The chart illustrates what needs to be done at a particular time period during the project lifecycle. Simply put, Gantt charts are used for visualizing the project schedule in the form of a graph. It captures exactly what needs to be done over the course of the project lifecycle and how it will be done. Project TimelineĪ project timeline outlines the project events in order of their occurrence. Project budget is a formally approved document featuring a comprehensive list of financial resources, including project expenses, required to complete a project. Each phase has to be completed before moving on to the next phase and there is no overlapping of the phases, making it difficult to make any amendments. The project development takes place systematically, from one phase to another in a downward fashion.
The model works in a similar pattern like a ‘waterfall’. Waterfall model is a traditional project management approach to the project lifecycle. There are multiple frameworks associated with agile implementation, Scrum being one of the most popular ones. The approach focuses on breaking down the project into small cycles, known as ‘iterations.’ These iterations are then prioritized in terms of urgency or importance. Agile Project ManagementĪgile project management is an iterative and incremental approach to delivering projects. The whole concept demands the development of an interconnected network through which individuals exchange information and monitor the project performance. The process of actively involving each team member in project activities is called collaboration. It allows the teams to visualize the big picture of all projects and maximize the return on investment.
Project management professional meaning series#
Project portfolio management (PPM) involves collective management of a series of projects to achieve organizational goals.
A stakeholder can be anyone from the project team, executives, sponsors, customers, or the end-users. They usually affect or are affected by the project decisions being taken over the course of the project lifecycle. The responsibilities of a project manager typically entail powerful planning, smart resource utilization, and managing the scope of the project.Īny individual that has a direct or indirect interest in a project is known as a project stakeholder. The person responsible for handling every aspect of a project from the day it starts till it closes is called a project manager. These activities must be completed according to this set sequence to achieve the project goals. It is used to determine the step-by-step sequence of activities, which in turn determines the total time of the project. Critical Path Method (CPM)ĬPM is an algorithm particularly used for scheduling project activities. This hierarchical organizing of the team’s work helps everyone understand the nature of work better and execute project goals effectively. Work Breakdown Structure (WBS)Ī work breakdown structure comprehensively divides the project deliverables into manageable sections. The 19 Best Project Planning Tools of 2023 2. The project plan also lays the foundation for all kinds of communication among the stakeholders.įind the best project planning tools here: It guides the execution of a project from initiation to project closure. The document usually consists of approved cost, schedule, and project scope. Project PlanĪ project plan is one of the key formal documents created before starting any project. Go ahead and give your vocabulary the boost it deserves. Over the years, just like the discipline itself, the lingo has also developed unique project management terms that one should know.Ĭompiled below are some of the most commonly referred to project management concepts and key terms that’ll benefit you even if you’re a seasoned pro.
The same holds true for project management. Every field around the world has its own special jargon and a particular vocabulary that keeps evolving over time.
0 kommentar(er)
