Project Management Glossary

Activities There are several phases in a project. For example preparation, implementation and completion. Each phase contains … › Agile First of all, "Agile" is just a word that expresses a certain agility. In project management, agile is often confused … › Ansoff Matrix The Ansoff Matrix - also called Product Market Matrix - is a tool for strategic management. It analyzes and … › Assumptions While dealing with statement of work (SoW) assumptions are listed as factors. It ensures the validation and result of … ›

Balanced Scorecard The balanced scorecard, abbreviated: BSC, is an English term for a balanced report sheet. It is primarily a concept for … › Baseline The baseline is one of the most popular project management terms among project managers. A baseline displays the … › Bcg Matrix The BCG matrix or portfolio analysis was developed by the Boston Consulting Group. It provides a framework for the … › Bottom Up Bottom-up management is a management approach in which the employees of an organization are actively involved in the … › Brainstorming When planning a project or a dedicated part of it, the team should define the things to do. This is very often done in … › Budget The budget is the financial framework available to a project or to individual activities. It comprises the approved … › Buffer In project management, there is the concept of buffer times. According to Wikipedia the buffer time or slack is a time … › Business Case The business case provides a justification for the implementation of a project. It assesses the benefits, costs and … › Business Plan Business Plan is a result from the business case. It refers not only to the type of business you want to start, but … ›

Capacity Planning Capacity planning compares the demand for resources with the available capacity. It answers the question of whether … › Case Study A case study is a process in which an individual or a team conducts a research on particular project to analyze its … › Change Management Every company must evolve in order to be able to withstand the constant changes in its environment. Change management … › Closing Process Closing process describes the termination of a project along with all the phases and processes. It is the end of the … › Constraint A constraint is a fixed requirement that limits the flexibility of the planning. Typical examples are a fixed start … › Contingency Plan The contingency plan is part of the risk management and refers to the second plan if your original plan doesn’t work. … › Cost Estimation The project cost is part of the triple constraint in project management and its cost estimation part of the planning … › Cost Performance Index (CPI) The cost performance index (CPI) is a key figure from the earned value analysis. It measures the cost efficiency of a … › Creative Project Management Creative project management refers to the strategic planning, organization, and execution of projects that foster … › Critical Path In a nutshell The critical path is the longest sequence of activities in a project plan that must be completed on time … › Critical Path Method In a nutshell The Critical Path Method (CPM) is a scheduling technique used to identify the sequence of essential tasks … ›

Deliverable For every tasks or projects, there is a commitment of required result/output which is to be delivered to the users. … › Dependencies Two or more activities are set in one of four possible ways. You use this link to specify that both operations were … › Dependency Types A dependency type defines the chronological order in which two activities relate to each other. There are four types: … › Dummy Activity This is a technique project managers sometime utilise to prepare a propject plan before they have all needed … › Duration A distinction is drawn in project management and consequently also in Merlin Project between two planning methods: … ›

Effectivity Efficiency A principle of business administration describes the difference between two elementary attributes that increase … › Eisenhower Matrix The Eisenhower Matrix, also known as the Urgent-Important Matrix or the Eisenhower Decision Matrix, is a commonly used … › Eva Earned Value Analysis (short: EVA) is a project controlling tool. It is used to assess the progress of projects. The … ›

Feasibility Study A feasibility study defines the process of evaluating a designed plan. It is used to determine the feasibility of the … › Float In short, a float is the amount of time that an activity can be delayed without causing a delay to other activities or … › Forward and Backward Scheduling The scheduling direction determines from which anchor point a project is calculated. With forward scheduling, the start … › Four Field Matrix A simple four-field matrix is a good basis for evaluating projects. Necessary resources are related to the expected … ›

Gantt Although the Gantt chart takes its name from Henri Gantt, it was probably first used in a project by a Swiss named … › Group A group is a logical summary of various activities and/or milestones. The size of a group or phase is not regulated. … ›

Hybrid Project Management Hybrid project management combines elements of traditional and agile methods. Instead of committing to a single … ›

Kickoff A kickoff meeting takes place at the beginning of the project or a new project phase. The project team meets and the … ›

Lessons Learned The lessons learned are a result of the closing process. It is a document filled with lections the participants have … ›

Management Styles No question was addressed and analysed more frequently than the question of the best management style. However, this … › Master Project A master project is a higher-level project that bundles several subprojects and presents them together. This makes it … › Milestone A milestone is a special activity. Milestones are often used as intermediate goals. Since they have none duration, you … › Montecarlosimulation Sometimes referred to as stochastic scenario analysis, the term Monte Carlo Simulation or 'Monte Carlo Methods' is … ›

Network Diagram A network diagram is a graph or chart which clearly indicates the flow of elements in the project. It also consists of … ›

Obs Organizational Breakdown Structure (OBS) also called organizational chart or organigram is defined as the organization … ›

Percentage Complete The percentage complete indicates, as a percentage, how far an activity has already progressed. 0 percent means that … › Pert Chart PERT Chart is used to evaluate the reviews. It is also known as "Program Evaluation Review Technique". PERT Chart is … › Pert Estimate PERT estimate is also called three-point estimation and used to calculate time and costs. It extends the two-time … › Plan-Actual Comparison The plan-actual comparison contrasts the original planning (target) with the values actually achieved (actual). Usually … › Pmbok The Project Management Body of Knowledge (PMBOK) is a guide which concludes terms, best practices, strategies and … › Porter 5 Forces Model Porter, a veteran of classic strategy development, has come up with the 5-Forces model, a model for representing an … › Porter Value Chain Model Porter's value chain model describes all the processes that a company goes through to perform a value creation process. … › Prince2 PRINCE2 refers to Projects In Controlled Environments, version 2. It is a formal project approach which provides … › Project A project is a temporary transaction to create a unique product, service or event (simplified from PMBOK). In Merlin … › Project Life Cycle The typical project life cycle includes project planning, analysis, design, implementation, and budget. A project life … › Projectmanagement Designated aloud Wikipedia, initiating, planning, controlling and completing projects. › Project Management Office (PMO) The Project Management Office (PMO) is a central organizational unit that provides standards, methods and tools for … › Project Manager A project manager is an individual who is responsible for a project . He/She is responsible for aspects like execution, … › Project Portfolio A project portfolio is the entirety of all projects of an organization or a division that are viewed and managed … › Project Sponsor The project sponsor is the client and most senior advocate of a project. They provide the resources, release the budget … ›

Quality Quality is an interpretation which defines superiority and inferiority of things. Quality gives products’ … › Questionmark In the first planning phase of a project, the activity values for work or duration can still vary. The project manager … ›

Raci Chart An RACI chart is defined as a matrix in which you can get all the significant actions happening in a project. RACI is … › Reporting Reporting is an essential part in any project. Reporting is basically a document file in which every information about … › Resource Resource is a term for people, materials and equipment used in the project. › Resource Calendar A resource calendar defines the working days along with non-working days which specifies the activity of resources. It … › Resource Leveling Resource leveling resolves overloads of resources. If a person or a piece of equipment is assigned more tasks than … › Resource Pool A resource pool allows you to centrally use and match the same resources in multiple projects. If you assign the same … › Resource Utilization Resource utilization describes the ratio between the assigned work of a resource and its available capacity. If … › Risk Every company takes advantage of the opportunities that present themselves. However, this is not possible without … › Risk Management Risk management defines the general philosophy and procedure for dealing with project risks. Risk analysis and risk … ›

Schedule Performance Index (SPI) The Schedule Performance Index (SPI) is a key figure from the earned value analysis. It measures how well a project is … › Scrum Scrum is an important approach in agile projects. It is used for delivering software products with iterative … › Sprint A sprint is a fixed, short period of time in agile project management during which a defined work package is completed. … › Stakeholder A stakeholder is a person or a group who has a particular interest in the course or outcome of a project. A large … › Statement Of Work The Statement of Work (SOW) is the document that captures and defines all aspects of your project. You write down the … › Status Date The status date is the cut-off date to which all evaluations of a project refer. Up to this date the recorded actual … › Status Reports Status reports deliver existing info on the project charge, financial plan, possibility, and other pertinent info. It … › Swimlanes Kanban swimlanes are horizontal lines that split a Kanban board into sections. Teams usually use them to visually … › Swot Analysis The acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats. The SWOT analysis is an instrument of … ›

Three Point Estimation The three-point estimation is a method of calculating the most probable end of a process. The main known three-point … › Time Management When a project is designed and delivered to the team for reference, it consists of the time duration which every team … › Top Down Top-down management is an approach to project management in which decision-making, planning and control originate at … › Triple Constraint The triple constraint model (also known as the project management triangle, iron triangle and project triangle) shows … ›

Waterfall Model In waterfall model, there are various phases which need to be followed from sequentially one phase to the next. The … › Wbs The work breakdown structure (WBS) is the heart of every project. It structures the project and divides it into … › Work There are two basic planning methods in project management: resource-based planning and time-based planning. Merlin … › Work Package A work package is the smallest self-contained unit in the work breakdown structure. It groups a manageable amount of … › Workplan One of the key terms of project management is its work plan. A work plan is an outline of a group of goals with the … ›