Sunday, February 17, 2013

Project Management - Top 10 Terms Project Managers Use

Top 10 Terms Project Managers Use:

1. WBS - Work Breakdown Structure
A work breakdown structure is a key project deliverable that organizes the team's work into manageable sections. The Project Management Body of Knowledge (PMBOK) defines the work breakdown structure as a "deliverable oriented hierarchical decomposition of the work to be executed by the project team." The work breakdown structure visually defines the scope into manageable chunks that a project team can understand, as each level of the work breakdown structure provides further definition and detail

2. Milestones
Significant Point or Event of a Project

3. Baselines
Approved Plan for Project which include schedule

4. Triple Constraint
Also known as Project Management Triangle or Iron Triangle which is balancing time, cost, scope, and quality of the project

5. Project Life Cycle
Refers to a logical sequence of activities to accomplish the project’s goals or objectives. Regardless of scope or complexity, any project goes through a series of stages during its life.

6. Gantt Chart
Gantt charts illustrate the start and finish dates of the terminal elements and summary elements of a project

7. CCB - Change Control Board
is a committee that makes decisions regarding whether or not proposed changes to a software project should be implemented. In short any changes to the Baseline Requirements agreed with the client, should be taken up by project team on approval from this committee. If any change is agreed by the committee, it is communicated to the project team and client and the requirement is Baselined with the change. The change control board is constituted of project stakeholders or their representatives. The authority of the change control board may vary from project to project, but decisions reached by the change control board are often accepted as final and binding. The decision of acceptance of the changes also depends upon the stage or phase of the project. The main objective of CCB or SCCB is to ensure acceptance of the project (deliverable) by the client.

8. Stakeholders
A person, group or organization that has interest or concern in an organization project

9. Change Management
Change management is an approach to shifting/transitioning individuals, teams, and organizations from a current state to a desired future state. It is an organizational process aimed at helping change stakeholders to accept and embrace changes in their business environment or individuals in their personal lives

10. Risk Mitigation
A systematic reduction in the extent of exposure to a risk and/or the likelihood of its occurrence


  1. Risk management attempts to plan for and handle events that are uncertain in that they may or may actually occur. These are surprises. Some surprises are pleasant. We may plan an event for the public and it is so successful that twice as many people attend as we expected. A good turn-out is positive. However, if we have not planned for this possibility, we will not have resources available to meet the needs of these additional people in a timely manner and the positive can quickly turn into a negative.

  2. Increases staff motivation by providing greater initiative and responsibility in decision-making. statlook