Learning common terminology in business is essential to proper communication no matter what you are doing. Implementing project management is far from exemption too. The more common terms you know, the more likely you are to stay organized, consistent, and thriving for the project's duration. Making it easier to deliver a project or product your customers are satisfied with every time.
The following are six common project management terms to know for more effective communication and project execution:
Project Stakeholder
A project stakeholder is who the project is intended for once completed. This can be a person you work with directly or your customers.
Project Scope
Project scope is an overview of the details required to accomplish the project's goal. This includes expectations and the different tasks or resources needed to get it done and the timeline or schedule of when each deliverable needs to be completed and turned in. In other words, the project scope is every detail required to finish on time while meeting the stakeholder's expectations.
Project Baseline
A project baseline helps determine the progress of a project. The baseline is the starting point or outlines everything you already have. It is helpful to help prevent scope creep but also make sure you are going in the right direction.
Project Milestone
A milestone is a point in a project that designates a vital part of the achievement. It is not a specific task but rather a group of tasks that need to be completed to reach it. Milestones help keep projects organized and timely.
Project Risk Assessment
A project risk assessment lists all the potential risks that can affect the project's outcome. It also includes the solutions to help mitigate them should they arise at any point during the project management plan.
Work Breakdown Structure
A project management system helps you see what is required to accomplish the scope in a visual and quick format. For example, a work breakdown structure or WBS starts with the overall objective or scope of the project and breaks it down into the required tasks and deliverables to get it done. This helps with organization and maximizing stakeholder expectations.
While there are many more terms to project management, these terms can help start a basic foundation that improves your communication and organizational skills. These terms are essential to know as they are crucial for project management. Understanding these terms helps improve your communication skills and ensure you deliver precisely the project for which your stakeholder or customers are hoping.
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