It involves managing a team of people and juggling both human resources and project resources. It can mean delivering projects on deadline, the first time. Effective communication is a key element of successful project management, which makes a common language essential. As it’s widely known, Henry Gantt, was one of the pioneers of project management who developed the popular Gantt Chart which is used as a diagram for project management.‘Projects’ are tasks that could be part of our routine lives or any business. It is used to sell a project and guide decision making. You'll learn specific entry level techniques such as Work Breakdown Structure and Resource Leveling and you'll have opportunities to practice each technique. The concepts of efficiency and effectiveness are commonly used when evaluating different processes. Or, two machines can produce more products than one machine. Agile methodologies are based on the mindset that self-organizing software development teams can deliver value through iteration and collaboration. This plan requires a buy-in from all stakeholders. For example, a bank that sees an opportunity to expand into an Asian market due to deregulation. Project Management Glossary of PMP Concepts There are loads of terms and concepts to learn when it comes to project management and particularly for PMP. What is a Project? Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.Project management has final deliverables that are constrained to a finite timescale and budget. Project management is one of the most critical components of a successful business. It affects revenues and liabilities, and it ultimately interacts with customer or client satisfaction and retention. Project management is a complex and yet essential practice in the business world. Our practical framework makes project management easy to understand and apply to today's project-driven workplace. PROJECT MANAGEMENTConcepts and CasesCertified Six Sigma Black BeltCertified Project Management Professional (PMP)BPM PractitionerJeremy Jay … A project is a temporary effort to create a unique product, service or result. This glossary contains more than 600 terms and provides simple, clear explanations. Project Management - Basic Concepts 1. 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. It is iterative and incremental in response to changing requirements. Project Management Concepts 1. Without the concept of project management, a project’s development would be chaotic. Glossary of project management terms and acronyms used by project managers and business professionals. Introduction to Project Management. Project Management What is Project? Core Concepts of Project Management presents the proven techniques of project management. And from this practice, project managers quickly learned how teambuilding promotes effective team performance, which leads to successful project outcomes. This context of the “systems viewpoint” must be considered when project management is introduced into an organization. Financial Terms in Project Management #4: Law of Diminishing Returns. During this phase the need, opportunity or problem is confirmed, the overall feasibility of the project is considered and a preferred solution identified. Here’s a list of terms every project manager should know: Agile. Learn more about the triple constraint in this video with Jennifer Bridges. A project concept is a statement that gives a program or project its direction, depth and meaning. Establishing standardized definitions for common project management terms is a challenge, even for seasoned pros. One of the most important developments that occurred in the management field during the 1970s was the increasingly common use of project teams to implement short-term efforts, efforts that realized organizational objectives. You can’t just execute your idea without a plan. There are several key concepts involved in project management that are discussed, to help give you some tips and tricks for successfully managing a project to completion. You will not be asked to derive definitions in the PMP© exam as its a multiple choice but being able to identify what a term or concept … This information is usually described in project documentation, created at the beginning of the development process. Let’s start with a few important basics about project management terms and concepts. Your company might have only one project in the works at a time, while other larger corporations and entities might juggle several projects at once. Note: This article is based on and an update of Tom Mochal's article, Mini-glossary: Project management terms you should know. FREE Course! Waterfall. In an effort to standardize project management information and practices, a team of over 80 PMI members created the text, A Guide to the Project Management Book of Knowledge (PMBOK ® Guide) Currently in its fifth edition, the PMBOK ® Guide is continually being updated by the PMI and shares the fundamental practices that are used worldwide to achieve the best results. However, the law of diminishing returns proposes that after a certain point, adding more input or resources will not … If you are new to project management, it’s easy to get overwhelmed by the plethora of things that you need to learn, including the terms and concepts of project management. Project management plays a crucial role in accomplishing goals and following through with plans and expectations. In a nonprofit, the term "management" might refer to all or any of the activities of the board, executive director and/or program directors. For instance, two workers paint a house faster than one worker. Understanding these terms and acronyms is an important first step towards success in project management.!! The discipline’s main goal is to ensure that everyone involved in a project knows exactly what needs to be done, how much time they have to complete an activity, what resources are available, and whom they should talk to in case they encounter a problem. Earned schedule (ES) is an extension to earned value management (EVM), which renames 2 traditional measures, to indicate clearly they are in units of currency or quantity, not time. Important PMP® Terms and Concepts (covering Section 1, 2 and 3 of the PMBOK® Guide 6th Edition) Project. Watch our video about project management terms to learn what they mean and how to put them into practice for your projects. Scrum: An approach used in agile project management, which focuses on teams, daily standup meetings and sprints, which are short iterations of work. Agile methods promote a process … Agile Project Management! Project management terminology and definitions. I n terms of successful project management, the project implementation is ela- borated in this chapter from the IECEU project implementation perspective. What is Project Management? By their very nature, projects are … Click: https://www.teachucomp.com/freeLearn about Project Management Terms and Concepts Microsoft Project at www.teachUcomp.com. The following are illustrative examples of a project concept. Agile project management: A framework that prefers a more fast and flexible way of working, as opposed to waterfall. Consider a scenario where you want to impress your boss with a new initiative that you believe will increase business or reduce operational costs. Project Management 2. But project management doesn’t always mean working more, it means working smarter. Understanding these top 10 project management terms is a great first step to leading your team and projects to success. When small business owners hear “project management,” it’s easy to also hear “more work.” As a small business owner, time is your greatest resource, and you’re accountable to your clients and employees for how you spend it. Concept Concept is the first phase of the project life cycle. Developing a concept of project management in systems terms requires that the project management system be viewed in as large a context as possible. You’ll likely fail at your mission, and it may even cost you your job. A project management plan is created by a project manager. 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