BASIC TERMS IN PROJECT MANAGEMENT:

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Definitions, and add an example from practice, google, book

Project:

: - A temporary venture to produce a new and unique deliverable or a series of tasks that need to be
completed to reach a specific outcome.

Example: - New payroll system, building a new car, web development, software development, mobile
app development.

Project Plans: PC-1

PC-1 is known as a planning tool for the development and execution of any projects. It is a formal
document.

Project Screening

A Project Screening is a preliminary assessment or examination of the project suitability for the selection
and application process or development methodology that evaluates or investigates many project
candidates.

Project Management Unit / PMO .

A project management unit / PMO is a group or department that defines, maintains and ensures project
management standards across an organization. A PMU/PMO can either be internal or external. Provides
administrative support for the project management team and standardizes the project-related
management processes.

Project Scheduling

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Project scheduling or project planning in project management are the listings of milestones, activities,
and deliverables with start and finish dates of the project. Project scheduling represents the conversion
of project goals into an achievable methodology for their completion

Baseline project:

A baseline in project management is a clearly defined starting point for your project plan. It is a fixed
reference point to measure and compare your project's progress against.

Project constraints:

Project constraints are limiting factors for your project that can impact quality, delivery, and overall
project success.

Multiple Projects:

When there are more than one projects, it is called multiple projects.

Work Break down Structures:

Work breakdown structure (WBS) in project management is a method for completing a complex, multi-
step project. It's a way to divide and conquer large projects to get things done faster and more
efficiently. The goal of a WBS is to make a large project more manageable. Breaking it down into smaller
chunks means work can be done simultaneously by different team members, leading to better team
productivity and easier project management.

Organizational break down structure

OBS is a hierarchical model describing the established organizational framework for project planning,
resource management, time and expense tracking, cost allocation, revenue/profit reporting, and work
management.

Milestones

A milestone is a specific point within a project's life cycle used to measure the progress toward the
ultimate goal. It is a way to observe, measure and monitor the progress and/or performance of a
project.

Quadruple constraint

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Quadruple Constraint consists of SCOPE, SCHEDULE, COST and QUALITY. Each constraint deal with the
performance of project management, and decide whether the project to be success of failure. -Each
constraint is measurable. -A change in one constraint will automatically effect other constraints. For
example, if you reduce the quality of the product, you will automatically reduce the time and the cost.

Project life Cycle:

A collection of generally sequential project phases whose name and number are determined by the
control needs of the organization or organizations involved in the project.

Gantt chart:

A Gantt chart, commonly used in project management, is one of the most popular and useful ways of
showing activities (tasks or events) displayed against time.

Project Management Soft wares:

Project management software is software used for project planning, scheduling, resource allocation and
change management. It allows project managers (PMs), stakeholders and users to control costs and
manage budgeting, quality management and documentation and also may be used as an administration
system.

Best for Getting Started: Trello

Best for Speedy Setup: Wrike

Best for Collaboration: Basecamp

Best Value: Zoho Projects

Best Features: LiquidPlanner

Best for Big Projects: Microsoft Project

Best for Powerful Simplicity: Teamwork Projects. (Source Google)

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Resource Sheets

The Resource Sheet is a view within Project that allows the user to view, create, and edit resources and
resource information.

Change control board

Change Control Board (CCB) - Established to review and approve changes and requests affecting design
and construction in an effort to control costs, control scope changes, and provide historical data for
quality assurance purposes. A formally constituted group of stakeholders responsible for reviewing,
evaluating, approving, delaying, or rejecting changes to a project, with all decisions and
recommendations being recorded.

Stakeholder interests: (internal or external)

The term stakeholder is used as a general term to describe individuals, groups, or organizations that
have an interest in the project and can mobilize resources to affect its outcome in some way.

#1 Customers. Stake: Product/service quality and value. ...

#2 Employees. Stake: Employment income and safety. ...

#3 Investors. Stake: Financial returns. ...

#4 Suppliers and Vendors. Stake: Revenues and safety. ...

#5 Communities. Stake: Health, safety, economic development. ...

#6 Governments. Stake: Taxes and GDP

Types of objectives:

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  Financial Objectives
 Quality Objectives
 Technical Objectives
 Performance Objective
 Compliance Objective
 Business Objectives

Project Maturity Matrix:

The Project Management Maturity Matrix can help organizations improve their project management
function. It is similar to the Capability Maturity Matrix used in software development. It helps
organizations improve the maturity of their project management function along an evolutionary path,
from ad hoc and disorganized processes to a mature, disciplined approach.Project Benchmarks

The continuous, systematic search for and implementation of best practices, which lead to superior
performance.

Role of the Project Manager:

Project managers play the lead role in planning, executing, monitoring, controlling, and closing out
projects. They are accountable for the entire project scope, the project team and resources, the project
budget, and the success or failure of the project. A project manager, with the help of their team, is
charged with multiple responsibilities that span the roject phases of a project life cycle (initiating,
planning, executing, and closing.

Project Reports:

A project report is a document created for a team or company that ensures a project stays on track. The
project report describes the project's progress, milestones, and roadblocks.

Task Lists:

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Task list is the list of activities mentioned to be completed in the project life cycle.

Due dates:

Due dates are the finishing points assigned to each specific activity in the project.

Project Budget

A project budget is the total sum of money allocated for the particular purpose of the project for a
specific period of time. The goal of budget management is to control project costs within the approved
budget and deliver the expected project goals.

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Project Crashing

Project crashing is the name given to schedule compression techniques that are used when a person
wants to shorten the duration of a project without changing the scope. The project crashing results in a
high direct cost to the project, but also gives clear identification for optimal time cost.

Project Monitoring and Control

Project management monitoring and controlling involves actively reviewing the status of your project as
it proceeds, evaluating potential obstacles, and implementing necessary changes. It’s important to find
out how a project’s performing and whether it’s on time, as well as implement approved changes. This
ensures the project remains on track, on budget and on time.

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