Terms Every Project Manager Should Know

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Knowing basic of anything gives a concrete start of something new, it does not matter what you know before starting of anything.

You should have inner willingness and zeal to achieve and learn something always because learning can be done by the acquisition of knowledge.
The skills through deep study, experience, or being taught only.

No one can sideline you from gaining the expertise in your domain if you have faith in you. But learning project management aspects is not like picking a flavor of ice-cream because a goal without a plan can set you up for hours, weeks, or even months of busywork.

But it does not mean that you can’t cover the distance to learn the richness of the project management aspect.
An idiom wrote by the author “Baptism of fire” is proving to be right these days.

Let’s take you further down the street, where you will learn a few important basics of the project management in detail. To lead your team to the path of success and to maintain productivity, we should reward the good and learn from the bad to go for long.

Learn the key Project Management Terminology

Here you will see some of the potential terminologies related to the project management that every budding entrepreneur and the project manager should know to lead the project to success and growth of the company.

Requirements

It is the basic condition or the task that plays a major role in the completion of the project or success.

It can be found in a number of forms either in video format or in the document format, But you should certain about each and every document related to your project so that one can read and understand it easily.

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Project Plan

This document emphasizes more than any other document that contains the strategy for managing the project and the processes related to all areas of the project like scope, cost, schedule, and quality as well.

But based on the requirement of the project we determine what processes need to be used is generally we called tailoring a part of the development of the project management.

Learn the simple Benefits of doing project documentation

· Helps to create very detailed Work Breakdown Structures as results in drafting the realistic, and achievable schedules.

· Reduce the probability of unnecessary surprises and risks.

· Predict the project’s progress during execution and even you can take pro-active measures to handle the situation. 

Milestone

This terminology marks a significant role in the event of a change of the project because it works as a visible indicator of the project’s progress. It adds more significance over the task in the plan so the project manager can easily track the assigned task of the team when every other focus on forwarding progress.

Milestone is generally used in Gantt charts, daily progress of the task add continuously to this chart by adding a diamond icon on the timeline.

To learn each and everything in every software to set a perfect example of startup for others.

Know why milestone is important in project management

· A milestone is a significant mark in a project that shows a change or stage in the development of the project.

· Powerful components in the project management because it shows us the key events and the map forward movement of the project plan. 

· Marker or the signpost throughout the course of the project and helps to ensure that you could stay on track

Stakeholders

This is one of the key elements for every startup to raise the fund for the project throughout the course of the work.

But there is nothing worse for an entrepreneur to mislead a board or the stakeholders into thinking that everything is fine when it’s not, in fact, that’s we people call fraud and you have a fiduciary responsibility to keep them inform regardless of the consequences of your project.

In the account of this, from the next time if you fall apart, at least you can ask them again for investing the money or you can ask them to give you the next chance to perform better in the market.

Learn the major role of the stakeholders in the project

· Accelerate your business to practice and financial support.

· Those are the people’s interest that shows reliability in your company, ranging from the employees to the loyal customer base and the investors. 

· Help to broaden the pool of the majority number of people who care about the benefits of your services and the products, making you feel less alone during your entrepreneurial work.

Scope

Project scope defines what needs to achieve and what are other steps need to be taken to deliver quality work. Regardless of the results, set the direction, the purpose of the project by having an agreed project vision to prevent scope creep.

So a well-defined scope or mapping out every single aspect of the project can’t distract you from the path of success or the growth of the company. 

Why need to know the scope of project management?

· The sole purpose of the Scope Management is to ensure that 

the project includes all type of work that is require for completing the project successfully.

· In scope management, generally we emphasize on identifying and controlling what we should include or what we should not include in the project.

Risk

Risk is the only assessment factor that accounts for several failures in startups. No doubt, without taking risks one cannot find the flaws without covering the distance towards the growth of the company.

It is an uncertain event if it occurs, it has more probability to minimize the drawbacks which not help your project team but also strengthen and improve the decision making of the project manager for the next move.

Know the expectation of the management

First and foremost, we should come out clean on the expectations of stakeholders to maintain the trust in our efforts and service of the products. If the expectations remain constant as we are expecting from our angel investors, no one can even dare to erode the strength of our team and their confidence. 

Why expectation is important in project management?

• Expectations are unavoidable and will impact projects in various ways. Proactively managing expectations leads to the successful projects, satisfied stakeholders, and the engaged teams. 
• This term helps to address the expectations during the project planning and at the time of  execution, frequent communication, and a focus on realistic goals.

Status report

A report prepared in a detailed and graphical manner to represent each and every statistic of the current progress of the company. This document helps you to find the work progress, budget, and the issue that come across. While preparing the document, we must ensure the integrity of our data or the statistic to find and minimize the flaws of the company.

Know the benefits of the status report in project management

• A project status report usually helps to improve communication across the organization, as everyone is in the loop so that one knows how the project is progressing.
• It also helps to make the task simpler of the communication process with a single, formalized report that everyone can refer to stay up to date.

Resource management

Resource management is the key aspect require to chalk out before implementing the project into execution to ensure the work to be productive.
In today’s time, companies are tremendously under pressure to deliver innovative, technologically advanced products with the shrinking budget they have.

As a result, resources can be utilized fully and focus on the highest priority at any given time.

This is quite obvious that the resources can be an asset, but the most important type of asset is the people or the team who’s working day and night to increase the efficiency of the product service.

Unfortunately, the ineffective and the suboptimal resources management will definitely lead to negative consequences such as the poor efficiency of the product, delays, and the decreased quality, and increase the cost of the product.

What are the benefits of Enterprise resource management?

• Ensures that we have the right resources with us to support our strategic goals.
• Benefits the team to learn the progress and time tracking graph and gives you a better understanding of where your resources are giving most of their time.

• Prevents the project delays which arise from the bad allocation. 
• It helps the project managers to identify and make use of the unused bench time.
• Makes sure that your staff isn’t over-allocated when there is limit to resource availability.

Get into the details of work break down structure

Word break down structure is one of the prominent terms that every single team member of the project and the managers should know because it helps a lot in analyzing the classification of work.

Usually, the Project team formulates WBS by analyzing major deliverables precisely and in a concrete way so that the project team knows exactly what has to be accomplished within each type of deliverable.

This term allows you to better estimating the cost, risk, and time because one can work from the smaller tasks back up to the level of the entire project.

Learn the benefits of work break down the structure

• The WBS provides the project manager and the associates with the required framework of tasks which is going forward to create a detailed cost estimate.
• It also helps to provide a major input to the project task scheduling at the most detailed and accurate level possible.

Triple Constraint

• All the projects of the startup are bringing about under the confine constraints.
• Triple constraint is a mix of the four components group which includes the time, scope, cost, and quality of the product which represent the triangle with time, scope, and cost at the corner side and the quality.
• There must be a balance among all types of components as the change in anyone that will impact the other components.

 Why triple constant is important in project management?

• The Triple Constraint is an important model that helps managers know what are trade-offs are going to work and what impact it will have on the other aspects of the project. 
• If you are using a project management dashboard, a manager can easily keep sight of the project as the progress.

Project Life Cycle

The project life cycle is one of the important project management terms that you should know. This life cycle includes project planning, analysis, design, along with implementation, and budget. A project life cycle can have several models but each of the models represents a single scene to build the important deliverables of the project. A project life cycle formulates of initiating the project, and it’s planning, monitoring, and controlling, executing, and the closing of the project.

Why project life cycle is important in project management?

• The project lifecycle provides a structured approach for the delivery of the project. This allows everyone to work on the project to identify how the project is progressing. 
• It also has clearly defined activities and outputs for each phase. 

Know the deep insights of Gantt Chart

Gantt chart is a bar chart that shows the scheduled information graphically. These charts play a very useful role in the planning and scheduling of the projects. It is also helpful in managing the link between the project task and project aspects.

Apart from this, the chart can be used to inform the project team and sponsors about the current project progress in a systematic way.

If you know how to use the Gantt chart, one can easily able to see what is achieved up to a certain date and time, if the project is behind the scheduled time then we should take an action that can be on the track.

 Change Management

Change management is the important term of project management It defines a project management plan which has the authority to approve or reject the changes on the project.

The main purpose of this chain management is to fix the change that occurs during project work according to the previously designed requirements and the statements.

If change management approves you for the new change in the project, only then the project manager becomes able to modify the budget and meet the deadline to reflect the additional work.

Risk Mitigation

While executing the project, it is important to know the risk factors that surround the project because one can change their plan or can even choose some other option to avoid the risk factors.

And, risk mitigation is the project management term that helps to identify the risk associate to it. 

It works as a risk reaction devising technique associated with the menace of the project. If you didn’t identify the risk then definitely it can cause a failure of the project by taking so much time as you are not prepared for that.

So, this risk reduction or the risk identifying term nowadays is of much use as this idea helps to reduce the possibility of occurring the risk and it also helps to reduce the imprint of the risk on the project.

Activity

When you are working with full dedication during the course of a project, Work or Work Package consists of some of the important terms named as the Activity. Sometimes we defined it as the smallest part of the project.

It helps to identify the timeline development, and the accurate estimating and several other aspects by converting it into small tasks. 

Keep up-to-date with latest methodologies and terminologies so that whenever you counter with these terms you can easily understand the basic and can convey it to others. Being a project manager you should have basic knowledge of each and every term so that you can coordinate the team easily and ask them to chase the path as per the plan.

So to be a project manager is not a difficult task if you can learn constantly, communicate and share it easily, then you have a good chance at being a leader in your organization or company and in the field of project management as well.

As a project manager, yes you are going to wear different types of hats, and you will be responsible to play for numerous things.

You will be asked to oversee each and every step of the project that your team is working on the project, and you become able to do it all, and then some. But, it doesn’t mean that you have to get crazy, and you can do it, as long as you are properly planning, implementing, and monitoring each thing of the project.

When you do these three things, make sure that your project is going to be completed on time, and within the budget.

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