Essential Project Management Terms

Project management is a set of important skills for most of the careers. It is the
application of processes, knowledge, skills, and experience to reach the project
goal. Main components of project management are:

● Outlining the basis why a project is essential.

● Determining the project requirements, the standard of deliverables, resource allocation, timescales
etc.

● Controlling risks, issues, changes in project and managing project budget as planned

● Providing communication with project team and stakeholders

● The closing of the project in a controlled manner at the proper time.

Every course has its own glossary, and hence project management is not an exemption. Project Management glossary contains a
number of project management terms that will help the project team to standardize the project’s startup process. These project
management terms are the popular project management buzzwords. Learn them, practice them, become comfortable using them -

● 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

● Stakeholder
Stakeholders are very important in project management, thus stakeholder is one of the project management terms you should
know. 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.

● Baseline
The baseline is one of the most popular project management terms among project managers. A baseline is used to measure the
performance of the project. There are three baselines in project management. These are –

Schedule baseline
Cost baseline
Scope baseline

The combination of these three is considered as complete performance measurement baseline.

● Project Life Cycle
The project life cycle is among some important project management terms you should know. It includes project planning,
analysis, design, implementation, and budget. A project life cycle can have many models but each model represents a single
phase to build the deliverables of the project. A project life cycle consists of initiating the project, it’s planning, monitoring and
controlling, executing, and closing.

● Gantt Chart
Gantt chart is a bar chart that displays the scheduled information graphically. These are very useful in the planning and
scheduling of the projects. It is also helpful in managing the relationship between tasks. This chart can be used to keep the
project team and sponsors informed about the project progress. Using the Gantt chart, one will be able to see what is achieved
by a certain date and, if the project is behind the schedule then an action can be taken to bring it on track.

● 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. And, risk mitigation is that project management term which
identifies the risk. It is a risk reaction devising technique associated with menace to the project. If risks are not identified then it
can cause a failed project by taking so much time as you are not prepared for that. So, this risk mitigation, risk identifying term
is of much use as this idea reduces the possibility of occurring risk and also reduces the imprint of risk on the project.

● Agile
Agile is an approach particularly used for product and project management. Sprints are used in terms of short bursts of work
typically in an iterative way to deliver software projects. Agile was initially developed for Engineering and Information
Technology projects. But with the continuous innovation, marketing industry is also currently using it successfully. Agile’s
approach is making its mark rapidly because it gives a flexible working style. It comes under the most popular project
management terms.

● Brainstorming
Before executing or designing a project, a complete SWOT analysis should have to be performed by teams involving in the
same project. The technique used to calculate solutions, risks etc. by professionals is known as Brainstorming. It is basically an
analysis method.

● Business Plan
Business Plan is termed as a doc file which evidently describes about the project goals. It includes the business goals and their
strategies to achieve them. Business Plan also concludes contextual info.

● Contingency Plan
Contingency plan refers to the second plan if your plan A doesn’t work. It includes the situations which may or may not occur in
future. Contingency plan provides solutions to exceptional risks. These risks have disastrous concerns. Thus it also includes
 the risks management. Contingency Plans are often designed by officials who are in businesses or Governments. It is
sometimes referred to an alternative action.

● Cost Estimation
Cost estimation is one of the most popular project management terms among project managers. Cost is the factor which is the
most important for any business. It can impact profit and time duration of the project. So, cost estimating is the key method
which is used to calculate the entire project cost.

● Deliverable
For every task or project, 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 referred to as a perceptible or imperceptible objective which is the most
important for a successful project. A document, A Report, End Product or Project Block are the best examples of Deliverables.
It can be categorized in terms of Software, Hardware and design documents.

● Feasibility Study
Feasibility Study is among the most popular project management terms. It is defined as the process of assessment of a
designed plan. It consists of activities like market research, polls, detailed project study etc.

● Human Resource Planning

Human resources are responsible for the manpower and their deployment. In human resource planning, you can identify the
individual roles. Also, you can observe the relationships between individuals who are related to the project.

● Project Manager
Project Manager is an individual who is responsible for a project . He/She is responsible for aspects like execution, planning,
and closure of a project. There are various occupations like healthcare, information technology, architecture and others that
require Project Managers. No doubt, project managers are worth to be included in the list of top project management terms.

● Scrum
Scrum is an important approach in Agile. It is used for delivering software products with an iterative incremental process.
Scrum basically follows Rugby stint in which teams use short sprints. Short Sprints are useful for delivering steady progress in
a strong leadership. The leader in Short sprints is referred to as Scrum Master.
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● Quality, Quality Assurance, and Quality Control
Quality is an interpretation which defines superiority and inferiority of things. Quality gives products’ sustainability,
maintainability, and reliability. It also pre-decides the requirements which inherits characteristics. Quality Assurance refers to
the approach which includes prevention of errors. It maintains the preferred level of the quality. Quality Control refers to the
procedures which certify that the product defines the necessary goals.
● Risk Management
In every project, you can have some risks. To reduce risks, there are few methods where you can manage risks. Also you can
write down the potential risks occurred in the project and through the management tools, you can reduce them easily. Risk
management is worth to be included in the list of top project management terms.

● 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 is
involved in the same project can gather.

● 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.

● SWOT Analysis
If you are in project management, ​SWOT analysis is among the project management terms you should know. SWOT stands for
Strengths, Weaknesses, Opportunities and Threats. Before starting a project, there should be a SWOT analysis so that you can
have all the required terms of the project and you can calculate the key terms. The SWOT analysis refers to the planning by
which you calculate these terms.

● 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. It also involves the project
manager,

● Waterfall Model

In the 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 a 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. The agile model is preferred over the waterfall model now-a-days, but the waterfall model is
always there in project management terms cheat sheet.

Final Thoughts

To deliver a project successfully, it is important to start the project with proper identification and pre-defined goals. For this, it is
required to know and understand the project management terms. This article is the project management terms cheat sheet for
those who are not familiar with the project management. Here, we have covered all the project management terms that you should
know. So, give a good start to your project management career by reading these important project management terms.