■ Project Management Keywords Cheat Sheet (Interview Prep)

Keyword Definition (Simple & Clear) Case Example

A temporary effort to create a unique product, service, or result with a Developing a new drug
Project defined beginning and end. formulation.
A collection of related projects managed together to gain benefits not Vaccine program covering R&D;
Program available if managed separately. and supply chain.
Portfolio A set of projects/programs aligned with organizational strategy. Pharma R&D; portfolio.
Phases a project passes through: Initiation → Planning → Execution →
Project Lifecycle Monitoring → Closure. Building a manufacturing plant.
Upgrade purification line, not
Scope Defines boundaries of a project—what’s included/excluded. packaging.
Deliverable Tangible or intangible output that must be produced. Approved SOP.
Milestone Significant event/checkpoint in the project. Equipment installation completed.
Compare actual vs. baseline
Baseline Approved scope, schedule, and cost plan used to track performance. costs.
Regulatory authorities, QA team,
Stakeholder Anyone affected by the project, positively or negatively. customers.
Centralized PMO in biotech
PMO Project Management Office—sets standards, processes, governance. company.
Work Breakdown Structure—hierarchical decomposition of project into Breaking plant construction into
WBS smaller tasks. site prep, utilities, equipment.
Delay in validation delays whole
Critical Path Longest sequence of dependent tasks determining project duration. project.
Gantt Chart Bar chart showing tasks against time, with dependencies/progress. Used to track automation rollout.
PERT Chart Network diagram using optimistic, pessimistic & most-likely estimates. Estimating clinical trial duration.
Float/Slack Extra time a task can take without delaying project completion. Documentation has 5 days float.
Dependencies Logical relationships between tasks (Finish-to-Start, etc.). QC testing before release.
Packaging starts 2 days before
Lead & Lag Lead = overlap, Lag = intentional delay between tasks. filling ends (lead).
Resource Assigning 3 engineers to
Allocation Assigning people, equipment, budget to tasks. validation.
Timeboxing Fixing a set time period for a task regardless of scope. Daily 15-min Scrum meeting.
Rolling Wave Pharma trials: Phase 1 detailed,
Planning Detailed near-term planning, broad long-term planning. Phase 3 broad.
Budget Total planned cost to complete a project. $5M for facility expansion.
Cost Baseline Time-phased budget reference for monitoring expenses. Monthly tracking against baseline.
Earned Value Management—integrates cost, schedule, scope Project 60% complete but spent
EVM performance. 80% budget.
CPI Cost Performance Index = EV ÷ AC. >1 = under budget. CPI = 0.9 → over budget.
SPI Schedule Performance Index = EV ÷ PV. >1 = ahead of schedule. SPI = 1.1 → ahead of schedule.
Regulatory changes delay
Risk Uncertain event with positive/negative impact. approval.
Equipment breakdown in GMP
Issue Problem that has already occurred. area.
Risk Mitigation Action to reduce risk probability or impact. Backup supplier for raw materials.
Contingency
Reserve Extra budget/time kept aside for risks. 10% cost buffer for supply delays.
Change Request Formal proposal to modify scope/schedule/budget. Request to add validation steps.
KPI Key Performance Indicator—measure of project success. Batch yield > 95%.
QA Quality Assurance—processes to prevent defects. GMP audits.
QC Quality Control—processes to detect defects. QC release testing.
Baseline Variance Difference between actual vs. planned values. Cost variance = $200k over.
Dashboard Visual tool for real-time monitoring. MS Project dashboard.
RACI Matrix Defines roles: Responsible, Accountable, Consulted, Informed. R = Engineer, A = PM.
Communication
Plan Defines how/when project info will be shared. Weekly sponsor updates.
Delay reported to Steering
Escalation Raising unresolved issue to higher management. Committee.
CCB rejects scope change due to
CCB Change Control Board—reviews change requests. cost.
Performance
Review Formal evaluation of progress vs. objectives. Monthly sponsor review.
Lessons Learned Documenting knowledge from successes/failures. Poor vendor mgmt noted.
Closure Report Formal document confirming completion. Submitted after FDA approval.
Handover Transfer of deliverables to operations/clients. Manufacturing line handed to ops.
Retrospective Reflection session to improve processes. Sprint retrospective.
Post-Mortem In-depth analysis of project failure. Investigating failed tech transfer.
Agile Iterative, flexible approach with customer feedback focus. Software development cycles.
Scrum Agile framework with roles, sprints, ceremonies. Daily standups in biotech tool dev.
Sprint Time-boxed cycle (2–4 weeks). Sprint 1: Set up data pipeline.
Lab automation tasks on Kanban
Kanban Visual workflow with To-Do/In Progress/Done. board.
Basic mobile app for clinical data
MVP Minimum Viable Product—first working version with essentials. capture.