Project Management Terminology Video
You should watch the video, as it contains more visuals than the text.
1. Project Charter
Many companies don’t use a Project Charter when they start a project.
However, project managers have a different view.
You don’t necessarily need a formal document.
However, you will want to be able to access the important information.
A project charter is a document that provides high-level information about the project as well as its boundaries.
It also gives the authority to project managers to spend resources in order to achieve project objectives.
You must at least capture:
Project Business Case
Deadline and Milestones
Customers and sponsors should sign off on the proposal.
A stakeholder is someone or a group that can have an impact on the project or be affected by the results of your work.
Here, we are referring to the positive and negative effects.
You, the key stakeholders, are the people who will pay for the project and the people who will benefit.
Even for smaller projects, there are many stakeholders. All members of your team are stakeholders.
Some of them are key.
Stakeholders can also include subject matter experts in your company or outside of it.
The boss, end-users, and executives who initiated the project.
The list is endless.
It is important to have a wider view of project stakeholders. It’s important to do so.
Let’s get to it now.
3. Project Requirements
The traits, capabilities, or characteristics of the final product, service or result are called project requirements.
It’s simple, but it’s important.
It is important to realize that not only are your customers and clients responsible for project requirements, but also other stakeholders.
All stakeholders have provided requirements for the project.
Some requirements relate to the final product that you will need to deliver. Others are requirements for the processes and tools that you will need. This is a requirement for your project management approach.
Other stakeholders, such as the CEO, will require that you communicate with clients in a specific way.
Here’s the main takeaway.
You will not be able to identify key stakeholders if you don’t identify them. These requirements will eventually appear, however, sooner or later. It will be the scope of work and risks you didn’t anticipate.
4. The Requirements Traceability Matrix
It is a tool that allows you to tie together project goals, requirements, stakeholders, key deliverables, and other important information in one place.
It’s usually a simple spreadsheet that lists all this information.
It can also help you identify conflicting requirements and requirements that shouldn’t be part of your project, as they don’t support any of the project goals.
5. Project Triple Constraint
The Project Triple Constraint states that the scope and cost of work are related. This means that the more work you want to do, the more money you will need and the more time you can allocate.
You can also trade time for money. To finish the project quicker, you will need to pay more.
This triangle must be kept in mind. Nothing is free on a project. You don’t have many options if there is a change to a project. You must make a trade-off between scope, cost, and time.
6. Project Scope
Scope, or scope of work, is the actual work that you must do to create project deliverables.
It could be mental work or physical labor. Your management efforts are key.
We are always interested to identify 100% of the scope of work on a given project.
It is important to realize that the scope of a project depends heavily on its goal and requirements.
As a project result, you might need to create a site.
It could be a social networ, as you can see.
Project Management Terminology: 15 Terms Every Project Manager Must Know
Project Management Terminology Video