10 Project Management Terms You Need to Know

Summary

In this video, project management expert Adriana Girdler breaks down essential project management terminology for beginners, offering a clear and engaging explanation of key concepts. From understanding the basics of projects and their life cycle to managing the triple constraints of scope, time, and budget, Adriana covers the critical components that lead to project success. She explains the importance of documents like the project charter and the work breakdown structure (WBS), while also addressing common pitfalls like scope creep. Stay tuned for a bonus checklist of the top 10 project management mistakes to avoid!

Takeaways

• 😀 A project is a temporary initiative with a defined start and end date, focused on achieving a specific deliverable. It is different from everyday tasks.
• 😀 The Project Life Cycle consists of five key phases: initiation, planning, execution, monitoring and control, and closing. All projects follow this basic structure.
• 😀 Kickoff meetings occur at the end of the planning phase, where key stakeholders align on expectations, review the project charter, and begin action planning.
• 😀 The Triple Constraint—scope, time, and budget—are the primary factors project managers must balance to keep the project on track.
• 😀 A Project Charter is the foundational document that outlines the scope, roles, major milestones, and other key project details. It ensures everyone understands what is expected.
• 😀 Scope Creep refers to uncontrolled changes or expansions in the project’s scope, often due to stakeholder demands without adjusting time, budget, or resources.
• 😀 Work Breakdown Structure (WBS) is a technique to break down large projects into smaller, manageable chunks. It can be organized by departments, deliverables, or subject matter experts.
• 😀 A Baseline represents the original plan, including scope, timeline, and budget. It is used as a reference to monitor project performance and make adjustments as needed.
• 😀 Gantt Charts are visual tools used to track a project’s schedule, showing tasks, durations, and dependencies. They are helpful for monitoring timelines but are not a substitute for a full project plan.
• 😀 Deliverables are the end results of a project, delivered to the client or user. They are the tangible or intangible outputs that mark the successful completion of the project.

Q & A

What defines a project in project management?

A project is a temporary initiative with a specific start and end date, aimed at achieving a defined outcome. It involves tasks that lead to a deliverable, and it's typically executed by a team of subject matter experts. Projects are different from everyday tasks, which are ongoing and repetitive.

What are the five phases of the project life cycle?

The project life cycle consists of five key phases: Initiation, Planning, Execution, Monitor and Control, and Closing. These phases provide a structured framework for managing a project from start to finish.

How does the project life cycle apply to different project methodologies?

Regardless of the methodology used (Waterfall, Agile, Hybrid, etc.), all projects go through the same fundamental stages of the project life cycle: Initiation, Planning, Execution, Monitor and Control, and Closing. The methodology influences how these phases are executed but doesn't change their sequence.

What is the purpose of the kickoff meeting in project management?

The kickoff meeting is the first official meeting with stakeholders and team members once the planning phase is complete. It is used to confirm the project charter, align expectations, and plan initial actions for the execution phase.

What are the three primary constraints in the Triple Constraint model?

The Triple Constraint, also known as the Project Management Triangle, includes three key constraints: Scope (what the project will deliver), Time (the project schedule and deadlines), and Cost (the project budget). Project managers need to balance these constraints to ensure project success.

Why is the project charter so important?

The project charter is a critical document that outlines key elements of the project, such as the scope, roles and responsibilities, high-level milestones, and deliverables. It helps ensure that everyone involved in the project is aligned with the project's objectives and expectations.

What is scope creep, and why is it problematic?

Scope creep refers to uncontrolled changes or expansions to the project scope, often due to misunderstandings or requests from stakeholders. It is problematic because it can lead to delays, increased costs, and a project that deviates from its original objectives, negatively affecting outcomes.

How does the Work Breakdown Structure (WBS) help in managing a project?

The Work Breakdown Structure (WBS) breaks down the project into smaller, more manageable parts, allowing project managers to organize tasks by department, deliverable, or subject matter expert. This makes it easier to assign roles, track progress, and ensure that no aspect of the project is overlooked.

What is the role of baselines in project management?

A baseline in project management refers to the approved version of the project's scope, timeline, and budget. It serves as a reference point for measuring project performance and tracking deviations from the original plan, helping to identify areas that need corrective action.

What is a Gantt chart, and how is it used in project management?

A Gantt chart is a visual tool used to display a project’s schedule. It shows tasks along a timeline, with bars representing the duration of each task. Gantt charts are useful for monitoring project timelines and dependencies, but they should not be used as the sole project plan, as they do not provide a detailed breakdown of tasks or resources.

What are deliverables, and how are they related to project success?

Deliverables are the final outputs or results of a project, produced to meet the expectations of the client, end user, or stakeholders. They are the key measure of a project's success, as the project’s objective is to deliver these tangible or intangible results.

How can a project manager avoid scope creep?

To avoid scope creep, a project manager should establish a clear and agreed-upon project charter, ensure all stakeholders sign off on the scope at the beginning, and actively manage changes to the project scope. Communication with stakeholders is key to ensuring that scope changes are controlled and aligned with the project's goals.