Project management in any industry involves specific vocabulary that teams should be familiar with. As the teams grow, they adapt to that language and it becomes a part of company culture. A normal work conversation might sound like a foreign language to outsiders, however, in the area of business and project management, these terms are succinct with process success.

Purpose

Every project has a specific purpose. The goal is to correctly define that purpose to make sure that all specifications and stakeholder requirements are properly carried out through the design, development, and delivery processes. A business owner or project manager should ask the following questions in order to assess the purpose of a project:

  1. What solutions will the project deliverables provide?
  2. What is the purpose of the project?
  3. What is the project designed to accomplish?
  4. Who are the stakeholders?

Goals

Once the purpose of a project is properly identified, then a project management team can start planning and identifying objectives and goals. An objective should not only look to succeed project-specific goals, but also as a specific jurisdiction as a whole. For example, a business or project goal should relate to how a team works together as well as how an organization develops and grows from each project as a learning experience.

Resources

No matter how many objectives or goals are outlined in a work breakdown or a project charter structure, project and objectives and organization goals cannot be achieved or be successful without resources. Resources can be: suppliers, equipment, and even project teams. However, regardless of the specifications, without resources a project cannot and will not function.

Risk

Each project will always have a set of risks associated with it. All project risks should be identified and categorized at the start of every project. This will allow the team to write up a risk response plan. This step also helps the team to better monitor all systems and processes as a project goes through each of its life cycle phases, and allows the team to plan accordingly. Finally, identifying and specifying risks early on will also help with the project estimating process, which often involves developing and organizing a contingency plan for each project risk.

There are many additional project management terms that a business manager should understand, but these core terms will assist any project manager in identifying the most important components and key executions of a project in order to lead teams to deliver and drive successful projects.

For more information on managing processes seamlessly and integrating an application to clear up bottlenecks, contact Scalus for more information on best practices.