Project management is a crucial part of business. Without skilled project management projects can finish way behind deadlines or become very disorganised. Our execution and project management terms will help you to discuss details of this management task with colleagues and in meetings.
Beginner
| Word | Meaning | Example Sentence |
|---|---|---|
| Task | A specific piece of work to be done. | “My first task is to create a project timeline.” |
| Goal | A desired outcome. | “The project goal is to increase sales by 15%.” |
| Plan | A detailed proposal for doing something. | “We need a solid plan before we start the project.” |
| Team | A group of people working together. | “The project team consists of five members.” |
| Deadline | The date by which something must be done. | “The deadline for the first phase is next Friday.” |
| Budget | The amount of money allocated for a project. | “We need to stay within the project budget.” |
| Resource | Something used to achieve a goal. | “We need more resources, like staff and equipment.” |
| Progress | Movement towards a goal. | “We are making good progress on the project.” |
| Meeting | A gathering of people to discuss something. | “We have a project meeting every Monday morning.” |
| Report | A document that provides information. | “I need to write a progress report for the manager.” |
Intermediate Execution & Project Management Terms
| Word | Meaning | Example Sentence |
|---|---|---|
| Scope | The boundaries of the project; what is included and excluded. | “We need to clearly define the project scope to avoid scope creep.” |
| Risk | A potential problem that could impact the project. | “We need to identify and mitigate potential risks.” |
| Milestone | A significant point or event in a project. | “Reaching the first milestone is a major accomplishment.” |
| Deliverable | A tangible or intangible outcome of a project. | “The final deliverable is a fully functional website.” |
| Constraint | A limitation or restriction on a project. | “Our main constraint is the limited budget.” |
| Schedule | A plan that shows when tasks are due to be completed. | “We need to stick to the project schedule to meet the deadline.” |
| Stakeholder | A person or group with an interest in the project. | “We need to keep the stakeholders informed of our progress.” |
| Contingency | A plan for dealing with unexpected events. | “We need to have a contingency plan in case of delays.” |
| Dependency | A task that relies on another task to be completed. | “Task B is dependent on Task A, so we can’t start B until A is finished.” |
| Communication | The exchange of information between team members and stakeholders. | “Effective communication is crucial for project success.” |
Advanced
| Word | Meaning | Example Sentence |
|---|---|---|
| Critical Path | The sequence of tasks that determines the shortest possible project duration. | “Any delay on the critical path will delay the entire project.” |
| Earned Value Management (EVM) | A technique for measuring project performance by comparing planned work with actual work completed. | “We use EVM to track our progress and identify any variances from the plan.” |
| Variance | The difference between the planned and actual performance. | “There is a significant cost variance, meaning we are over budget.” |
| Agile Methodology | An iterative and incremental approach to project management. | “We are using Agile methodology to develop the software.” |
| Waterfall Methodology | A linear and sequential approach to project management. | “The Waterfall methodology is often used for projects with well-defined requirements.” |
| Project Charter | A formal document that authorizes the project. | “The project charter outlines the project’s objectives, scope, and stakeholders.” |
| Risk Assessment | The process of identifying, analyzing, and evaluating potential risks. | “We conducted a thorough risk assessment to identify potential threats to the project.” |
| Change Management | The process of managing changes to the project scope or plan. | “Effective change management is essential for minimizing disruptions to the project.” |
| Quality Assurance | The process of ensuring that the project deliverables meet the required quality standards. | “We have implemented quality assurance procedures to ensure the software is bug-free.” |
| Project Governance | The framework of rules and processes used to manage the project. | “Strong project governance is essential for ensuring accountability and transparency.” |
We hope you enjoyed our Execution & Project Management Terms.
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