Top 10 Terms Project Managers Use

Summary

Jennifer, Director at ProjectManager.com, discusses key project management terms in this whiteboard session, providing insights into concepts like Work Breakdown Structure (WBS), milestones, baselines, and the project life cycle. She emphasizes the importance of understanding the Change Control Board (CCB) and managing changes effectively. Jennifer also clarifies the differences between risk management and risk mitigation. The session aims to equip new or occasional project managers with essential knowledge and highlights the benefits of using specialized tools for managing these aspects efficiently. For more support, viewers are encouraged to explore ProjectManager.com.

Takeaways

• 📋 Work Breakdown Structure (WBS): A hierarchical system that breaks down the work and defines the project scope, ensuring all deliverables are accounted for.
• 🔖 Milestone: A significant point in time or event in the project schedule, often marked as a black diamond and a good moment for celebration.
• 📏 Baseline: The approved project plan that includes the schedule, scope, and budget. Changes must go through the Change Control Board (CCB) for rebaselining.
• ⚖️ Triple Constraint: Balancing time, cost, scope, and quality is crucial to managing project changes and keeping the project on track.
• 🔄 Project Life Cycle: The phases include initiating, planning, executing, monitoring and controlling, and closing the project.
• 📊 Gantt Chart: A graphical tool that displays the project schedule, tracking tasks and deliverables over time.
• 🛠️ Change Control Board (CCB): A group of stakeholders responsible for reviewing, approving, or denying changes to the project plan.
• 🤝 Stakeholders: People or organizations actively involved or affected by the project, with a vested interest in its outcome.
• 🔄 Change Management: A process to manage project changes in a controlled manner, ensuring minimal disruption to the organization.
• ⚠️ Risk Mitigation: Identifying risks is important, but having a risk response plan is key to reducing the impact or probability of risks affecting the project.

Q & A

What is a Work Breakdown Structure (WBS)?

A Work Breakdown Structure (WBS) is a hierarchical breakdown of all the work that needs to be done in a project. It is deliverables-oriented and defines the total scope of the project, showing all the components and work required to produce the project's deliverables.

What is the purpose of a milestone in project management?

A milestone is a significant point or event in a project schedule. It is used to mark key phases or events in the project timeline and is often represented by a black diamond on a Gantt chart. Milestones are also useful for celebrating achievements when completed on time.

What is the importance of a baseline in a project?

A baseline is crucial as it represents the approved project plan, including the project schedule. It allows project managers to measure progress and changes. If any adjustments to scope, budget, or time occur, these need to be approved by the Change Control Board (CCB) to re-baseline the project. This process distinguishes successful projects from failed ones.

What is the 'triple constraint' in project management?

The 'triple constraint' refers to balancing three primary factors in a project: time, cost, and scope. However, it also includes a fourth component, quality. Any change to one of these factors impacts at least one of the others, so managing these constraints is key to keeping the project on track.

What are the phases of a Project Life Cycle?

The Project Life Cycle includes five phases: initiating, planning, executing, monitoring and controlling, and closing. These phases help structure the project from start to finish, ensuring proper planning, execution, and closure.

What is a Gantt chart and how is it used?

A Gantt chart is a graphical tool used to display schedule information. It shows the start and finish dates of tasks, along with durations and dependencies between tasks. It's often based on the Work Breakdown Structure (WBS) and is useful for visualizing the project timeline.

What is the role of a Change Control Board (CCB) in a project?

A Change Control Board (CCB) is a group of stakeholders with the authority to review, approve, or reject changes in a project. The CCB helps ensure that changes are evaluated and managed properly, taking the pressure off project managers from making key decisions alone.

Who are stakeholders in a project?

Stakeholders are individuals or organizations involved in or affected by the project. This can include customers, clients, vendor partners, and internal team members. Stakeholders have a vested interest in the project and can be impacted both positively or negatively by its execution.

What is the difference between change management and managing change in a project?

Change management refers to the processes and tools used to control project scope, ensuring changes are properly managed within the project plan. Managing change, on the other hand, deals with the impact of a project on an organization, including handling emotional or operational disruptions caused by the project's execution.

What is risk mitigation and how does it differ from risk management?

Risk mitigation is the process of identifying strategies to reduce the impact or likelihood of risks occurring in a project. It is a proactive step taken as part of risk management, which is the overall plan for identifying, assessing, and controlling risks throughout the project's life cycle.