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A

Acceptance Criteria

The list of key specifications that must be met by the project deliverables. It is a formal document & may contain criteria in terms of quality, time & cost parameters.

Acceptance Test

Also known as User Acceptance Tests (UAT). A beta test by a select group of end users to verify the product’s alignment with the acceptance criteria & identify potential issues w.r.t the actual use of the deliverable.

Acquisition Process

A vital process of Planning Phase. All required resources (man & machine) both internal & external to deliver the project are identified and acquired as part of the acquisition plan. Vendors are contracted if needed. Acquisitions are closely aligned with project budgets and schedules.

Action Item

An activity or task that must be completed.

Action Item Status

This tracks an action item’s progress from creation to closure. Since work packages comprise multiple action items, keeping action item statuses updated is important for project progress.

Activity

The smallest unit of work (tasks, subtasks & sub subtasks) necessary to complete a project work package (which includes multiple activities). Time, resources, and finances are required to complete each activity.

Activity Code

An alphanumeric id assigned to each activity for better task organization (grouping & filters). It is like a task id or a task number as seen in all major project management tools.

Activity Label

A short descriptive identifier for an activity. Commonly known as Task Labels across project collaboration software. Label helps you group tasks in a meaningful manner for easy identification, grouping, reporting and analysis.

Activity List

This is your end to end task breakdown consisting of every single activity (task groups or milestones, parent tasks, subtasks & sub subtasks) required to successfully deliver a project. An actionable list of items that drive project execution.

Activity Duration

The estimated time-range required to complete an activity. Basically the calendar time required to complete a task.

Actual Cost of wWork Performed (ACWP)

This is basically the cost incurred to deliver a specific work package of the project. In practical terms the cost you usually charge your customer for a deliverable or specific milestone.

Actual Duration

The actual time duration within which the activity was completed.

Actual Effort

This is your spent hours or actual hours that were spent on completing the specific task.

Actual Expenditure

The cost incurred to complete a deliverable or a project. This is usually taken out from the budget and as you continue to incur expenses, the budget gets exhausted.

Actual Progress

Percentage of work completed on a project. It is used to assess the comparison between project progress and project estimates in terms of schedule, efforts & cost depending on what you would like to track.

Adaptive project Framework (APF)

An project management framework that is accommodative of changing requirements and enables improvisation across each delivery cycle. The ADF is flexible enough to allow room for replanning due to changing business goals, objectives, and requirements.It is an adaptive and iterative approach like Agile.

Administrative Closure

Formal documentation, agreements and sign-offs in terms of all contract closure, acceptance criteria & updating all relevant project documents leading to the formal project closure. All final documents are sent, reviewed and approved as needed by the project sponsors and the stakeholders.

Aggregate Planning

This strategy uses demand forecasts to manage scheduling and planning for project activities between three and 18 months in advance, so that the necessary resources and personnel can be efficiently acquired or assigned

Agile Project Management

Agile project management draws from concepts of agile software development. Agile approaches focus on teamwork, collaboration, and stakeholder involvement, as well as the use of iterative development methods.

Allocation

The assigning of resources for various project activities for specified duration in the most efficient way possible. (See also resource allocation)

Alternative Analysis

The evaluation of possible courses of action for project work in order to find the most suitable course of action. What-If analysis is a good example.

Analogous Estimating

An estimation technique built upon references from historical project data to prepare realistic time and cost estimates. However, it is based on the expert judgement of the project manager. Hence prone to human error and not a very robust way of estimation. (See also top-down estimating)

Analytical Estimating

This technique is done by breaking down tasks to their respective components to estimate time requirements. It is usually done by a skilled & trained expert in the process of estimating. (See also bottom-up estimating)

Artifact

All relevant task and project documents such as design documents, requirement documents, project plan, test cases etc. that support the project execution.

Assumption

Factors, data points or scenarios that are understood and their impact accepted during the project planning process. There is no substantial proof of their validity though. A project’s assumptions can affect its risks and outcomes, so you must consider them carefully.

Authorization

In general, authorization is the power to make decisions that the management grants. The specific remit for authorization varies on a case-by-case basis.

Authorization

Any project activity that has been approved by the relevant stakeholders with authority. E.g. your clients, management, sponsors.

Avoid

A response to a negative risk that seeks to ensure the risk does not occur or (if the risk cannot be eliminated) seeks to protect the project objectives from the negative risk’s impact. (See also risk avoidance)

B

Balanced Scorecard

A Balanced scorecard is a concept or tool used to assess whether an organization’s activities are correlated with its general vision and objectives.

Bar Chart

A diagrammatic representation of various projects KPIs and metrics. (See also Gantt chart)

Baseline

Project baseline is the original scope, cost and schedule(time & efforts) required to deliver a project. It is the bible that governs your project execution through to closure. Baselines are crucial for performance monitoring and evaluation. No project without a baseline should ever be started.

Benefits Realization

Planning meets reality. Benefits realization refers to the direct mapping of actual results with the expected results.

Blueprint

A high level sketch of an endeavor & what it would achieve in terms of meeting or furthering the organizational objectives. ( strategic vision and mission)

BOSCARD

This method details and considers the background, objectives, scope, constraints, assumptions, risks, and deliverables of new projects.

Bottom-Up Estimating

This calculation computes total time and cost estimates for projects by preparing individual estimates for each of a project’s activities and adding them together. Bottom-up estimating is considered the most accurate estimation technique. (See also analytical estimating)

Budget

The sum of money allocated for a project based on comprehensive analysis of all associated costs that may be incurred to complete the project. It consists of costs of resource, labor, regulatory, risk management, travel, equipment etc.

Budgeted Cost of Work Performed (BCWP)

The portion of the budget allocated to scheduled work actually performed in a period of time. (See also earned value)

Budgeted Cost of Work Scheduled (BCWS)

The portion of the budget allocated to work scheduled to be performed in a period of time. (See also planned value)

Burn Down Chart

A graph that shows the relationship between the number of tasks to be completed and the amount of time left to complete these tasks. The chart comes in handy to measure the hours burnt vs the output and how many hours are left to complete the planned work and if it would breach the estimated time and schedule.

Business Analysis

The practice of identifying and solving business problems. It focuses on creating and implementing solutions to business needs via organizational development, process reengineering, or any number of other methods.

Business Case

A documentation of the potential outcomes of a new project, including benefits, cost, and effects. It presents the opportunity or problem statement (along with possible solutions) and examines the general feasibility of the project.

Business Imperative

An issue, situation, or circumstance with the potential to affect a business in one way or another, depending on the course of action used to address it. Organizations prioritize business imperatives for actions that will realize any potential benefits or avoid any potential harm.

Business Model

A company’s business model is the system by which the organization’s profitable activities are planned, structured, and executed, and by which it interacts with its customers.

Business Operations

The entire ensemble of activities or business processes through which a company uses its assets to create value for its customers.

Business Process

A Business process is a system of activities by which a business creates a specific result for its customers. There are three categories of business processes: management processes, operational processes, and supporting processes.

Business Process Modeling (BPM)

Business process modeling is the representation, analysis, and evaluation of business processes in an effort to improve them.

Business Requirements

Specific features, conditions that must be met by a project or an initiative to meet the overarching business goal and objectives.

Business Value

The business value of a project is the sum of positive effects — realized and perceived— it has on the business.

Benefit

The quantifiable and measurable improvement resulting from completion of deliverables that is perceived as positive by a stakeholder. It will normally have a tangible value, expressed in monetary terms that will justify the investment.

Breakdown Structure

A hierarchical structure by which project elements are broken down, to execute and manage better. Examples include: cost breakdown structure (CBS), organisational breakdown structure (OBS), product breakdown structure (PBS), and work breakdown structure (WBS).

Budgeting and Cost Control

The estimation of costs, the setting of an agreed budget, and management of actual and forecast costs against that budget.

Buffer

A term used in critical chain for the centralised management of contingencies.

Business Change Manager

The role responsible for benefits management from identification through to realisation.

Business Risk Assessment

The assessment of risk to business objectives rather than risk to achieving project, programme or portfolio objectives.

C

Capability Maturity Model (CMM)

This model is used to assess the maturity of business process capabilities. It was created to assess the capabilities of software development processes but is now used in a number of other industries as well. Like other maturity models, the CMM allows organizations to assess themselves against external benchmarks and provides recommendations for improvement.

CAPEX

CAPEX, or capital expenditure, is the money a company spends to acquire new fixed physical assets or upgrade old ones, typically for long-term use.e.g. Purchase of a new office space, ERP implementation etc.

Case Study

A case study involves extensive and in-depth formal research into an area of a company, a situation, or an event. Case studies typically result in formal reports that are published in academic or professional publications. They investigate important, singular, or locally representative cases that contribute to the advancement of knowledge.

Certified Associate in Project Management (CAPM)

This is an entry-level certification for project managers offered by the Project Management Institute. It is designed to build knowledge of project management processes and terms.

Champion

A project champion makes project success a personal responsibility. This person pushes the project team to work hard, liaise with stakeholders on behalf of the project, and support the project manager. Project champion is an informal role.

Change Control

Change control is the process of identifying, evaluating, approving, and implementing changes to a project. It ensures that changes are introduced in a controlled and effective manner and that any adjustments necessitated by changes are also addressed.

Change Control Board

An appointed group of stakeholders who evaluate proposed changes and decide when and whether to implement them.

Change Control Process

The process by which changes to the project are evaluated before being approved, implemented, and documented.

Change Management Plan

A Change management plan details the change control process. It is created to ensure all changes are managed according to an agreed process. Change management plans can be created for individual projects or for organizations undergoing transitions.

Change Freeze

The point at which scope changes to a project are no longer permissible.

Change Request

A formal document submitted to the change control board that requests changes to the finalized project management plan. Change requests are usually made only for significant changes, as smaller changes with little to no impact on the project work can be brought to the project manager for approval.

Client/Customer

The people who will directly benefit from a project. The sponsor. A team executes a project with specific attention to a client’s requirements.

Closing Phase

The final phase of the project management life cycle, in which all aspects of the project are officially completed and closed. This includes making sure that all deliverables have been given to the client, that the team notifies suppliers of completion, and that the team updates stakeholders regarding the end of the project and overall project performance.

Communications Log

This document is used to track all project-related communications. It is organized and edited by the project manager and details who communicated, when and where the communication took place, what information was shared, and the results of the communication.

Communications Management Plan

This plan states who will send and receive information on aspects of the project, what details are communicated, and when communications are sent. It is part of the project management plan.It covers the frequency, information type, medium and schedule of all such project communication e.g. progress reports, status reports etc.

Consensus

A decision agreed upon by all members of a group.

Configuration

Configuration management ensures that the product of a project meets all necessary specifications and stipulations. It provides well-defined standards for the management and team to guarantee that they meet quality and functional requirements, as well as any other characteristics considered important.

Constraint

A limitation on a project. Among other things, constraints may be financial or based on time or resource availability. Factors that impede the project progress or objective.

Contingency Plan

An alternative or additional course of action planned in anticipation of the occurrence of specific risks.

Contingency Reserve

An allocation of time or money (or both) set aside for the occurrence of known possibilities that could delay a project or make it more expensive. It is not the same as a management reserve, which is an allocation made for unforeseeable circumstances. Use of a contingency reserve is typically authorized upon the occurrence of a contingency.

Contract Administration

The process by which a team manages a relationship with a contracting party. It establishes protocols for dealings between contracting parties.

Contract Closeout

The process of determining whether the terms of a contract were completed successfully and of settling any remaining terms.

Control Account

A work breakdown structure tool that allows aggregation of costs for work packages as part of earned value management calculations.

Control Chart

It represents the results or output variations of a process over time. There is a central line which is the average of the sample occurrences or variations. Based on the tracked outputs of the sample upper and lower values are generated. They are known as Upper limit and Lower limit. Once established you can correlate current variations to see if the process is within the defined limits or it needs to be optimized.

Corrective Action

A step taken to bring work back into alignment with performance expectations after it has failed to meet expectations. A corrective action, which is reactive, is not the same as a preventive action, which is proactive.

Cost Baseline

The sum of work package estimates, contingency reserve, and other associated costs by which project performance is assessed. A formal change control process is necessary to change the cost baseline.

Cost Benefit Analysis

A Cost benefit analysis is used to weigh project costs against anticipated tangible project benefits.

Cost Management Plan

End to end plan of how project costs will be planned, funded, and controlled. It is a part of the project management plan.

Cost of Quality

The cost associated with ensuring project quality. This cost may mean the difference between unacceptable and acceptable project results.

Cost Overrun

A cost overrun occurs when unexpected costs cause a project’s actual cost to go beyond budget.

Cost Performance Index

A cost performance index measures the cost efficiency of a project by calculating the ratio of earned value to actual cost.

Cost Plus Fixed Fee Contract (CPFC)

Under a cost plus fixed fee contract, the seller is reimbursed for costs incurred and paid a predetermined fixed fee.

Cost Plus Incentive Fee Contract (CPIF)

Under a cost plus incentive fee contract, the seller is reimbursed for costs incurred and paid an additional fee if they meet performance criteria specified in the contract.

Cost Plus Percentage of Cost Contract (CPPC)

Under a cost plus percentage of cost contract, the seller is reimbursed for costs incurred and paid an additional amount equal to a percentage of the costs incurred if they meet performance criteria specified in the contract.

Cost Reimbursable Contract

A cost reimbursable contract is a contract under which a seller is reimbursed for costs incurred and paid an additional sum as per a predetermined agreement as profit. They are typically negotiated for projects with costs that are not fully known or not well defined.

Cost Variance (CV)

The Cost variance of a project is its earned value minus its actual cost. A negative cost variance indicates that a project is running over budget. A positive cost variance indicates that a project is running below budget.

Cost/Schedule Impact Analysis

A cost/schedule impact analysis determines the effects of a particular change on a project’s cost or schedule.

Crashing

A schedule compression technique used to speed up project work by increasing the rate at which critical path activities are completed by adding more resources — usually more personnel or more equipment. Crashing increases project costs, so it is used first on activities that can be sped up at the least additional cost.

Critical Chain Project Management (CCPM)

Critical chain project management is an approach to managing projects that emphasizes the resources needed to complete project activities over activity order and durations set in a schedule. It uses resource optimization techniques like resource leveling and requires that activity start times be flexible.

Critical Path Activity

Critical chain project management is an approach to managing projects that emphasizes the resources needed to complete project activities over activity order and durations set in a schedule. It uses resource optimization techniques like resource leveling and requires that activity start times be flexible.

Critical Path Activity

A scheduled activity that is part of a project’s critical path.

Critical Path Method

The Critical path method is used to estimate the shortest length of time needed to complete a project and to determine the amount of float for activities that are not part of the critical path.

Critical Success Factor

A critical success factor is an aspect of a project that is crucial to the success of the project.

Current Finish Date

The most up-to-date estimate of when an activity will finish.

Current Start Date

The most up-to-date estimate of when an activity will start.

Current State

A detailed representation of current business processes that is used as a point of comparison for efforts to analyze and improve processes’ efficiency, effectiveness, and outputs.

Closure

The formal end point of a project or programme, either because it has been completed or because it has been terminated early.

Collaboration

Working with one or more parties on the same project and similar goals. It’s the act of delegating and communicating between team members and distinct teams in order to better serve the product by providing more minds and hands. More than that, though, collaboration is a way of working with new tools like social platforms, real-time document sharing and editing, and remote working. For some companies, collaboration is perceived to be a “culture” promoted within the business to support Agile or iterative ways of running projects or simply to support knowledge sharing within the org.

D

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.

Decision Tree Analysis

A diagrammatic technique used to illustrate a chain of decisions and to examine the implications of multiple decision-making or situational outcomes.

Defect Repair

An action taken to remedy a product that is nonfunctional or does not match expectations or requirements.

Define

The phase in the portfolio life cycle in which projects, programs, and any organizational changes needed to realize strategic objectives are identified and examined.

Deflection

The transferring of risk to another party, generally via a contract.

Deliverable

A final product or product component that must be provided to a client or stakeholder according to contractual stipulations.

Delphi Technique

An estimation method based on expert consensus. Experts make estimates individually and simultaneously and then review their estimates as a group before making another set of estimates. The process is repeated, with the pool of estimates typically becoming narrower after each round of review until a consensus is reached. (See also wideband delphi)

Dependency

A logical relationship between project activities (tasks) in a network diagram that determines when a dependent activity may begin.

Do Nothing Option

An element of a project business case that states the consequences, if any, of not undertaking the project.

Duration

The amount of time taken to complete an activity or task from start to finish.

Duration Compression

Duration compression techniques shorten a project’s duration without reducing its scope. This typically requires additional expenditure. There are two main duration compression techniques: crashing and fast tracking. (See also schedule compression technique)

Dynamic Systems Development Method

The dynamic systems development method is one of the agile product development methodologies. Like other members of the agile family, it conducts development in a series of iterations, with user-story-based improvements made in increments. The dynamic systems development method operates with fixed cost and time constraints and uses the MoSCoW prioritization method to identify the desired product requirements with these constraints in mind.

Definition

The second phase of a project or programme life cycle where requirements are refined, the preferred solution is identified and ways of achieving it are identified.

Delegation

The practice of giving a person or group the authority to perform the responsibilities of, or act on behalf of, another.

Demobilization

The controlled dispersal of personnel and disposal of assets when they are no longer needed on a project, programme or portfolio.Basically releasing resources and sending them back to the resource pool for future allocation to other projects.

Disbenefit

A consequence of change perceived as negative by one or more stakeholders.

Dashboard

A graphical way to share essential project data with stakeholders, a dashboard which makes diverse amounts of data and its underlying information easily digestible. Traditionally, dashboards were created “manually” by assembling select pie charts or data graphs in a presentation view. The data however, was often outdated by the time of the presentation. Modern project management tools offer real-time dashboards, so the data is viewed usually by bringing a laptop or tablet to a presentation or though client-logins to the software so everyone has access to the freshest data.

E

Early Finish Date

The earliest time by which a scheduled project activity can logically finish.

Early Start Date

The earliest time by which a scheduled project activity can logically start.

Earned Schedule

A method of measuring schedule performance that improves upon traditional earned value management. Earned value management tracks schedule variance only in terms of money and not in terms of time and thus does not accurately indicate schedule performance by the end of a project. To address this discrepancy, earned schedule theory uses the same data as traditional earned value management but tracks schedule performances separately with respect to money and time.

Earned Value

A concept used to gauge project schedule and cost performance. Portions of the project budget are assigned to components of the work breakdown structure, and successful completion of a work breakdown structure component is understood as value earned through work.

Earned Value Management

A method of measuring project performance and progress with regard to scope, time, and costs. It is based on the use of planned value (where portions of the budget are allotted to all project tasks), and earned value (where progress is measured in terms of the planned value that is earned upon completion of tasks).

Effort

The amount of labor needed to complete a task. It is measured in person-hours or similar units.

Effort Estimate

A calculated approximation of the effort — measured in staff-hours or similar units — needed to complete an activity.

Effort Management

The most efficient allocation of time and resources to project activities.

End User

The person or persons who will eventually use the product of a project. Products are designed with end users in mind.

Enhancement, Maintenance, and Upgrade (EMU)

Enhancement, maintenance, and upgrade are project classifications used in the software development industry. Enhancement projects involve improving the functionality or performance of software. Maintenance projects keep software functioning as expected. Upgrade projects create a new version of the software, called a release.

Enterprise Environmental Factors (EEF)

Internal and external factors that can impact projects. They include such things as climate, available resources, and organizational structure.

Enterprise Modeling

Enterprise modeling is the creation of a model to represent an organization’s structure, processes, and resources. Enterprise models are built to increase understanding of how organizations work. They form the basis of improvement or restructuring efforts.

Epic

A set of similar or related user stories.

Estimate at Completion (EAC)

The estimated total cost for all project work, calculated as the sum of the actual cost and the estimate to complete.

Estimate to Complete (ETC)

At a given point in a project, the estimate of the cost of the work that still needs to be completed.

Estimation

The use of estimating techniques to reach approximations of unknown values.

Event Chain Diagram

A visual representation of a schedule network based on event chain methodology. It shows relationships between project activities and risk events.

Event chain Methodology

A schedule network analysis method that enables uncertainty modeling. It is used to identify risk events’ impact on a schedule.

Event-Driven

The adjective describes an action that is prompted by the occurrence of an event.

Execution Phase

The execution phase begins after activity approval and is the phase in which the team executes the project plan. Execution is typically the longest and most expensive phase in the project management life cycle.

Executive Sponsor

Typically a member of the organization’s board who is ultimately responsible for the success of the project. They provide high-level direction to project managers and are accountable to the board for project success.

Extreme programming (XP)

An agile software development methodology that emphasizes a high degree of responsiveness to evolving customer demands. Development cycles in extreme programming are short, and releases are frequent. Its main features include high-volume communication with customers and pair programming.

External Dependency

An outside relationship that affects the completion of a project activity.

Extreme Project Management (XPM)

An approach to project management used mostly for complex projects with a high degree of uncertainty. XPM is designed for projects where requirements are expected to change. Therefore, it focuses on flexibility more than rigid scheduling. Where traditional project management proceeds sequentially through the project management life cycle and thus clearly defines problems, scopes, and solutions, extreme project management accepts that all three aspects will change as the project proceeds and thus emphasizes continual learning over deterministic planning.

F

Fallback Plan

A predetermined alternative course of action adopted if a risk occurs and a contingency plan proves unsuccessful in avoiding the risk’s impact.

Fast Tracking

A schedule compression technique or duration compression technique in which the duration of a critical path is shortened by performing sections of some critical path activities concurrently instead of consecutively.

Feasibility Study

An evaluation of how likely a project is to be completed effectively, or how practical it is, taking resources and requirements into consideration.

Finish-To-Start

In a finish-to-start relationship, a successor activity cannot start until a predecessor activity has finished.

Finish-To-Finish

In a finish-to-finish relationship, a successor activity cannot finish until a predecessor activity has finished. It is usually represented using the gantt chart.

Fishbone Diagram

A fishbone diagram is used in project management to identify and categorize the possible causes of an effect. (See also Ishikawa diagram)

Fixed Duration

A task in which the time required for completion is fixed.

Fixed Formula Method

The fixed formula method calculates earned value in a given period of time by splitting a work package budget between the start and completion milestones of a work package. A known proportion of value is earned upon beginning the work package, and the rest is earned upon completing the work package.

Fixed Price Contract (FPC)

A fixed price contract pays an agreed-upon fee and does not incorporate other variables, such as time and cost.

Fixed Units

A task in which the number of resources used is fixed.

Fixed Work

A task in which the amount of effort required is fixed.

Float

A measure of the schedule flexibility involving a particular task.i.e. Allowed or accepted delay in completing a task.

Flowchart

A diagram that lays out the complete sequence of steps in a process or procedure.

Focused Improvement

An improvement strategy based on the theory of constraints. Attention is focused on addressing one limiting factor — called a constraint — at a time in order to optimize a system. Each constraint is improved until it no longer limits the system’s performance.

Forecast

A prediction or estimation of future project status based on available information.

Free Float

The amount of time by which an activity can be postponed without affecting the early start dates of a successor activity.

Functional Manager

The individual in charge of all activities carried out by a particular functional department within an organization.

Functional Organization

An organization which organizes and manages staff members in groups based on specialty areas.

Functional Requirements

The working characteristics of a product. These are based on how end users will use the product.

Future State

A detailed representation of the ideal condition of a company’s business processes after improvement.

Financial management

The process of estimating and justifying costs in order to secure funds, controlling expenditure and evaluating the outcomes.

Funding

The means by which the capital required to undertake a project, programme or portfolio is secured and then made available as required.

G

Gantt Chart

A Gantt chart is a type of bar chart that shows all the tasks constituting a project. It is a visual representation of your project’s timelines and progress. Dependencies are easily mapped and tracked to ensure timely execution and proactive handling of delays.

Gate

An end-of-phase checkpoint at which decisions are made regarding whether and how to continue with the project. (See also phase gate)

Go/No go

A point in a project at which it is decided whether to continue with the work.

Goal

An objective set by an individual or an organization. It is a desired endpoint reached by setting and working towards targets.

Goal Setting

The process of creating specific, measurable, and attainable goals and of setting deadlines for these goals if desired.

Gold Plating

The practice of incorporating features and improvements that go beyond a product’s agreed-upon characteristics. This is generally done to boost customer satisfaction.

Governance

The structure by which roles and relationships between project team members and an organization’s high-level decision makers are defined.

Graphical Evaluation and Review Technique (GERT)

A network analysis technique that uses Monte Carlo simulation & allows for probability distribution of activity durations & conditions under which certain tasks may not be taken up.

H

Handover

In the project life cycle, a handover is the point at which deliverables are given to users.

HERMES

A project management method created by the Swiss government and used by IT and business organizations. It is a simplified project management method that can be adapted to projects with varying degrees of complexity. It provides document templates to expedite project-related work.

High-Level Requirements

The high-level requirements explain the major requirements and characteristics of the final product, including its purpose as a product and within the company. (See also product description)

Historical Information

Data from past projects used in the planning of future projects.

Human Resource Management Plan

A human resource management plan details the roles of and relationships between personnel working on a project, as well as how personnel will be managed. It is part of the project management plan.

Hypercritical Activities

Critical path activities with negative slack time. They are created when a sequence of critical path activities leading up to another activity is too long to be completed in the stated duration.

I

Information Distribution

The channels used to provide stakeholders with timely information and updates regarding a project.

Initiation Phase

The formal start of a new project. It involves receiving proper authorization and creating a clear definition for the project.

Inputs

The information required to start the project management process.

Inspection

The process of reviewing and examining the final product to assess compliance to initial requirements and expectations.

Integrated Change Control

The coordination of changes throughout all aspects of a project, including scope, budget, and schedule.

Integrated Master plan (IMP)

A project management tool used to break down project work in large, complex projects. It lists project tasks and events in a hierarchical structure and shows relationships between them.

Integrated Master Schedule (IMS)

An integrated master schedule is produced from an integrated master plan. It is a list of all project tasks represented as a networked schedule.

Integration Management Plan

A document that explains integration planning and details how changes to project aspects will be managed.

Integration Planning

The process of deciding how project elements will be integrated and coordinated and how changes will be addressed throughout the project management process.

Invitation for Bid

An invitation for expressions of interest that a procuring organization extends. (See also request for proposal)

Ishikawa Diagram

Ishikawa diagrams are used in project management to identify the possible causes of an effect. (See also fishbone diagram)

Issue

Anything that can cause problems for a project. The term typically refers to major problems that cannot be tackled by the project team on their own.

Iteration

A concept from iterative software development that specifies a fixed time cycle for development work, typically a few weeks long. The development life cycle consists of a number of iterations, sometimes with a functional version of the software produced at the end of each one. Iterative development prioritizes time over scope, so there are rarely concrete requirements to be achieved in an iteration.

Issue Log

Project issues and the persons responsible for resolving them. It may also include issue status, plans for resolution, and resolution deadlines.

Iterative and Incremental Development

Iterative and incremental development is any combination of the iterative and incremental development approaches. It is an alternative to the waterfall development method: instead of focusing on sequential development with a single end product, it passes through a number of development cycles, with an improved version of the product, called an increment, produced at the end of each iteration.

J

K

Kanban

The word kanban means visual signal in Japanese. Kanban is a visual communication approach to the project management process. It uses visual tools like sticky notes or virtual cards in an online bulletin board to represent project tasks & their progress. Teams usually define custom statuses relevant to their project type and operations for easy tracking.

Kickoff Meeting

The first meeting between a project team and stakeholders. It serves to review project expectations and to build enthusiasm for a project.

Key Performance Indicator (KPI)

it is a metric for measuring project success. Key performance indicators are established before project execution begins.They can be defined based on the project type and requirements. E.g. productivity rates, utilization rates, project profitability etc.

L

Lag/Lag Time

A necessary break or delay between activities. Relevant break times induced between 2 tasks based on project type and logistical requirements.

Late Finish Date

The latest possible date a scheduled activity can be completed without delaying the rest of the project.

Late Start Date

The latest possible date a scheduled activity can be started without delaying the rest of the project.

Lead/Lead Time

The amount of time an activity can be brought forward with respect to the activity it is dependent upon.

Lean Manufacturing

A production methodology based on the idea of streamlining and doing more with less, such as by providing customers with the same product value while eliminating waste and thus reducing production costs. I.e. removing non-value add (NVA) steps.

Lean Six Sigma

Lean six sigma combines the no-waste ideals of lean manufacturing with the no-defects target of six sigma. The goal of Lean Six Sigma (LSS) is to eliminate waste and defects so that projects cost less and deliver more consistent quality.

Lessons Learned

The sum of knowledge gained from project work, which can be used as references and points of interest for future projects. More of a retrospective document providing an overview of what worked, what did not work & what can be improved.

Level of Effort (LoE)

Work that is not directly associated with components of a work breakdown structure but that can instead be thought of as support work. Examples of level of effort include maintenance and accounting. It is one of three types of activities used to measure work performance as part of Earned Value Management (EVM).

Life Cycle

The entire process used to build project deliverables. Life cycles are divided into a number of phases. A variety of life cycle models are in use in project management.

Linear Sequential Model

A linear sequential model moves through a project life cycle’s phases systematically and sequentially. It is typically used for small projects with straightforward requirements. It is more aligned with the waterfall model

Linear Scheduling Method

A graphical scheduling technique used to assign resources when project work consists of repetitive tasks. It focuses on maximizing resource use and reducing time wastage due to interruptions.

M

Management Process

The act of planning and executing a project or process to meet a defined set of objectives or goals. Management processes may be carried out at multiple levels within organizations, with the scale and scope of activities typically linked to the organizational hierarchy.

Management Reserve

An allocation of money or time (or both) to address unforeseeable circumstances that might delay or increase the costs of a project. A management reserve is not the same as a contingency reserve, which is an allocation made for known possibilities. The senior management must typically approve any release of funds from a management reserve.

Master project

A master project file comprises a number of smaller projects, called subprojects, arranged hierarchically.

Matrix Organization

Employees in a matrix organization report to more than one boss, with different lines of reporting representing different organizational projects or functions. Typically seen in service based organizations with employees having a people manager and a project manager.

Maturity Model

Maturity is the extent to which an organization’s methods, processes, and decisions are standardized and optimized. A maturity model assesses one or more of these aspects against a set of external benchmarks to determine an organization’s maturity level. Maturity models allow organizations to assess themselves according to management best practices. They typically offer recommendations for improvement.

Milestone

Milestones indicate specific progress achievements or events as defined in project timelines. They confirm the achievements or levels passed required for successful projects completion.

Mission Statement

Mission statements are usually a small list of key goals or sub-goals, and can be created for entire organizations or for individual projects. They are designed to provide direction and guidance. They are a reflection and part of the overall organization’s vision.

Modern Project Management

An umbrella term for a number of contemporary management strategies. In contrast to traditional management, modern project management: features more recognition of quality and scope variation; refines processes more frequently; stresses collective, interdisciplinary knowledge and team consensus over individual leadership. It is also less based on traditional hierarchies- modern project teams draw from a range of organizational levels and functional areas.

Milestone Schedule

A milestone schedule details the time relationships associated with project milestones. Milestone schedule is well defined within the project management plan.

Monte Carlo Simulation/Technique

Monte Carlo simulation is a computer-based technique that performs probabilistic forecasting of possible outcomes to facilitate decision making. For each possible decision — from the most high-risk to the most conservative — a Monte Carlo simulation provides decision makers with a range of possible outcomes and the likelihood that each will occur.

Most Likely Duration

An estimate of the most probable length of time needed to complete an activity. It may be used to compute expected activity duration through a technique called three-point estimation.

MoSCoW

The MoSCoW prioritization method allows project managers to communicate with stakeholders on the importance of delivering specific requirements. The acronym indicates four categories of priority and importance for project requirements. Each requirement is prioritized as a "must have", a "should have", a "could have", or a "won't have."

Murphy's Law

"What can go wrong will go wrong." - is cited in project management as a reason to plan adequately for contingencies.

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