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Stakeholders are the people engaged in and influenced by the project. Stakeholders are very important in project management, thus stakeholder is one of the project management terms you should know. Milestone is one of the components of Gantt chart and you will be able to see them on the project schedules presented as a diamond. This is a best practice for project managers to use a milestone in the project to celebrate something expressive being created. These are the significant points in time or an event that mark important moments during the project. MilestoneĪ milestone is a scheduling process that describes the set of related deliverables. This dividing process is continued until it is assigned to a single person.ĭo you know about communication methods in project management? If no, read the article – Communication methods and its importance in project management. Project team creates WBS by analyzing major deliverables and then dividing them into sub-deliverables. A work breakdown structure (WBS) is hierarchical that breaks down the work into manageable clods so that each level of WBS could be easily understood by the project team. Work Breakdown Structure is one of the important project management terms. Here we have given top 50 project management terms that you should know- 1. These project management terms are the popular project management buzz words. Project Management glossary contains a number of project management terms that will help the project team to standardize the project’s startup process. The closing of the project in a controlled manner at the proper time.Īlso Read: Latest Project Management Trends in 2018 50 Project Management Terms You Should KnowĮvery course has its own glossary, and hence project management is not an exemption.Providing communication with project team and stakeholders.Controlling risks, issues, changes in project and managing project budget as planned.Determining the project requirements, the standard of deliverables, resource allocation, timescales etc.Outlining the basis why a project is essential.

Main components of project management are: It is the application of processes, knowledge, skills, and experience to reach the project goal. Project management is a set of important skills for most of the careers.