Project Management Terminology | 10 Terms Every Project Manager Should Know

Introduction and Project Terminologies

In this section, Adriana Girdler introduces herself as a project management professional and shares her top 10 project terminologies.

Sponsor

• A person who has authority over the project, provides funding, direction, and champions the project to the organization.

• Sometimes the sponsor may not act as the true champion in the organization.

Stakeholder

• Specific people who have a stake in the outcome of the project.

• Stakeholders can be internal or external to the company.

Steering Committee

• A group of high-level stakeholders responsible for providing guidance on strategic direction, removing roadblocks, and approving project-related items.

• They ensure alignment with organizational priorities.

Scope Statement

• Describes what the project is about and sets boundaries for what will and will not happen.

• It is important for project managers to work with sponsors in creating the scope statement.

Gold Plating

• Adding extra features or flexions to a product or project that are not included in the scope statement.

• Project managers should avoid gold plating as it can create issues and go beyond planned resources, budget, and time.

Scope Creep

• Uncontrolled changes in scope due to interference from stakeholders or misunderstandings by the project manager.

• Project managers should manage scope creep through formal change control processes.

Charters

• Documents that kick off projects and include objectives, scope statements, deliverables, risk assumptions, organizational charts, roles, and responsibilities.

• Created by project managers and sent to all stakeholders for signature. It sets expectations and makes people accountable.

Conclusion

Adriana Girdler emphasizes the importance of understanding these key project terminologies for successful project management.

Charter, WBS, Action Plans, and Risk Planning

In this section of the video, the speaker discusses the importance of a charter, work breakdown structure (WBS), action plans, and risk planning in project management.

Charter

• A charter provides direction for project success.

• It is a key document that outlines the project's goals and objectives.

• The speaker offers a free template for creating a charter.

Work Breakdown Structure (WBS)

• A work breakdown structure breaks down project deliverables into manageable sections.

• It is similar to an organizational chart.

• The WBS helps in understanding how to deliver on major milestones and tasks.

Action Plans

• Also known as work schedules or work plans.

• They outline all the tasks needed to complete the project with responsibilities and due dates.

• Action plans are essential for managing projects effectively.

Risk Planning

• Risk planning involves identifying possible failures within a project.

• The speaker recommends using tools like Failure Mode Effect Analysis (FMEA) to analyze potential causes and develop mitigation plans.

• Managing risks is crucial for project success.

Timestamps have been associated with each bullet point.