7 Project management terms you should know

Effective communication is the best way to successful project management and as we know that project management is a very important field including a variety of terms and definitions, so your only way to master it is to master its language.
Here we get into your hands a collection of most important terms that you should know in project management to help you improve your managerial skills and master the language of project management:

Assumption

There may be external circumstances or events that must occur for the project to be successful (or that should happen to increase your chances of success). If you believe that the probability of the event occurring is acceptable, you could list it as an assumption. An assumption has a probability between 0 and 100%. That is, it is not impossible that the event will occur (0%) and it is not a fact (100%). It is somewhere in between. Assumptions are important because they set the context in which the entire remainder of the project is defined. If an assumption doesn’t come through, the estimate and the rest of the project definition may no longer be valid.

Risk
‘Risk’ is a term that relates to what might go wrong on your project. For example, if you are building a new office block, the price of steel might go up and that might have an effect on your budget. But it might not go up. Equally, if you are planning on hosting your annual corporate picnic outside, it might be fine weather, but it might rain. In short, a risk is something that hasn’t happened yet.
It’s important to know what risks surround your project because then you can plan for them. You can put your ‘Plan B’ or contingency plans into action to try to avoid the risk happening in the first place. With the price of steel and the weather there’s not much you can actually do to stop them from happening, but you can make plans in case they do.
For example, you could hire a marquee or stock up with umbrellas so that if it does rain on picnic day, people can still have a good time.

Resources
Resources on projects normally relate to the people involved in getting the work done but the term also includes the equipment and budget that you need to complete the project.
For example, you might need construction equipment, computers, and a big injection of cash.
These are all resources that are required to deliver your project.

Decisions 
Be clear about who can make what decision, what needs to be vetted by a committee and how quickly decisions are made. If too many people are involved, the risk of falling into an analysis paralysis increases. Make sure you have the right people making the best possible decisions at all critical junctures.

Transparency
Know who is working on what, and who is or is not getting their tasks done on time. Without transparency, problems are likely to stay hidden and get worse. It’s much better to raise red flags and work collaboratively on solving problems early.

Target Date
Time is a very important factor, and your team must complete tasks on time to achieve the project by its deadline. If not, it will take more resources to achieve the same goal.

Priorities
Put priorities under constant review, as what is important today might not be as important tomorrow. Your team must know how the context changes, so you can adjust the plan accordingly.

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