13 Commonly Used Project Management Terms
Being a project manager, you should be aware of certain terms. Read below the 13 basic yet big-picture project management terminologies that you should know to run things smoothly and on schedule. However, some of the terms listed might seem self-explanatory, they worth being on the list as they will be helpful to you while planning your next project. They will help you achieve your goals, keep your team focused and allocate resources efficiently. Check them out below.
- Purpose: Without purpose, it is difficult for teams to expert extra efforts to complete things. Before you start, organize a kick-off meeting to define the goal and what you are trying to achieve.
- Goal: Goals give focus on how to define a roadmap to fulfill the objective. They should be S.M.A.R.T.: Specific, Measurable, Achievable, Relevant and Time-bound.
- Resources: Find the resources required from equipment, people, capital, space, time and everything required to get the job done. Without the correct resources, a project will never be accomplished.
- Capabilities: Team members are the most important resources of all. Go with those who have the potential, experience, skills and will to achieve at the highest level of service.
- Decisions: Be clear about who can take what decision, what requires to be examined by a committee and how quickly decisions are made. If many people are involved in a project, chances of the risk of falling into an analysis paralysis increases. Make sure you have selected the right people to make the best possible decisions at any critical juncture.
- Debates: Analyze any situation from multiple views. Boost your team’s confidence to explore all possibilities, list out the most effective options and then choose the best one. Organize a healthy discussion to explore all sides, so when it comes to select one, you have considered almost factors.
- Target Dates: Time is one of the important factors of a project and your team must achieve its target and complete the project by the scheduled time. If allocated resources are not able to complete the project, you need additional people to achieve the same goal.
- Priorities: Priority is another important factor in the project. You should put priorities under constant review and your team must know how the context changes so that you can adjust the plan accordingly.
- Exploration: Have a look at all the possible options available. Consider the pros and cons, and try to come up with a way that adds the most value to your project.
- Transparency: You should be aware of who is working on what part of the project, and who is or is not able to complete their work on time. Without transparency, the problems get worse and likely to stay hidden. It is important to raise a red flag and start solving the problem at an early stage.
- Accountability: This is different from responsibility and should not be confused with it. Accountability can be shared among the team, but individuals are responsible to finish their own tasks.
- Critical Path: This refers to the longest roadway to achieve the desired result depending on the execution of various processes. Keep identifying the critical path throughout the project life cycle. It may vary depending on the project you're working on.
Red Flag: Create an environment where people are willing to raise issues if they see something wrong. Teams must work together to solve problems and trust each other to give their real opinions.