Decoding Project Management Jargon (part 1): Project Planning Terms 101
- IPMA-SA
- Apr 9
- 4 min read
Project management planning
involves a plethora of terms and concepts that can often be overwhelming, especially for beginners. Whether you're new to project management or need a refresher, understanding these fundamental terms is essential for steering your projects towards success. Here's a guide to the key terms you'll encounter during the project planning process.
Just a heads-up: people might interpret these planning terms a bit differently, and some might even debate whether all of these are strictly planning terms or argue that we've missed some important ones. In this blog, we're (IPMA-SA), simply covering a selection of terms that we think anyone involved in projects should at least be familiar with. We're not claiming this is the definitive list of project management terms—there's always more to learn!
Project Plan
A project plan, also known as a project management plan, is a comprehensive roadmap detailing all the elements your team needs to accomplish to achieve your project's goals. This plan sets the stage for the entire project, providing direction and maintaining accountability for everyone involved. It serves as the main source of truth for all team members, ensuring that any questions or uncertainties can be resolved by referring to the project plan.
Project Timeline
A project timeline is a visual tool that helps you see how the different parts of your plan fit together. It lists specific dependencies and key milestones, allowing you to track the progress of the project and ensure that it stays on schedule.
Project Budget
A project budget outlines the resources available for a specific project, measured either in time (such as hours in the agency world) or in financial terms. It sets a clear boundary on the resources that can be allocated, helping to manage costs and prevent overspending.
Project Objectives
Project objectives define what you aim to achieve by the end of a project. These goals are the driving force behind the project and can be tangible deliverables, like a new product, or specific targets, such as increasing social media followers by 300%.
Project Scope
A project scope clearly identifies the goals, deadlines, and deliverables that a project is expected to achieve within a specific timeframe. Establishing the project scope in advance helps team members manage their time effectively and keeps stakeholders informed about what to expect as the project progresses.
Scope Creep
Scope creep occurs when a project's tasks and deliverables begin to exceed the initially defined project scope. While it is not inherently negative, it can significantly alter the project's timeline if not carefully monitored and managed.
Business Case
A business case is a document that outlines the benefits your organisation or client will gain from pursuing a specific business initiative. It can be used to justify additional headcount, new software, or other resources, highlighting the value and return on investment.
Project Charter
A project charter provides a high-level overview of the project's key objectives, scope, and main responsibilities. It is often used to gain approval from key stakeholders before the project begins, ensuring that everyone is aligned on the project's goals and scope.
Key Performance Indicators (KPI)
KPIs are metrics that indicate how well your team is progressing towards specific goals or project objectives. They provide a straightforward way to measure project performance, such as tracking the average open rate of marketing emails for an email marketer.
Kick-off Meeting
A kick-off meeting is the initial gathering of all stakeholders involved in a project. It ensures everyone is aligned on the project plan, provides an opportunity for questions, and allows stakeholders to voice any concerns or opinions.
Resource Allocation
Resource allocation is the process of determining the resources available for a project, which can include time, budget, team members, equipment, and software. Effective resource allocation ensures that resources are used efficiently and the project stays on track.
Contingency Plan
A contingency plan is a predefined backup plan that comes into play if the original plan encounters obstacles. It is particularly useful for larger, more complex projects, ensuring that the project can proceed smoothly even if unexpected issues arise.
Change Management
Change management refers to the process of managing changes to a project. This includes the authority to approve or reject changes, ensuring that any modifications to the budget, timeline, or scope are controlled and aligned with the project's objectives.
Risk Mitigation
Risk mitigation involves identifying and addressing potential risks at the start of a project. By anticipating risks, you can devise strategies to minimise their impact, reducing the likelihood of project failure and ensuring a smoother project execution.
Conclusion
Understanding these essential project management planning terms is crucial for anyone involved in managing projects. By familiarising yourself with these concepts, you can navigate the complexities of project management more effectively and lead your team to success. Keep this guide handy as a quick reference, and you'll be well-equipped to tackle any project planning challenge that comes your way.
At IPMA-SA, we pride ourselves on our agnostic approach, focusing solely on enhancing competences across project leadership, business, and management. Our commitment is to elevate skills and drive excellence, regardless of industry or methodology.
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