7 Key Project Terms You Need To Know About

1. Contact Us 120 Matheson Boulevard East, Suite 203, Mississauga, ON, Canada L4Z1X1 Phone: 647 620 9490 Website: https://www.educationedge.ca Regardless of the project type, project size, or any other factor, there are universal project terms that are used. You'll be one step ahead of the project if you know these seven terms like the back of your hand: 1.Project Lifecycle The project lifecycle refers to the five stages that every project must go through from beginning to end. The five phases of a project lifecycle serve as the most basic framework for defining a project. Initiation, planning, execution, monitoring, and closure are the five phases. 2.Project Scope The scope of the project is an important consideration during the planning stage. It is, in many ways, the starting point. Setting goals and objectives, detailing deliverables, creating tasks, establishing important dates, and more are all part of determining project scope for the project manager and their team. The project scope identifies the desired outcomes as well as all of the specific factors that will influence their attainment. 3.Stakeholder Anyone and everyone involved in a project is referred to as a stakeholder. A stakeholder can be involved in the project at any stage or only in a limited way. Investors, team members, vendors, contractors, and other stakeholders can all have an impact on your project, and stakeholder analysis can help you categorise them. 4.Deliverable A deliverable is the specific result(s) that a project produces. Deliverables can be either "tangible" or "intangible," meaning they can be either a physical product or a concept. Deliverables are typically the need that sparked the project in the first place. The office is a tangible deliverable when someone hires a builder to design and build a space for them. 5.Milestone Milestones are predetermined accomplishments that aid in project tracking. Consider milestones to be checkpoints. These checkpoints are established before a project begins to ensure that the project

2. manager and team are on track to meet deliverables. It's difficult to know if a project is on track for success or needs to reroute without milestones. 6.Resources Any item required to complete a project is referred to as a resource. Materials are a valuable resource in any construction project. Other resources, such as time, labour, and equipment, are, however, equally important. In order to create a resource plan and manage the resources appropriately, a project manager must be able to identify all project resources. It's easy to mismanage resources when they're unaccounted for. 7.Dependencies The way resources must be shared and allocated within a project is referred to as project dependencies. Many projects will make use of the same physical materials for various purposes and stages. The only way to ensure that there is enough of a resource to go around is to understand this dependency. Likewise, all projects are divided into tasks. When one task cannot begin until the other has been completed, these tasks are said to be interdependent. Need more insights on the same? Enrol in a PMP course today!