Whether you’re just getting started in the field of project management or need a refresher course, here’s a list of common project management terms, with handy links to related articles both in this blog and on other sites.
Milestone
Milestones are significant points in time during a project. They are often defined by specific achievements or deliverables and are used to keep projects on track.
Baseline
Baselines measure and track project performance to ensure project success. Three key baselines in project management are schedule, cost, and scope. All three must be managed as part of a complete performance management baseline.
Stakeholder
Stakeholders are all those who are influenced by the project, whether they are responsible for specific aspects of development or users of the result. Stakeholders may be inside an organization or outside of it and could include governmental or regulatory bodies who must be kept informed on the project. Delivering a project or product based only on the end user’s expectations is not enough; you need to consider all stakeholders.
Project Management Professional (PMP)
A Project Management Professional (PMP) has earned the most widely recognized and respected project management certification available. PMP certification can supercharge your career, regardless of your industry. In addition, it helps organizations find the people best qualified to help them work smarter and improve their performance. Overseen by the Project Management Institute (PMI), it allows employees to demonstrate the education, experience, and skills required to successfully lead projects.
>>> 4 Benefits of PMP Certification
Project Management Body of Knowledge (PMBOK)
The Project Management Body of Knowledge (PMBOK) is a comprehensive guide covering terminology, best practices, and procedures for project management. This Body of Knowledge comprises the materials one must understand to achieve PMP certification.
Project Life Cycle
The PMBOK – the cornerstone of the PMP certification offered by the PMI – defines the project life cycle in terms of phases. While the phases are usually executed sequentially, there can also be some overlap of activities from phase to phase:
- Initiation: Develop the project charter and identify stakeholders.
- Planning: Develop the project management plan.
- Execution: Design and build the product or service.
- Monitoring and controlling: These activities go on throughout the project.
- Closing: Hand off the product or service for delivery, and the project is closed.
>>> Learn more about Project Life Cycles
Change Management
Businesses must constantly adapt and evolve to meet anticipated and unexpected challenges. These challenges may come from technological changes, competition, laws and regulations, or economic trends.
For changes to be successful, organizations must prepare for change, coordinate and equip their teams to handle that change, and then support the individuals moving through change. Change management requires many essential project management skills, including flexibility, communication, time management, organization, and team-building.
>>> Get an introduction to Change Management Fundamentals
Supply Chain
The Supply Chain is a sequence of events helping a commodity move from manufacturing to market. Elements contained in a supply chain include people, equipment, transportation modes, and technology.
Every industry that manufactures something has a supply chain, which can be viewed as a network of interactions, with the manufacturer at the center of the action. A robust supply chain management model will make it easier for a business to succeed and thrive.
Risk Management
Risk Management identifies risks, assesses their effects, and mitigates them. Companies implementing a comprehensive Risk Management strategy can operate more efficiently, better control costs, and enhance customer service. Risk Management principles can apply to any part of an organization. For example, a complete Supply Chain Risk Management (SCRM) plan covers all aspects of the process, including production, packaging, handling, storage, and transport.
>>> Learn more about Supply Chain Risk Management
Continuous Process Improvement
Continuous improvement is a philosophy by which organizations continually look for – and invest in – better ways to get their work done. This includes the evolution of their products and services, processes, procedures, workflows, and other aspects of day-to-day operations.
With so many techniques and methodologies available, it makes sense for organizations to evaluate and determine which one best meets their business needs and fulfills their objectives. For all approaches, it’s wise to remember the common mistakes that can occur with adopting any continuous process improvement mindset.
>>> Compare various Process Improvement Methodologies: Part 1 | Part 2 | Part 3
At Thurman Co., we embrace the PMI certification principles as part of the foundational framework driving how we operate and interact with clients, suppliers, and partners.
We help businesses manage projects to significantly impact their success and growth. When you’re ready to put your project in the hands of a trusted professional organization, contact us to learn more about working together.