MANAGEMENT CONCEPTS

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 the 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 until 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
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. 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.

8. 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 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

9.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.

10. 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.

11. 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.

12. Stand-up Meeting

A stand-up meeting 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.

13.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.

14. Resource Allocation

Resource allocation involves scheduling and assigning of 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.

15. 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.

16. 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 project's critical path.

17. Resource Availability

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

18. Resource Calendar

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

19. Quality Planning

Quality planning identifies the expected quality standards that are to be met during the project,
and creating systems which ensures these standards are met with effectiveness. In quality
planning, it is determined how vigilant a team needs to be when fulfilling the quality standards.

20. Quality Assurance

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.

21. 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.

22. 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.

23. 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, management and all the
key personnels who are responsible for the project. It helps to calculate the team efficiency.

24. 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.

25. 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 involves in the same project can
gather.