To have a better grip on the project management career, you should know about the project management terminologies. Prince 2 and PMP are main training certification. In this article, we are going to provide a guide for project management terminologies. So, let’s dig in without burning much time.

A 

Accept – It is a particular decision made by the project management term that no action should be taken against a threat. The team accepts the risk when falling below the risk threshold. (prefer to risk acceptance term)

Acceptance criteria- There are specific requirements that are expected from the project deliverables. The project deliverables should meet all the acceptance criteria.

Acquisition test- In this test, the end-users of the team run a product through its full range of use and that would identify potential problems. To know, what the potential of the product is this test is essential. 

Acquisition process- In this process, personnel and resources play a crucial role in project work. Acquisitions are coordinated with the budgets and schedules of the project.

Action item- A particular activity or task which is a very crucial part of the project should be completed.

B 

Backward pass- This could calculate the late-start and the deadline for the project activities. If the person is working backward from the project end date, the backward pass would calculate it.

Balance- While making the portfolio of the project, there should be a proper balancing of components based on costs, risk, and use of resources. Balancing all the basic components is one of the main aspects of organizational project management. 

Balanced scorecard- This scorecard is a tool or concept that is used to assess whether the organization’s activities are correlated with its general vision and objectives.

Bar chart- In this chart, schedules of project activities start and end dates are arranged in a logical order.

Baseline- The costs as well as schedules approved at the start of the project are represented by the baseline. This term is particularly used for monitoring and evaluating the performance of the project.  

C 

Calendar unit- To measure the project activity durations per smallest units of time such as hours or day, a calendar unit is used.

Capability maturity model (CMM)- CMM is used to access the maturity of business process capability. This model was established to access the capabilities of software development processes but now, it is used by several industries as well. The role of this model is to allow the organization to assess against external benchmarks. It would also recommend the idea for improvement.

CAPEX- Capital expenditure (CAPEX), is the organization’s money which is spent to acquire a new physical asset or upgrade an old-ones, and it is typically invested for long-term use. 

Case study- This term involves the depth study or research of the particular area of the company, situation, or event. It is an important investigation that would look at singular or locally representative cases that can contribute to the advancement of knowledge.

Change control- This term represents the process of identifying, evaluating, approving as well as implementing several changes to the project. It would ensure that the changes are in control. 

D 

Data date- The company sets a particular date at which the project’s status is measured as well as documented. It would separate the actual date of submission from the scheduled date.

Decision true analysis- When the team is making a particular decision, they would go through an examination of the implications of multiple decisions as well as situation outcomes, and this is known as decision true analysis.

Decomposition- Usually the huge projects are distributed into smaller components that are easier to plan and manage. This is called decomposition of the project.

Defect repair- Defect repair represents an action taken to the remedy of the product which is non-functional and does not match the requirement of the project. 

Define-  At the particular phase of portfolio life cycle project, a program, as well as organizational changes, requires strategic objective which can be identified and examined.  

E 

Early finish date- The early finish date is the date where the scheduled project activities can be logically finished.

Early start date- The early start date is the date where project activities can be logically initiated before the scheduled date. 

Effort- An amount of labor that is required to complete the particular task. This amount of labor is measured in person-hour or similar unit. 

Effort estimate- An approximate effort which is measured in staff-hour or similar units required for completing the task or activity of the project. 

End-user- An individual who will eventually use the product of the project. All the products are made by keeping end-users in mind.

F 

Fallback plan- Particular plan is made to avoid risk but if it gets unsuccessful then a fallback plan is executed. It is a predetermined alternative course to put in action if a risk occurs.

Finish-To-Start – This is one type of relationship which indicates that a successor activity can only start after the predecessor activity is finished. 

Fixed duration- A particular task should be completed until the fixed duration is set by the company.

Flowchart- In this chart, there’s a complete sequence of steps of the project process or procedure. 

G 

Gate- The end-of-phase checkpoint where the project team has to decide whether and how to continue with the project. 

Go/No go- At this point in the project management, a proper decision should be made regarding whether to continue with the project or not.

Goal setting- It is the process of creating, measuring, and attainable goals that can be set according to the deadline.

H

Handover- At this point in the project life cycle, the deliverables are given to the users.

History information- Data from the past projects is the collected that is used in the planning of future projects.

Human resource management plan- This plan indicates the role of and relationships between personnel working on the project and how personnel will manage.

Thus, the above given was common project management terminologies. Know the actual meaning of words that play a very crucial part in up-bringing your career.