Welcome to part 2 of our 2-part series into essential project management expressions. Today we are going to continue with another list of 20 essential words you should know, plus we will give you some examples to help you put them into context.
If you haven’t already taken a look at part 1 of this series, then you can here.
So, let’s jump in a improve our project management range of vocabulary.
Baseline
Meaning:
The costs and schedules that are agreed at the start of a project and which provide a basis to evaluate performance.
Example:
“The first step is establishing priorities and creating the baseline for assessing the progress and evaluating the impact of our work.”
Budget
Meaning:
A plan that shows how much money is expected to be spent and earned for a particular project.
Example:
“The project went over budget because of a miscalculation at the planning stage.”
Issue log
Meaning:
A document where all issues that are negatively affecting the project and the persons responsible for resolving them are recorded and tracked.
Example:
“We often use an issue log to track challenges so we can develop effective solutions.”
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Dependencies
Meaning:
The relationship between project activities that determines when a dependent activity may begin.
Example:
“Many project tasks cannot be started until the relevant dependencies are completed first.”
Constraints
Meaning:
Limitations on a project which can be financial or based on time.
Example:
“The team completed the project despite financial constraints.”
Timeline
Meaning:
A plan that shows the sequence and the dates for the completion of the different activities in a project.
Example:
“An action plan with a clear timeline should be prepared for each project.”
Stakeholders
Meaning:
The parties with an interest in the successful completion of a project.
Example:
“Interactions between different stakeholders of a collaborative project strongly influence the course and outcomes of its design.”
To sign-off on
Meaning:
The formal closure of a project when the client accepts the project results and agrees that all the deliverables have been received.
Example:
“The stakeholders signed off on the completion of the project last month.”
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Project sponsor
Meaning:
A person or group who owns a project and provides resources and support to enable its success.
Example:
“The project sponsor should work with the project manager, but not overstep boundaries.”
To get buy-in
Meaning:
To get stakeholders to agree with, accept, or support a project.
Example:
“Lack of buy-in from senior executives can doom a project from the start.”
Agile
Meaning:
This is a cyclical type of project management approach. Agile involves breaking up the project into short phases called sprints. At the end of each sprint, the work done is evaluated.
Example:
“Teams that adopt the Agile methodology are able to complete work faster, adapt to changing project requirements, and optimize their workflow.”
Framework
Meaning:
A project management framework defines a project’s charter, scope, and purpose by specifying and delineating the processes, steps, and actions needed to execute the project from initiation to delivery.
Example:
“Project management framework gives greater control to project managers to administer, monitor, and execute projects successfully.”
Risk mitigation
Meaning:
Strategies to minimize potential problems that could cause trouble for a project.
Example:
“Contingency funds were set aside by the project team for risk mitigation.”
SWOT analysis
Meaning:
A strategic planning technique used to assess strengths, weaknesses, opportunities, and threats related to business competition or project planning.
Example:
“The SWOT analysis enabled us to clearly see our weak and strong points.”
Feasibility study
Meaning:
An analysis that considers all of a project's relevant factors to ascertain the likelihood of completing it successfully.
Example:
“The result of this feasibility study will provide the essential information for the implementation of the project.”
Brainstorming
Meaning:
A technique in which team members gather to discuss a specific project item with the goal of coming up with a plan of action.
Example:
“Brainstorming techniques are useful to generate large quantities of ideas and to prioritize the most important ideas to the team.”
Project life cycle
Meaning:
The steps required for project managers to successfully manage a project from start to finish.
Example:
“In line with the nature of SMEs, the project life cycle is a short one.”
Facilitator
Meaning:
A person who intervenes in the working environment to increase productivity and efficiency of the team and to prevent project failure.
Example:
“The project facilitator should be agreed upon and acceptable to all team members.”
Overheads
Meaning:
Expenses that are required by the organization to run its operations but that do not cover any direct costs of project activities.
Example:
“The project’s overheads were reduced by 9%, due to good planning.”
Final thoughts
There you have it my friends, part 2 of my 2-part series into essential project management vocabulary and expressions for any aspiring project manager.
I hope you enjoyed this week’s episode, and I would love to hear from you. Why not send me a message over at Speakpipe, it’s easy. Just click the link and record below.
Before I go, can I ask you a favour? Could you go online right now and share this podcast with someone who you think would benefit from improving their business English.
See you all next week.
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Andrew Ambrosius
My excitement is high for your two-part series on key project management terms. I came across another list of 20 key terms today, and you provided some really useful examples. You can also get in touch with PowerPoint presentation help Service if you ever need assistance with a presentation. I have always counted on them for my academics because they help college and university students in London with their coursework.