack to determine the priorities of tasks.
PERT Diagram
A PERT Diagram is a type of network diagram deriving its name from the PERT technique. The term is often used as a synonym for network diagram.
PERT Estimate
The calculation of time and costs is known as the PERT estimate. It is actually an accurate estimating technique. “Pessimistic plus the optimistic, plus four times the most likely, divided by six.” is the main formula used in PERT. PERT Estimate uses a prejudiced middling to expect the longevity of a task.
Phase
Phase is a grouping of project activities that are required to meet a major milestone by providing a significant deliverable, such as product design document or requirements. A project is broken down into a set of phases for control purposes. Usually the phase is the highest level of breakdown of a project in the WBS.
Planning
Planning is 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 evaluate and assess the way a project was carried out, in order 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, subject matter expertise, reference power, 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 accomplished.
PRINCE2
PRINCE2 relates to Controlled Environment Projects – version 2. It is a formal approach to the project that offers tasks such as planning, monitoring and controlling. It encourages individuals or teams to attain their goals timely. It also takes care of budget. In the UK and Europe it is also termed as a certification for project managers.
Process
A series of steps or actions to accomplish something. A natural series of occurrences or changes.
Product
The material result of the project. It maybe a service, event or any material object (e.g., a building, machine, new drug, computer system, etc.). The product includes all necessary aspects of the deliverable (e.g., documentation, training, etc.).
Product Life Cycle
The time from a product being delivered until the item has been withdrawn from use or sale. During the product life cycle, there may be many projects.
Program
A suite of related projects and ongoing operational activities managed as a whole.
Project
Project is 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 forecast the project's budget and schedule.
Project Budget
A formally approved document featuring an extensive list of financial resources, including project expenses, required to complete a project.
Project Change Request Form
A formal request from anyone given to the project manager. It needs the applicant not only to define the change, but also to provide a reason why it is suitable and necessary. Once the requester has finished the form, the project manager can determine whether the change is actually essential, should be denied or postponed until the present project is finished.
Project Definition
Project Definition allows the project manager to move forward on a project with this document.
Project Life Cycle
The full set of activities from the beginning to the end of a project. The project life cycle is among some important project management terms you should know. It includes project planning, design, analysis, implementation, and budget. A project life cycle can have many models but each model represents a single phase to build the deliverable of the project. A project life cycle consists of initiating the project, it’s planning, monitoring and controlling, executing, and closing.
Project Management
The process of managing a project which requires the application of planning, team-building, controlling, communicating, decision-making and closing skills, principles, tools and techniques.
Project Management and Knowledge Area
There are a few key points in an application: information, tools, services, and methods. The Project Management Institute (PMI) defines these applications. Project Management also achieves the expectations of stakeholders. There is an area defined for project management for the knowledge requirements.
Project Management Body of Knowledge (PMBOK)
Project Management Body of Knowledge (PMBOK) is one of the most popular project management terms among project managers. Project Management Body of Knowledge (PMBOK) is a guide that concludes terms, strategies, best practices and procedures. This guide is a standard guide provided by The International Organization for Standardization and followed by the industry.
Project Management Office
Project Management Office is a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization. It is most commonly abbreviated to PMO.
Project Management Professional (PMP)
Project Management Professional (PMP) indicates to an individual who is an expert professional. He/She is a certified project manager who is responsible for all the activities, elements, strategies etc. The category of certified project manager includes all the associate and professional level candidates.
Project Manager
Project Manager is 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. The single point of accountability for a project. The responsibilities of a project manager typically entail powerful planning, smart resource utilization, and managing the scope of the project. There are various occupations like healthcare, information technology, architecture and others that requires Project Managers.
Project Phase
A chunking and grouping of tasks that leads to the milestone of a project or the final product or service.
Project Plan
One of the main official documents produced before starting any project. The document usually consists of approved cost, schedule, and project scope. It guides the execution of a project from initiation to project closure.
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 programs and projects and maximize the return on investment.
Project Schedule
The amount of time that the project will take to complete. This includes major milestones and dates for deliverable.
Project Stakeholder
Any individual that has a direct or indirect interest in a project is regarded 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, customers, sponsors, or the end users.
Project Team
The individuals who are working on the development of the project. This may include project managers, who are at the project's helm, as well as supervisors and other project leads.
Project Timeline
Project timeline outlines the project events in order of their occurrence. It captures exactly what needs to be done and how it will be done during the life cycle of the project.
RACI Chart
A RACI chart is defined as a matrix in which all the important actions that occur in a project can be obtained. You can also assign accountability to anyone in the matrix and at each intersection.
Ramp Down
The effort needed to complete or suspend a task is to ramp down. It may consist of filing away information, making notes, clean-up, etc. Depending on the task, ramping down can be important. For tasks that are suspended the degree of ramp down (e.g., notes and filing away information) performed will reduce the ramp up effort.
Ramp Up
The work required to get ready to do a task. It comprises of assembling materials, learning about the task (including new tools and techniques) and the time required getting into an optimum work pace. Depending on the task, initial ramp up may be important. There is an extra ramp up every time a task is interrupted—getting back to that optimal work pace.
Red Flag
Red Flag is a sign that a setback within the project or something that signifies the project might not succeed.
Relative Date
A date expressed from a reference point as a amount of intervals (e.g. days, weeks, or months). For instance, three months after the project start date.
Reporting
Reporting in any project is an important component. Reporting is basically a document file where the development documents store all data about the project. One should report to the project manager at each stage so that any team involved in the same project can get together.
Request for Proposal (RFP)
The formal document that is put forth by the client that initiates the project's initial planning and budget assessment. The purpose of the RFP is to solicit bids or proposals from prospective suppliers.
Request for Quotation
The formal document that is put forth by the client that initiates the project's initial planning and budget assessment. The purpose of the RFP is to solicit bids or proposals from prospective suppliers.
Requirements
The predetermined list of the product objectives that describes the features, 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 an individual, tool, supply item or facility used in a project's performance.
Resource Allocation
Resource allocation includes scheduling and assigning of resources for a project in the most efficient way possible. The aim of resource allocation is to maximize the use of available resources to support the end objectives of the project.
Resource Availability
The availability of resources indicates whether or not a specific resource is available at a specified moment.
Resource Breakdown Structure
An extensive list of resources required to complete a project. Usually this list is made according to the type of function and resource, making it easier to plan and regulate project work.
Resource Calendar
Resource calendar indicates all the working and non-working days a specific resource will be available. It is particularly used to calculate the holidays.
Resource Dependency
Resource Dependency is a dependence between tasks in which the tasks share the same resources and can not therefore be worked on at the same time. Resource dependent tasks can be planned simultaneously but are limited by the availability of the shared resources.
Resource Leveling
Resource leveling is the process of adjusting the project schedule in a way that keeps a resource use below a set limit (e.g., limited availability of resources or difficult-to-manage resource levels). Among the scheduling objectives, is to ensure that resources are not overburdened (don’t schedule more resources for a period than are available) and that (as much as possible) there are not significant peaks and valleys in the resource schedule.
Resource Loading
The process of assigning resources to a project (people, facilities and equipment), generally by activity.
Responsibility
The duty to execute 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.
Responsibility Assignment Matrix (RAM)
Responsibility Assignment Matrix (RAM) is a tool used to relate each project activity in the WBS with a responsible organization unit or individual. Its aim is to guarantee that each activity is allocated to one or more individuals (only one with primary responsibility) and that the individuals are aware of their responsibilities.
Risk
The likelihood of the occurrence of an event. The event is generally an adverse event like project failure, but it can also be a beneficial event like the early completion of a task.
Risk Assessment
Determining whether or not the end outcome will be successful before the project's initiation phase; predicting whether the product will be successful.
Risk Event
An event that changes the project for better or worse; an event that re-evaluates the project and redefines the scope for the team and management.
Risk Management
In every project, you can have some risks. To reduce risks, there are few methods where you can manage risks. During the process, it is to make sure that overall project goals are not affected in any way.
Risk Mitigation
At the beginning of the project, it is important to know the risk that surrounds the project because you can change your plan or can choose some other option to avoid the risk occurrence. Risk Mitigation is 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 Monitoring and Control
Compared to the initial risk management plan, risk monitoring and control includes tracking how the risk responses are performing.
Risk Owner
An individual responsible for ensuring that a particular risk is managed appropriately is a risk owner. One of a risk owner's key responsibilities 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
Risk Response is an action that can be taken to address the occurrence of a risk event. Contingency plans are risk response collections.
Risk Response Control
Responding to risk event occurrences throughout the life cycle of the project. Taking corrective action is an aspect of risk response control.
Risk Response Development
Part of risk management in which planners identify and define measures to be taken in the event of a risk occurring (positive or negative).
Schedule
The timeline of the project, identifying the dates (absolute or relative to a start date) for starting and completing project tasks, requiring resources and reaching milestones.
Schedule Variance
The difference (more or less) between the scheduled time and the actual time of the project.
Scope
Scope is described as three-dimensional — product, project, and impact. Product scope is the complete set of features and functions to be provided as a result of the project. The scope of the project is the work to be accomplished in order to deliver the product. Impact scope is the depth and breadth of involvement by, and effect on, the performing and client organizations.
Scope Change
Scope Change refers to any change in the definition of the project scope. Changes in scope can result from changes in client needs, discovery of defects or omissions, regulatory changes, etc.
Scope Change Control
The process of ensuring that all modifications to the scope of the project are consciously evaluated and their implications to the project plan are considered in making a decision change, postpone or reject any or all modifications.
Scope Change Management
The process of altering the end result; through the use of testing, the scope could change throughout the project. To maintain that the project is in line, it is essential to manage this shift.
Scope Creep
Scope Creep is the unconscious growth of the project scope resulting from uncontrolled changes to requirements.
Scope Definition
Divide the significant results of the project into smaller, more manageable parts to make it simpler to verify, develop and regulate the project. This may be part of requirements definition and/or design.
Scope Planning
Scope planning is the development of a statement of the project's main achievements along with the justification of the project (business case) and objectives. Part of the definition of demands.
Scope Verification
PMI's PMBOK Guide defines this as the method to guarantee the successful completion of all project deliverables. It is associated with acceptance of the product by clients and sponsors.
Scrum
Scrum basically follows Rugby stint in which teams use short sprints. Short Sprints are useful for delivering a steady progress in a strong leadership. The leader in Short sprints is referred as Scrum Master. 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.
Sequencing Tasks
A part of the planning system where the tasks are placed serially or parallel to each other based on dependencies between them. The result of sequencing is a task network.
Six Sigma
Six Sigma is the term referring to the ethics of the collection of data, analysis of data and high standards of output.
Specifications
Detailed statements of project deliverable that result from requirements definition and design. In terms of appearance, operational limitations and quality attributes, the specifications usually define the results. Specifications are the foundation for acceptance criteria used in quality control and scope verification. In some organizations and industries, specifications may be qualified as requirements specifications and design specifications.
Spiral Development Approach
A project life cycle strategy in which prototypes and models are used early in project life to define requirements and design the product. Commonly used when the product being created is new (as in Research & Development and e-commerce) and the clients do not have specific knowledge of their requirements and design attributes.
Sponsor
The individual or individuals who bankroll the project. This can be in the form of cash or credit; the financial benefactor.
Sprint
A sprint is a set time during which specific tasks have to be completed. Typically, the Scrum master (team facilitator) determines the length of a sprint. Daily stand-ups are performed during a sprint to monitor progress towards sprint goals.
Stakeholder
Anybody and everybody with a stake in the project - clients, sponsors, the general public and even the family and friends of direct participants can be considered stakeholders. Stakeholders are the people engaged in and influenced by the project. Some of the stakeholders cover every section of the organization whether some have limited scope. Some of them are outsiders as government bodies. They must be informed about the necessary information. To deliver a product on the basis of customer’s demand is not enough for the success of a project. Projects must meet all the expectation of stakeholder.
Stand-up Meeting
A stand-up meeting, also known as the daily Scrum, is a short daily meeting to get an update from each member of the team on their progress in their work. A stand-up meeting is usually held on a daily basis at the same time and location.
Statement of Work (SOW)
SoW stands for the Statement of Work. It is a description of the scope of a project centered on the major deliverables and constraints.
Status Reports
Status reports provide current information on project charges, financial plan, possibilities, and other relevant information. It also includes the completed tasks and tasks in future. It also includes a risk list and project duration.
Steering Committee
The Steering Committee are customers or stakeholders with a monetary interest invested in the project; this committee may alter the course of the project.
Straw Man
A tentative solution or decision placed forth as a detailed critical analysis for a point of reference.
Sub-contractor
A group or individual providing products or services to the project. Commonly, sub-contractors are considered to be vendors.
Subject Matter Expert (SME)
Subject Matter Expert (SME) is an expert in some aspect of the project's content expected to provide input to the project team regarding business, scientific, engineering or other subjects. Input may be in the form of requirements, planning, resolutions to issues and/or review of project results.
Sub-task
A Sub-task is a breakdown of a task into the work elements that make it up. For meaningful decomposition, a task must be broken down into at least two sub-tasks.
Successor
A Successor is a task or milestone that is logically linked to one or more predecessor tasks.
SWOT Analysis
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. A SWOT analysis should be performed before starting a project so you can have all the required project terms and you can calculate the key terms. The SWOT analysis refers to the planning by which you calculate these terms.
Task
A Task is a piece of work that requires effort, resources and a concrete outcome (a deliverable) . A task can be of any size (a project is a very large task). Sometimes the term is used to denote a piece of work at a particular level in a Work Breakdown Structure (WBS) hierarchy e.g., a phase is broken into a set of activities, and an activity into a set of tasks. Except for this hierarchical usage, activity is synonymous with task.
Task Dependency
Task Dependency is a relationship in which a task or milestone relies on other tasks to be performed (completely or partially) before it can be performed. Also known as a logical relationship.
Template
A form or document outlining the structure for the data collected within the project. These documents are generally compiled throughout previous projects.
Testing
The testing of each product to guarantee that it meets the criteria set at the beginning of the project. A scheduled process to guarantee that the product produces the desired results.
Theme
Themes are an organizational tool that enables you to identify backlog items, epics, and initiatives in order to recognize what work contributes to what organisational objectives.
Three-Point Estimation
A method or process by which you can take reviews or cases. Known Three Point Estimations are best-case, worst-case, and most likely case. It enables enterprises to generate accuracy, calculate estimation, and average.
Time Management
When designing and delivering a project to the team for reference, it comprises of the time period that should be followed by each team. It also indicates the method of scheduling and management of time of the project. It also involves the project manager, management and all the individuals who are responsible for the project. It helps calculate the effectiveness of the team.
Top-down Estimating
Approximating the size (duration and cost) and risk of a project (or phase) by looking at and comparing the project as a whole with similar projects previously undertaken. The comparison can be made directly using "analogous estimating," through an algorithm as in "parametric estimating", or from the memory of estimating experts.
Total Cost of Ownership
Total Cost of Ownership is the value of the acquisition or added value to an asset as the result of the end result of the project.
Transparency
The list of team members who are assigned to a task or area of the project; this term can also hold team members responsible for tasks.
Triple Constraint
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. All these components must be balanced as the change in any one will impact the other components.
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.
Undistributed Budget (UB)
Undistributed Budget (UB) is described as a budget that applies to particular project efforts but has not yet been distributed below the project level either directly to Control Accounts or Summary Level Planning Packages.
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.
User Interface (UI)
A user interface, sometimes referred to as a human-computer interface, includes both parts of hardware and software. It handles the user's interaction with the system.
User Stories
The user story is often written from the end user's perspective. These user stories are assembled on index cards, Post-It notes or in project management software. The authors may be stakeholders, clients, managers or the development team.
Waterfall Methodology
Waterfall Methodology are 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.
Waterfall Model
Waterfall model is a traditional project management approach to project lifecycle. The model works in a similar pattern like a ‘waterfall’. In Waterfall Model, there are various phases which need to be followed from sequentially one phase to the next. Waterfall Model is a traditional project management procedure in which sequential development process is followed. Also in this model, development actually moves in a downward direction. It also consists of few phases like initiation, analysis, design, build, test, and maintenance.
Work Breakdown Structure (WBS)
A Work Breakdown Structure (WBS) is hierarchical, dividing the work into manageable clods so that each level of WBS can easily be understood by the project team. Project team creates WBS by analyzing major deliverable and then dividing them into sub-deliverable. This dividing process is continued until it is allocated to a single person.
Work Around
Impromptu plan followed by a risk event. The work around is not a originally planned strategy, but an improvised plan that follows the risk event.
Work in Progress (WIP)
Work in Progress (WIP) is the number of task items a team is currently working on at any point during a project. It indicates the capacity of the team’s workflow at any time.
Work in Progress Limit
Work in Progress limit restricts the maximum amount of work that may occur at various stages of a workflow. Limiting work in progress enables teams to identify bottlenecks faster and focus on single work items better.
Work Package
Work Package is a task at a low level of the Work Breakdown Structure at which project accounting is performed. Usually in the duration of a week or so and performed by an individual or small work group.
Workplan
The complete guide to the flow of the project. The aim of the project work plan is to promote efficiently, systematized and completion of the project according to budget, schedule, and requirements. It presents all the tasks involved in a project, who is responsible for each task and when these tasks will be completed. It includes the job scope, work product definition, task sequencing, budget, schedule etc.
