Top 40 Project Management Terms and Concepts of 2021

Top 40 Project Management Terms and Concepts of 2021

Project management is a forever-changing field, with new methods and techniques being created every day. Most of these tools and techniques, regardless of how advanced they are, fall out of use over time only to be replaced by newer trends. This change creates an ongoing cycle that helps project managers continue to develop their expertise by always learning new skills. A few tools that fall out of favor are then replaced with something better, eventually turning into one of the ideas that become popular for project managers of 2021.

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General Project Management Terms 

Project Plan 

A project plan is a means of communicating the details of a project, and hopefully, providing the project team with the information necessary to ensure successful completion of the project. The project plan is often created during an initial meeting between the sponsor, and the team members involved in completing the project.

Critical Path Method 

This method gives a visual description of the project’s activities and ensures that all activities are completed on time. 

Project Manager 

A person who leads a team on a project is called a project manager. The role of a project manager varies, as it can change from organization to organization, and the extent of involvement varies by company and industry. As a project manager, you are expected to develop and manage an integrated, comprehensive set of plans that will serve as the foundation for managing work on multiple programs necessary to meet project objectives.

Project Stakeholder 

A stakeholder is anyone who can affect, or be affected by, the project. This includes customers, team members, management, technical lead, marketers, shareholders, partners, suppliers, and so on.

Project Portfolio Management 

Project Portfolio Management (PPM) is the process of identifying projects, prioritizing them, and managing them to meet objectives. PPM is a part of Project Management that determines how projects should be selected and managed in order to achieve the best return on investment (ROI). PPM is a strategic business tool that defines and prioritizes projects for the organization.

Collaboration 

Collaboration” is a broad term. From my point of view, if the collaboration is effective and results in an efficient working relationship, it can be classified as a true collaboration. Effective collaboration will also result in the creation of innovative ideas and solutions which strengthen the team spirit and goodwill among colleagues.

Agile Project Management 

Agile project management is a set of principles and practices for delivering business value continuously.
Agile methods, such as Scrum and XP, focus on the needs of the customer and evolving solutions. They deliver measurable results quickly, frequently, and at a low cost.

Waterfall Model 

Waterfall Model is a sequential design methodology that progresses in stages to the end. It was derived from the manufacturing model. It is popular in software engineering because it has a clear structure and it is easy to understand. Waterfall Model is also called “sequential model”, “process model”, or “linear model”. Waterfall Model was developed by Royce in the 1970s.
There are 6 phases in Waterfall Model: Requirement Analysis, System Design, Implementation, Verification, Integration, and Testing, Implementation Maintenance.

Project Budget 

A project budget is a list of all the expenses you expect to incur as you work on a project. It should include not just direct expenses, like materials and payments to contractors, but also indirect expenses, like the time value of your own time.

Project Timeline 

A project timeline is a graphic representation of events and activities that occur at expected time frames. Project timelines help to plan, supervise and control project activities and deliverables. 

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Gantt Project Management Terms 

Milestone 

Milestone Project Management is an ideal platform for all your project management needs, whether it’s business-to-business, or business-to-consumer. It offers you tools that help you to get projects running on the right track, get them into overdrive, and over time, make them run like clockwork.

Dependencies 

Dependencies” is the concept of following the logical order of things. It’s very important to make sure you follow the right order when working with tasks, otherwise, you risk creating no value for your customer or doing too much without accomplishing anything.

Kanban Project Management Terms 

Work in Progress 

WIP is a measurement of the amount of work that is not yet completed but rather is in some stage of production. It is frequently used in project management and systems engineering to evaluate projects and programs and the efficiency and effectiveness with which they operate. WIP (Work In Progress) can refer to material, labor, or capital.

Work in Progress Limit 

The WIP limit helps us to identify bottlenecks created in our project plan. If this limit is exceeded, the team may need to consider leveling or putting in place additional resources to reduce the load on existing resources.

Bottleneck 

The bottleneck is the term used in project management when an activity has the potential to limit the progress of any other Project Management process.

Scrum 

Scrum helps you develop and maintain complex products It’s an adaptive approach, a framework that enables teams to respond to change, to deliver products iteratively and incrementally, and to progressively uncover deeper insights about customer needs.

Sprint 

Sprint is a term used in Agile development. In Scrum, Sprint is a time period of 30 days or less for the completion of a specific goal or task. The sprint can be extended if the team needs more time to complete the work.

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Meeting Project Management Terms 

Kickoff Meeting 

A kickoff meeting is a meeting for the purpose of briefing all participants on the objectives of the project, reporting on any issues or risks present, and noting any major milestones on the project.

Meeting Agenda 

Agenda, as a verb, is defined as the “direction or management of a meeting.” The agenda is an instrument by which you can control any meeting with utmost authority. The agenda will establish the timeline and focus of the meeting. It’s a way to begin a thought process by listing down your goals and objectives. Even if you have a vague idea of what you want to discuss in a meeting, it is helpful to have a prior agenda set for follow-ups.

Meeting Minutes 

Meeting minutes are the most widely used business tool that is used for communicating with customers, employees, and executives. Managers have to take meeting minutes in order to keep the project on track and monitoring it. Minutes of a meeting show what was discussed in a project.

Stand-up Meeting 

The purpose of a Stand-up Meeting is to provide group status reporting in a way that keeps everyone in the same room, prevents people from falling asleep, minimizes the number of meetings, maximizes the number of people involved in each meeting, and doesn’t require anyone to prepare in advance.

Follow Up 

Follow-up is a process in which all the targets of the meeting are addressed. 

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Resourcing Project Management Terms 

Resource Allocation 

Resource allocation is the process of determining the most appropriate pool of people, equipment, materials, and other resources to accomplish an objective. Some ways to decide how many resources are needed include historical data, statistical analysis, benchmarking, and critical path analysis.

Resource Breakdown Structure 

RBS” is the abbreviation for Resource Breakdown Structure, an essential element of load building. It’s a non-costed breakdown of the Resources required to execute your Project Plan. 

Resource Leveling 

Resource leveling is an activity or process that allows organizations to reduce overhead or operating expenses through the use of multilevel funding.

Resource Availability 

Resource Availability is an important Project Management Term. It refers to the availability of people, equipment, or other resources needed for the successful completion of a project. Resource availability might be directly established by the Project Manager, but it is more usual to monitor resource commitments made by others. Activities requiring key resources are usually given priority in Project schedules. 

Resource Calendar

A resource calendar is a collection of dates and details related to resources. When you create a project, you assign team members to the project. Each team member helps with various tasks during the course of the project.

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Project Risk Management Terms 

Risk Management 

Risk management is to be used in conjunction with the other project management processes, procedures, and tools. The aim of risk management is to control the harmful effects that can arise from project risks by using preventive actions, organizational controls, contingency plans, risk response strategies, and risk monitoring.

Risk Mitigation 

The important aspect of project management is Risk mitigation. By reducing your risks, you create more opportunities for success. Risk mitigation should happen continuously, before, during, and after the project begins.

Risk Monitoring and Control 

Risk monitoring and control, according to the Project Management Body of Knowledge (PMBOK), is “the comparison of planned activities and progress with actual results to identify variances and trends that may affect future actions”.

Risk Owner 

Risk Owner is “Individual or group accountable for the information regarding risk status whether good, bad, or unknown”.

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Issue Management and Bug Tracking Terms 

Issue Management 

Issue Management is the set of knowledge, processes, and tools that helps to maintain or change existing things in an environment. It is usually part of a larger Issue Life Cycle, which includes records on identified issues.

Issue Tracking 

Issue tracking is the assessment of the project’s issue. Issue tracking systems are vital communications tools because they provide a common ground for all project participants. They provide a way to communicate issues and ideas in a manner that is separate from the flow of the document or ticket itself.

Issue Log 

The Issue Log is a component of the Work Management process group and is used to record unplanned activity generated during the course of executing the Work Breakdown Structure.

Issue Types 

Issue types are an integral part of any project management software. These are basically the types of issues the software is able to handle, with their respective handling procedures.

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QA Project Management Terms 

Quality Planning 

Quality planning is the step that precedes quality control. It is a crucial part of quality management since it plays a major role in determining what criteria will be used to determine whether overall objectives for quality have been met. In most organizations, it falls under the responsibility of senior management. Quality planning is closely tied to strategic planning, sampling, and statistical analysis.

Quality Assurance 

Quality assurance is an approach to ensuring the quality of the work by executing tests and inspections. The concept of quality assurance has existed since the 19th century, however, it took decades for organizations to embrace the concept.

Quality Control 

Quality control is a set of methods used to make sure that products are consistent in quality before they are sold. It is part of the manufacturing process. It does not mean making sure that products are well made. A product can be poorly made and still have good quality control. Quality control measures are used to ensure that the product will meet pre-set standards consistently. The main purpose of quality control is to prevent defects. However, it also helps to reduce waste due to scrapping, rework, and repairs. Quality control is also concerned with reducing variation in quantity, thus cutting costs due to over-or under-production.

Quality Management Plan 

The Quality Management Plan is a document that ensures your government project meets all requirements. According to FPDS, the QMP provides direction and instructions for implementing the project’s quality system, contains the planned approach for identifying and eliminating potential non-conformances, and documents management’s commitment to providing adequate resources and to carrying out planned actions to achieve quality requirements and objectives.

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