10 Project Management Terms You Should Know

In any profession, there’s a list of terms that make sense to insiders but may be confusing to those outside the field.
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Project management is no different.

While we pride ourselves on making things clear and easy to follow, project managers have their own vocabulary. If you understand the lingo, you’ll better be able to ask questions and follow the conversation. You’ll confidently know that you’re on the same page as everyone else.

The Project Management Institute regularly updates A Guide to the Project Management Body of Knowledge. This publication describes the industry’s best practices, plus it provides a common vocabulary for consistency.

Here are 10 terms that often fall in everyday conversation about projects and project management. Know these and you’ll be versed in how to talk to a project manager.

Charter: This document authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

Deliverable: Any unique and verifiable product, result, or the capability to perform a service that is required to produce to complete a process, phase, or project.

Project: Temporary efforts with a clear start and finish. Projects are not ongoing. Projects have an end result – something created or completed.

Project Management: The applications of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Requirement: A condition or capability that is required to be present in a product, service, or result.

Resource: Skilled human resources, equipment, services, supplies, commodities, materials, budgets, or funds.

Risk: An uncertain event or a condition that, if it occurs, has a positive or negative effect on one or more project objectives.

Scope: The sum of the products, services, and results to be provided as a project.

Stakeholder: An individual, group. or organization that may affect, or may be affected by, or perceive to be affected by decisions, activity, or outcome of a project.

Stakeholder Engagement (or Management) Plan: Processes, procedures, tools and techniques to effectively engage stakeholders in project decisions and execution based on the analysis of needs, interests, and potential impact.

Work Breakdown Structure: A step-by-step summary of the work the project team needs to complete to accomplish the project objectives and create the required deliverables.

- Rachel