project management terminologies - Invensis learning

The project management profession which is the most sought-after profession in the whole world has a huge knowledge base. In fact, there are multiple project management methodologies that enterprises rely on to complete projects in a successful manner. In this article, we will go through top project management terminologies that every project manager or aspiring project manager must know.

Top 15 Project Management Terminologies

These project management terminologies not only make a structured and decisive approach towards project management but also makes it easier for any professional in the project management domain to be on the same page as everyone else. let’s take a look at the top project management terminologies.

project management terminologies - Invensis learning

1. Objective:

If the project objective is not defined properly, then it becomes difficult for project team members to align themselves to the project. During the project kick-off meeting define the metrics and show them what is that they have to achieve.

2. Deliverable:

The end picture often known as a ‘deliverable’ is a tangible outcome that is produced by the project. The project creates internal or external deliverables which is produced as a consequence of executing the project.

3. Goals:

Project goals provide you with the focus required to develop a roadmap to fulfill the project objective. The goals should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound).

4. Resources:

Get your project resources on board in the form of people, capital, tools, space, time, etc. Without proper resource allocation, the successful completion of projects is a difficult prospect.

5. Project Team:

Your project team is the most important resource of all. Select your team based on their individual capabilities with regards to skills and experience to achieve at the highest level.

6. Decisions:

There should be transparency about decision-making in a project. Be clear about who can take what decisions which need to be vetted by the project committee to take quick decisions.

7. Debates:

Analyze a situation from different angles and encourage your project team to find multiple solutions and choose the best. Initiate a healthy debate to explore new opportunities and to make an informed decision.

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8. Deadline:

Time is one of the most critical resources in your project, your team should adhere to the project deadlines to complete. If time is wasted it will eat up more resources to complete the same amount of work.

9. Explore:

Explore new avenues and every option available. Understand the advantages and disadvantages, and come up with the best possible project plan that adds the most value for both customer and the enterprise.

10. Constraints:

Constraints are something that is outside the control of the project and needs to be managed effectively. Resource constraints may arise in the middle of the project when the dates/timelines get stretched.

11. Priorities:

Priorities get changed time and again. So list the priorities and inform your team of the change in context and everybody can adjust according to the new project plan.

12. Milestones:

Milestones are related to schedules that signify the completion of a major project deliverable. In fact, it is used as a project checkpoint to validate how the project is progressing.

13. Red Flags:

Enterprise should create an environment where employees raise issues if there is something wrong with the project. Project teams should come together to solve problems and give their real and unbiased opinions.

14. Accountability:

In the end, protecting team members who are accountable for their work is what gets the project completed. Teams can share their workload, but individuals in a project team are responsible for getting their tasks completed.

15. Critical Path:

The term critical path refers to the longest duration path through the work plan. If an activity gets delayed in the critical path by a couple of days, the entire project gets delayed by a couple of days. So make sure you identify the critical path throughout the project lifecycle.

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Conclusion

Project Management is the most sought-out profession which also sums up the surge in project management roles in the job market for the last decade. But, to stand out in the ecosystem where more than 1 million PMP certified professionals have proved their mettle, one needs to be proactive in their approach. Enroll in Invensis Learning’s PMP certification training to embark on a journey of great success in the Project Management Domain.

Know more about Service Management best practices through Invensis Learning’s Project Management certification training on PMP, CAPM, PRINCE2 Certification, etc.

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Lucy Brown has many years of experience in the project management domain and has helped many organizations across the Asia Pacific region. Her excellent coordinating capabilities, both inside and outside the organization, ensures that all projects are completed on time, adhering to clients' requirements. She possesses extensive expertise in developing project scope, objectives, and coordinating efforts with other teams in completing a project. As a project management practitioner, she also possesses domain proficiency in Project Management best practices in PMP and Change Management. Lucy is involved in creating a robust project plan and keep tabs on the project throughout its lifecycle. She provides unmatched value and customized services to clients and has helped them to achieve tremendous ROI.

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