PROJECT MANAGEMENT GLOSSARY

Key PM Terms for Professional Service Firms

Project management has its own set of terms. This glossary is your guide to understanding what gets thrown around in meetings and plans. With these definitions, you'll be speaking the language of success on your next project!

Key PM Terms for Professional Service Firms

Agile project management is an iterative approach focused on flexibility, collaboration, & continuous improvement

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Agile sprints are brief, focused iterations that help teams deliver incremental value swiftly.

Agile Project Management is a methodology that focuses on delivering work in small, manageable chunks called sprints

Acceptance Criteria are the specific conditions that a project or task must meet to be considered complete and acceptable by the client or stakeholders.

Alpha Testing is an early stage of software testing performed by a small group of internal users.

Discover how a baseline plan can keep your projects on track.

A business case is a document that outlines the justification for a proposed project or investment.

A Backlog is a prioritized list of all the work items (features, tasks, bugs) that need to be completed for a project.

Backlog Refinement (or grooming) is the process of reviewing and updating items in the Backlog to ensure they are properly defined, prioritized, and ready to be worked on.

This stage helps identify any issues that may not have been found in Alpha Testing, particularly around user experience and performance in different environments.

Bottlenecks can severely impact impact deadlines and team productivity if not addressed quickly.

It helps teams track their progress and determine if they are on track to complete all tasks by the deadline.

Unlike a Burndown Chart, it focuses on what has been achieved, providing a more positive view of project progress.

Change control is a project management process for handling modifications to the project scope, schedule, or budget.

A contingency plan is your project's "Plan B" for handling potential risks and unexpected challenges.

Critical path analysis identifies the sequence of tasks that determines your project's minimum completion time.

The Critical Path Method (CPM) is a project management technique that identifies the longest sequence of dependent tasks that determine the minimum project duration.

Free float is the buffer time a non-critical task can be delayed without affecting subsequent tasks in a project schedule. Free float is the buffer time a non-critical task can be

Gate reviews are scheduled decision points in a project lifecycle used to assess progress, manage risks, and determine if a project should move forward.

A visual tool for managing project workflow, boosting efficiency, and maximizing delivery.

A milestone diagram is a visual timeline highlighting key project stages (milestones) to track progress and improve communication.

Project assumptions are factors believed to be true in a project plan.

The Product Backlog is an evolving, prioritiSed list of all the features, enhancements, bug fixes, and tasks that need to be worked on for a product.

A Project Budget is the total estimated cost of completing a project, including expenses like resources, materials, and labor.

A Project Charter is a formal document that outlines the project’s objectives, key stakeholders, scope, and responsibilities.

Project Constraints are the limitations or restrictions that affect how a project is executed.

Project Objectives are the specific, measurable outcomes that the project is intended to achieve.

A Project Plan outlines how the project will be executed, monitored, and controlled. It includes timelines, tasks, resource allocations, and milestones, serving as a roadmap

Project Risks are potential events or conditions that could negatively impact the project. These risks could affect the project's timeline, budget, scope, or quality.

The Project Sponsor is the person or group responsible for funding the project and providing overall direction.

A Pull System is a workflow management method in which tasks are only initiated when there is a demand or need for them.

Risk monitoring and control is an ongoing process for identifying, assessing, and addressing project risks throughout the project lifecycle.

A Requirements Traceability Matrix (RTM) is a document that tracks the relationship between requirements and their corresponding deliverables. It helps ensure that all requirements

Retrospective Meetings are held at the end of a sprint or project to reflect on what went well, what didn’t, and how the team can improve in the future.

Risk Identification is the process of recognizing and documenting potential risks that could impact the project’s success.

A Risk Management Plan outlines how project risks will be identified, analysed, and mitigated.

A Risk Matrix is a tool used to evaluate the likelihood and impact of potential risks, typically represented in a grid format.

Risk Mitigation involves taking steps to reduce the likelihood or impact of a risk on the project. It’s a proactive approach to minimizing potential disruptions.

A RACI Chart is a matrix used to assign roles and responsibilities in a project. The acronym stands for Responsible, Accountable, Consulted, and Informed.

Resource Allocation is the process of assigning available resources (people, equipment, budget) to specific tasks within a project.

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