Your ultimate guide to project accounting and financial management terms understand how consulting firms and professional services teams discuss their business this guide breaks down industry terms and jargon into understandable language. The legendary management consultant peter drucker once famously wrote, there is nothing quite so useless as doing with great efficiency something that should not be done at all this nugget of wisdom is especially relevant to project managers effective project management is all about cutting. Effective communication is a key element of successful project management, which makes a common language essential this glossary will help your team standardize on frequently used pm terms, from. Project management, like any other industry, has its share of unique terms don't be overwhelmed here is our alphabetical list of terms that every project manager should know on day one actual cost of work performed (acwp) - this measures the actual cost of work done as opposed to what was. The pmi lexicon of project management terms offers clear and concise definitions for nearly 200 of the profession's frequently used terms for anyone involved in project, program, and portfolio management, the lexicon is an essential resource to foster understanding and consistent usage of terminology.
Project management is a job that comes with a lot of jargon and terminology once you know what it all means, it's pretty easy to follow the discussions and contribute effectively. • section i is a listing of basic project management terms you will be expected to know these terms for the comptia project+ exam • section ii provides definitions for terms you will likely need as your project. Wellcome to glossary of project management terms project management is the discipline of planning, organizing, and managing resources to bring about the successful completion of specific project goals and objectives.
Project management office: the project management office in a business or professional enterprise is the department or group that defines and maintains the standards of process, generally related to project management, within the organization the pmo strives to standardize and introduce economies of repetition in the execution of projects. July 2013 page 2 key terms, definitions, and acronyms following is a list of common terms, definitions, and acronyms used within the project management. Project management institute, inc (pmi) defines project management as the application of knowledge, skills, tools and techniques to a broad range of activities in order to meet the requirements of a particular project the process of directing and controlling a project from start to finish may be further divided into 5 basic phases.
Project management triangle - the project management triangle is a model that explains how the three constraints of scope, schedule and cost affect the ultimate quality of the final product or deliverable. Matrix management is commonly used in organizations if they have a need to share resources across functions (ie, different departments) in a matrix management system, an individual has a primary report-to boss and also works for one or more managers, most typically on projects. In a project context, this refers to project a method of reducing risk related to a project by actively identifying potential risks, plotting them in a risk register document or in your project management tool, and monitoring risks throughout the project.
Project management glossary of terms wwwpm4devcom glossary of terms acceptance the formal process of accepting delivery of a product or deliverable acceptance criteria performance requirements and essential conditions that. Dictionary of project management terms and acronyms understanding these terms and acronyms is an important step towards success in project management. Project management glossary of terms page 7 fall 2007 approved change request [output/input] a change request that has been processed through the integrated change control process and approved.
Project management is the planning, organizing and managing the effort to accomplish a successful project a project is a one-time activity that produces a specific output and or outcome, for example, a building or a major new computer system this is in contrast to a program, (referred to a. Project management is the practice of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time. D - project management terms data date - a data date, also called an as-of date, is a point at which a project's status is measured and documented it separates actual data from scheduled data.
A class of computer software applications specifically designed to aid the project management team with planning, monitoring, and controlling the project, including: cost estimating, scheduling, communications, collaboration, configuration management, document control, records management, and risk analysis. Project management glossary contains a number of project management terms that will help the project team to standardize the project's startup process these project management terms are the popular project management buzz words. Project management involves planning and organization of a company's resources to move a specific task, event, or duty towards completion it typically involves a one-time project rather than an. Project management office (pmo): a department that an organization can establish to define and maintain the standard practices that it uses for project management by introducing standardized and repeatable practices, the pmo seeks to improve the success of an organization's projects.