Project Management Terminology

The world of project management is filled with buzz words, techniques, vocabulary and languages. Popular techniques such as PRINCE2 Training and Agile Training are globally recognised as the norm for managing projects, so if you are taking your first steps into becoming a project manager, it’s vital that you know the lingo.  Below are some keywords that are used in the industry so that you can get a head start on the competition.

SMART Goals

Having a smart goal helps you to focus on the overall business objective. SMART stand for:

Specific – Make your goal simple and easy to understand. Be specific in numbers for example: “We would like to have 500 enquiries by the end of the year”.

Measurable – you also need to think how you can measure your goal.

Achievable – Are you able to achieve this goal? Be realistic which what you can do.

Relevant – Is reaching your task relevant to you? If you are lacking the skills, you can arrange training for PRINCE2 Courses for example.

Time Bound – How long will it take to achieve this goal? Set a realistic deadline that you can achieve.

Objective

Goals and objectives might sound the same but they do have different qualities. If the project objective is not specifically communicated across the team, the project could become a failure. During your first “kick-off” meeting for the project, show your team the overall company objective that they have to achieve.

Deliverables

This is an outcome that is produced during a project. You can have internal and external deliverables which are produced as a result of executing the project.

Project Team

Your Project Team is the most important resource as a manager. Select your team based on individual skills and experience to achieve a successful project.

Resources

Make the most of your resources to create an effective project. Your team, tools, space and time are all resources that you have to use effectively to complete your goals.

Debates

Try to look at a situation from different angles so that your team are encouraged to find multiple solutions. The healthy debate is to choose that right solution and to explore new opportunities which will conclude to the final decision.

Deadline

One of the most critical elements in a project is the Deadline. This will be part of your SMART objective so that you can figure out how to realistically achieve this deadline. If you waste your time, you will have to use more of your resource to complete the work.

Priorities

If you have multiple objectives, you will have to prioritise what needs to be done first. Priorities are key for when completing a task as you will need to also prioritise your resources to achieve this.

Accountability

The members of a project team and yourself are accountable of what work they complete and how a project gets finished. Teams can share their workload, but individuals of the team are responsible for getting tasks completed.

There are many other buzz words out there that can help you to understand the terminologies of project management. The PRINCE2 Certification can give you these terms and support you when learning the most popular project management methodology worldwide. Good Luck on your journey of becoming a successful manager.