10 Buzzwords every Project Manager Should Know

Many people think project management is complex, and it is. But, in many cases, you’ll need to be careful when listening to talks full of buzzwords and jargon that can make your head spin. People who work on projects (Project Manager) use a lot of jargon called “PM speak. Even so, if you don’t want to look like a complete novice when you talk to your coworkers, it’s best if you can figure out what they say.

Talking to your project manager in their native language can make meetings more effective and lead to better project management. Consider a couple of these project management terminologies and buzzwords.

Co-location:

Co-location in project management means the practice of putting all the resources needed to complete the project’s tasks at a single physical location that is easy for everyone to get to. Collocation methods may include meeting rooms, bulletin boards near the project site, and other things that make communication easier for everyone involved in the project.

Co-location improves communication and the relationship between the team and their work. When a group of people works together in the same place, they can easily share ideas, experiences, and resources to make great things. Co-location facilities must-have essential features that make it easier for team members to work together.

For example, even a tiny pantry helps make the office feel like people can work together. These institutions should also have the tools, furniture, and equipment that the team needs to help them reach their goals.

Retrospective:

Take a look back at what you’ve done before. This word is in the headline of an invitation to a meeting. The temptation is to let out a big sigh of relief and throw away your checklist after finishing a task. Then, you look at the next thing on your to-do list on the calendar. However, taking the time to talk about the project with your team is time well spent. 

Scope Creep:

The project’s scope is essential to project management, no matter how big or complicated it is. People who work on projects call this “scope creep” or “feature creeps.”  Scope creep is caused by changes in stakeholder requirements, changing customer expectations, and shifts in the market.

Scope creep can be kept under control by closely monitoring the project’s progress and comparing completed work to the project’s baseline requirements. Analyzing changes, their sources, and their effects are also essential for scope creep.

Baseline:

There is a point in the planning process where everything starts. This is called the project baseline. Only when the baseline has been set and documented can a project start and its control actions be taken. A project baseline is set up by first figuring out what the project will be about. The schedule for the project is then set, and the project’s total cost is worked out. Once the project starts, the baseline is moved to change control.

It is only possible to get accurate measurements if the project’s scope, schedule, and cost are subject to change control procedures that can be changed. As soon as a project change is OKed, the baseline is recalculated to include the new change while still following the original plan. This makes a record of all the changes that have been made to a project’s goal.

Process Improvement:

To put it simply, project management is a mix of complicated and straightforward steps. These steps are significant to ensure that the final product lives up to its value promises. For example, process improvement is figuring out which processes need to be changed and how to make them better to improve quality or meet customer needs. This is very important for cutting down on mistakes and waste while increasing productivity.

Usually, process improvement is made systematically. It is an effort to improve the quality of the product by looking for ways to make things better. Process improvement happens through the project.

Milestone:

This is a way to figure out how far a project is at a certain point in its life. It’s important to know when a project will start and end and when reviews, deliverables, and budgets will happen, so these signs are essential. The best way to see milestones is to use a Gantt chart, which shows all the tasks at a glance.

Dummy activity:

A “dummy activity” is one that is added to a project’s schedule as a placeholder. It has no time to do anything. When arrows connecting two activities cannot show their relationship, a fake activity is employed to represent the line of action.

When you look at a network diagram, a dummy activity does not last for any length of time. Therefore, it is more of a logical process than a project-based one. Dummy activities are often shown in network diagrams if schedule activity arrows can’t show logical links and dependencies.

Gantt and PERT charts:

Gantt and PERT charts are usually used to show the progress of a project in a way that is easy to see. For example, when a project includes a timeline and tasks, the Gantt chart visualizes the project’s progress. It’s dedicated to him.

Using PERT (Program Evaluation and Review Technique) charts is a great way to plan because they are based on three estimates of how long it might take to do each task, how long it might take, and how likely it will take.

Due diligence:

Due diligence is a word that people use to deal with risks. You become more aware of possible hazards, failures, challenges, and opportunities when you do your due diligence. It lets you think about what could happen and develop ways to protect yourself.

For example, a project manager does due diligence by setting clear goals and assessing the strength of people and resources. A project manager can determine how much risk there is in a project with this information.

Critical Path Method (CPM):

The critical path method (CPM) refers to the most extended set of tasks or activities that must be done throughout the project. These tasks are essential for the project to go well. If you don’t finish a critical activity on time, the whole project will be pushed back. That means that by figuring out your critical path, you can figure out how long the project will take.

During the planning phase, a critical way is made to figure out which tasks and deadlines are essential. After setting up the vital route, project managers will have a clear picture of the project’s timetable. 

Final verdict:

When it comes to project management, the discipline is frequently criticized for its use of terminology and the way of speaking and not in a positive sense. Even though we think it gets a bad reputation, it makes sense to use simple words to describe complicated things. A project manager needs to understand these concepts to go through a typical week.

Share this post