Understanding the Basic Terms used in the Project Management.

General Project Management Terms

1. Project Plan

A project plan is one of the key formal documents created 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. The project plan also lays the foundation for all kinds
of communication among the stakeholders.

2. Work Breakdown Structure (WBS)

A work breakdown structure comprehensively divides the project deliverables into manageable
sections. This hierarchical organizing of the team’s work helps everyone understand the nature of
work better and execute project goals effectively.

3. Critical Path Method (CPM)

CPM is an algorithm particularly used for scheduling project activities. It is used to determine the
step-by-step sequence of activities, which in turn determines the total time of the project. These
activities must be completed according to this set sequence to achieve the project goals.

4. Project Manager

The person responsible for handling every aspect of a project from the day it starts till it closes is
called a project manager. The responsibilities of a project manager typically entail powerful
planning, smart resource utilization, and managing the scope of the project.

5. 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 the
project lifecycle. A stakeholder can be anyone from the project team, executives, sponsors,
customers, or the end-users.

6. 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.

7. Collaboration

The process of actively involving each team member in project activities is called collaboration.
The whole concept demands the development of an interconnected network through which
individuals exchange information and monitor the project performance.
8. Agile Project Management

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

9. Waterfall Model

Waterfall model is a traditional project management approach to the project lifecycle. The model
works in a similar pattern like a ‘waterfall’. The project development takes place systematically,
from one phase to another in a downward fashion. Each phase has to be completed before moving
on to the next phase and there is no overlapping of the phases, making it difficult to make any
amendments.

10. Project Budget

Project budget is a formally approved document featuring a comprehensive list of financial

resources, including project expenses, required to complete a project.

11. 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 the project lifecycle and how it will be done.

12. Milestone

A milestone represents a major event in a project lifecycle. It is used as a reference point to measure
the progress of a project. Usually represented as diamonds, milestones greatly help with project
scheduling and monitoring.

13. Dependencies

Dependencies specify the relationship between project activities and the order in which they are
to be performed. There are 4 kinds of dependencies:

1. Start-to-start – Predecessor task must start before the Successor can start
2. Finish-to-start – Predecessor must finish before Successor can start
3. Start-to-finish – Predecessor must start before Successor can finish
4. Finish-to-finish – Predecessor must finish before Successor can finish

14. 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 at any moment.
15. Work in Progress Limit

WIP limit restricts the maximum amount of work that can exist in different stages of a workflow.
Limiting work in progress allows teams to identify bottlenecks faster and focus on single work
items better.

16. Bottleneck

A bottleneck is a work stage where the inflow of workload is greater than the capacity of the
system, resulting in hindering the smooth flow of work overtime.

17. Scrum

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

18. 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
standups are conducted to monitor the progress towards sprint goals.

19. Kickoff Meeting

A kickoff meeting is generally the first meeting that occurs between the project team and their
client. This meeting usually occurs after the basic project details have been finalized, but the main
project work has not been started yet. It serves the purpose of reviewing the project expectations
and to create alignment between everyone involved in the project.

20. 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.

21. 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.

22. Stand-up Meeting

A stand-up meeting, also known as the daily Scrum, is a daily short meeting conducted to get an
update from every team member about their work progress. Usually, a stand-up meeting is
conducted at the same time and same place every day.
23. Follow Up

A meeting follow-up includes all the activities that are targeted towards collecting feedback from
the meeting participants after a meeting. Sometimes a dedicated follow-up meeting is conducted
to serve the purpose.

24. Resource Allocation

Resource allocation involves scheduling and assigning resources for a project in the most efficient
way possible. The purpose of resource allocation is to maximize the use of available resources in
a way that supports the project’s end goals.

25. Resource Breakdown Structure

A comprehensive list of resources required to complete a project. This list is usually made
according to the function and resource type, facilitating the planning and control of a project work.

26. 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 the project’s critical path.

27. Resource Availability

Resource availability specifies whether a particular resource is available at a given time or not.

28. Resource Calendar

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

29. Risk Management

In a nutshell, the process of identifying and assessing risks to decrease their negative impact on
project operations is called risk management. During the process, it is made sure that overall
project goals are not affected in any way.

30. Risk Mitigation

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

Risk monitoring and control involve tracking how the risk responses are performing in comparison
with the original risk management plan.

32. Risk Owner

A person responsible for ensuring that a particular risk is managed appropriately is a risk owner.
One of the 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.

33. Issue Management

The comprehensive process of identifying, resolving, and tracking issues associated with your
projects comes under issue management. The purpose of issue management is to timely resolve
the issues before they become big disasters.

34. Issue Tracking

Issue tracking is the process of identifying a possible bug or error in the product which is affecting
its optimal performance. Most of the time, a professional issue tracking software is kept in place
for efficient issue tracking.

35. Issue Log

A complete record of all the project issues (ongoing and closed), along with the persons responsible
for resolving them is included in an issue log. The document may also include each issue’s status
and resolution deadlines.

36. Issue Types

Issue type defines the particular category of an issue your project is likely to encounter during its
lifecycle. The process makes assigning and tracking issues easy for their timely resolution.

37. 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.

38. Quality Assurance

Quality Assurance is 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.
39. 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.

40. 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 the project management plan.

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41. Project Charter
The project charter is a high-level initiation document that consists of only a few pages. It lists the
project objectives, scope, vision, team, and their responsibilities and stakeholders. A project plan,
on the other hand, is a detailed document that describes how to accomplish the project objectives.

What Is a Project Charter in Project Management?

A project charter is a formal, typically short document that describes your project in its entirety
including what the objectives are, how it will be carried out, and who the stakeholders are. It is a
crucial ingredient in planning the project because it is used throughout the project lifecycle.

A charter overview

The project charter typically documents:

 Reasons for the project
 Objectives and constraints of the project
 The main stakeholders
 Risks identified
 Benefits of the project
 General overview of the budget

How to create a project charter

o Understand project goals and objectives: Identify the project vision and determine
the scope of the project

o Define project organization: List all of the essential roles for the project, including
customers, stakeholders, and the day-to-day project team
 o Create an implementation plan: Outline major milestones, dependencies, and the
timeline for the entire team and stakeholders

o List potential problem areas: This isn’t about being a downer, and more instead about
being realistic. Adding potential risks and issues to the project charter helps everyone
think ahead and even prevents potential roadblocks.

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Scope Management Plan and Collect Requirement Process

Collect Requirements is the process of determining, documenting, and managing stakeholder

needs and requirements to meet project objectives. The key benefit of this process is that it provides
the basis for defining and managing the project scope including product scope.

A scope management plan will map out the project and will help the project remain or stay close
to the originally set out scope. This will ensure proper use of resources, so the project is finished
on time, within budget, and to the quality expected from stakeholders.

The project's success is directly influenced by active stakeholder involvement in the discovery and
decomposition.

The inputs, tools and techniques, and outputs of this process are depicted in Figure 5-4. Figure 5-
5 depicts the data flow diagram of the process.
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A project scope statement

A project scope statement provides a detailed description of the work that must be done to deliver
the output of a project on time and within the allotted budget. ... “You need to understand the
structure in which the project will be carried out and consider internal and external factors.

Create WBS: is the process of subdividing project deliverables and project work into smaller,
more manageable components. The key benefit of this process is that it provides a structured vision
of what has to be delivered.
What is a Software Requirements Document?

A software requirements document (also known as software requirements specifications) is a

document that describes the intended use-case, features, and challenges of a software application.
These documents are created before the project has started development in order to get every
stakeholder on the same page regarding the software’s functionality.

Why a Software Requirements Document is Important?

Software requirement documents provide an important map of the product being built, the features
that will be included, and much more. This roadmap helps to keep the technical and non-technical
team on the same wavelength as to what the expectations are. It helps to ensure that the product is
built meeting the needs whether it’s for internal purposes, for users or clients.

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