PMP Preparation – 100 Project Management Terms You Should Know


PMP Preparation - 100 Project Management Terms

 

Project management is hardly a straightforward endeavor. This is especially true if you do not know some of the terms involved in actualizing the success of a project.

However, below are a couple of terminologies used in project management. Read them to get a better glimpse of how and why you need to apply these factors to succeed in your business.

 

1.            Activity On Node (AON)

The AoN diagram is a representation of the project network logic as well as the crucial activities scheduled. It showcases how each work package is planned as a sequence of related tasks.

If you viewed how a network diagram looks likes, you might have noticed the nodes and lines connecting them. These lines have arrows which indicate how these nodes are related.

 

2.            Adaptive Life Cycle

An adaptive life cycle can also be termed as agile because of their ability to respond to change. Another term used here is, therefore, change-driven lifecycle. An adaptive life cycle responds primarily to high-level changes in a project.



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3.            Affinity Diagram

An affinity diagram is a simple tool which is generally used in project management to sort and organize a tremendous amount of business ideas, which is written down after a couple of brainstorming among team players.

An affinity diagram is a crucial project management tool which helps in creating a mind map which can be used in sorting of all unorganized and unsorted ideas in business.

 

4.            Agile Life Cycle

An agile life cycle is basically the same thing as an adaptive one. These lifecycles depend on changes in the project. Deliverables in such a lifecycle are realized after several iterations wherein a detailed scope has been defined and approved for each repetition.

 

5.            Agile Manifesto

This is a form of proclamation that articulate the four fundamental values and twelve principles that its authors believe every software developer should use as a prime guide in their work. These core values include; individuals and the interactions over processes and tools to be applied, customer collaboration over the contract negotiation, working software over comprehensive documentation, and responding to change over following a given plan.

 

6.            Agile Suitability Filter

These are tools that are put in place to help in assessing if an agile approach applied is fit for a given organization or the project of interest. As with any other subjective diagnostic tool, these are not fast and hard predators of sustainability or instead project success.

In fact, suitability filters are typically used as conversation starters. They are used in acquiring more objectives discussions about the general use of agile methods and in the identification of risks.

 

7.            Agile Unified Process

This is basically a simplified form of the Rational Unified Process (RUP) which was developed by Scott Ambler. Agile Unified Process describes a simple and easy to understand approach in developing business application software with the use of agile techniques and concepts but still remain real to the RUP

 

8.            Analogous Estimating

Analogous Estimating is a method used in estimating a selection of project parameters and measures of scale. It usually used to determine the overall size of a particular parameter when information is derived from historical sources from similar past projects.

 

9.            Analytical Estimating

This is a method of estimating project expenses for each activity. It considers the estimates for time duration tasks will require to be completed.

After the estimation, these figures are added together, computing the total project variables for cost and time. It is considered a very accurate means of calculating these figures via evaluation.

 

10.         Anti-Pattern

An anti-pattern is a logical response which evaluates recurring problems which are usually risky and ineffective when it comes to business prosperity. More so, these problems are considered extremely counterproductive.

When it comes to project management, anti-pattern plays a vital role in ensuring the limitation of previous patterns which are likely to affect business output. An anti-pattern is considered a powerful tool when it comes to team brainstorming.

 

11.         Backlog

A backlog is a list of prioritized tasks that a project team needs within the scope of work in a project management success. The backlog is driven by all factors from road mapping of the project to the most crucial part of the project.

In project management, Backlog plays a vital part by ensuring that all development is connected to the server and the owner of the project.

 

12.         Behavior-Driven Development

Behavior-driven development also abbreviated as BDD is a methodology used in the documentation of user behavior, which majorly focuses on team behavior in the formulation of business strategies.

Behavior-driven development is a powerful tool when it comes to project management. It helps in understanding the team member’s ethnicity in undertaking a given task. BDD also helps in detecting test-driven development among team players in project management.

 

13.         Blending Of Approaches

The blending of approaches from its definition is a classification of different Agile aspects to create a single element in project management. In short, a mixture of strategies is a hybrid methodology which paces way to managers in trying different angels in business prosperity.

The blending of approaches is a method which helps to create more room for expansion in business growth. Engaging in blended approaches exposes the business to different condition hence high chances of survival within the market.

 

14.         Bottom-Up Estimating

Bottom-up estimating is an estimation model that focuses on project timeframe and its cost. The method focuses on the WBS’ lower-level components and their estimates.

Normally, work within an activity is broken down to realize a greater degree of detail and hence, confidence in the overall result.

 

15.         Burndown Chart

This is a graphical representation of tasks to be completed. The chart looks at the variations considering an ideal burndown. It also bases this consideration on the work dedicated from the repetition planned. It can also be used in any project management as long as the project contains measurable improvement over time.

 

16.         Burnup Chart

A burnup chart is a tool used to track the amount of work and completed as well as show the total amount of work for a project or iteration. The tool consists of two lines on the same chart, whereby the project will be completed when the two lines meet. Hence, it allows you to visualize a more realistic completion date for the project.

 

17.         Capability Maturity Model (CMM)

This is a way of assessing the maturity of a business procedure and its capabilities as well. Initially, the CMM model was created to determine the capacity of a software development process. Nowadays, however, it is used across a range of industries.

Like other maturity models, CMM allows organizations to assess themselves and compare themselves with external standards. Once done, it will offer recommendations where improvement is required.

 

18.         Capacity Measures

Capacity measures are the process of evaluating, matching, and allocating the available resources with the work to be completed. Capacity measures are not only applicable to business but also projects and industries.

Resources involved in Capacity measures can be either tangible or intangible, depending on the project. Capacity measures are the backbone of goals achievement in project management. Resource allocation helps in estimating the time taken in completion of a task hence prosperity of a project.

 

19.         Colocation

Colocation merely is placing all resources of business under a single location. Colocation can also be used to mean placing all of the active section of the team players in one physical location. This way, their ability to fulfill the project requirements are improved.

Colocation strategies include meeting rooms for the team as well as other amenities that improve communication within the team. All this is aimed at improving their work-rate and efficiency towards the project.

 

20.         Context Diagram

Context diagrams refer to visual tools which display the scope of business products and the entire system. Context diagram helps in showing the relationship between other arrangements with the business.

Context diagram portrays the input to the business and the leading players involved and also the output in the system.

Project management needs a visual tool for a business to succeed. Context diagrams are the only tools a company can use in displaying all its progress, and so, Context diagram is crucial for project management.

 

21.         Contingency Plan

Sometimes, Plan A doesn’t do well, and you would need a Plan B. Now Plan B, or whatever you consider secondary to the initial idea is what is called a contingency plan.

It is usually the second plan of action after the primary one has failed. Most times, project managers plan for failures and risks, and this allows them to be in a position to mitigate the same dangers. However, in the case of a danger fruiting, then a contingency is applied to minimize the effects of the risks that occurred.

 

22.         Control Chart

In every experiment, there is a control experiment and the test. The control is used to measure variables against the test. This is precisely the same thing that a control chart does.

A Control chart compares results from processes in a project with other methods and their results which were obtained before them. This is done to measure whether their operation is stable or it has a performance that is predictable

There are upper and lower limits that indicate the maximum and minimum values that will be accepted for the project.

Control limits are pre-determined from statistical methods. These are used to establish the projects natural capability for a certain process.

If the deviation between the two results is inconsistent with the project expectations, then corrective measures are employed.

 

23.         Cost Aggregation

Cost aggregation refers to the division of all costs for a financial account to the individual package. It follows the WBS parameters. Work package costs are estimated then combined to higher levels of the WBS and finally for the whole project.

 

24.         Cost of Quality

Cost of Quality, also known as COQ refers to the entire expenses needed in bring a set of products and services into a business. Value of Quality is evaluated by professional project managers who are assigned the project. Loss of quality is simply a combination of the cost of conformance and the cost of non-conformance.

Project management relies equally on the cost of quality in weighing business limits. Loss of quality tactics in project management helps in completion of activities at the required time.

 

25.         Cost Performance Index (CPI)

A CPI compares the finances if a project versus its effectiveness as well as efficiency in production. Simply put, it showcases how each unit of cost has been spent on a given piece of work done. The CPI will show whether the project is performing well with the given budget or dismally.

Generally, a CPI will compare the earned value versus the actual cost.

 

26.         Cumulative Flow Diagram

This is an analytical tool, which allows you to visualize your efforts and project progress. It visualizes how tasks mount up over time, as well as your distribution along the process stages. In most cases, the Cumulative Diagram Flow is fundamental when using Kanban as a custom project method. For efficiency purposes, the graph is built from different colored bands of tasks gathered in various columns.

 

 

27.         Crashing

Crashing is a compression technique which is used in reducing a project schedule. Smashing technique is done through the addition of additional resources within a specific critical path. Every time a crash report is generated, a different essential way might be recorded hence changing the result of the entered project.

 

28.         Critical Path Method (CPM)

The CPM provides a technique whereby functions for project activities are written. The method allows a step-by-step analysis of critical and non-critical tasks.

The program is used when planning for the critical, or rather, the shortest path meant to achieve an intended goal.

 

29.         Decomposition

Decomposition is a technique used in business to decompose all your project strategies to expound on the most crucial parts in the project. The method divides the project scope and deliverables of the project into smaller units that are easily manageable.

Generally, decomposition presents the total work into work packages following certain laid-out criteria.

 

30.         Delphi Technique

Project managers and stakeholders employ a range of estimation techniques to assess costs and other variables. One such estimation technique is the Delphi technique, which is typically founded on a consensus by the experts.

It is quite straightforward actually as the experts in the field come up with their own estimate figures. Afterward, they will have a sit-down and discuss their results and come up with one which everyone agrees with as the best estimate they can find.

 

31.         Discrete Effort

This is work within a project that is associated directly with the elements of a work breakdown structure. It is a measurable parameter and forms part of the earned value management.

 

32.         Dynamic Systems Development Method

Product development methods are varied depending on their form and dynamism. The dynamic systems development method is for one, an agile technique.

Like other agile techniques, it conducts its development actions by a series of repetitions. The method also incorporates user-centered improvements.

This method operates a fixed cost and time model and makes use of the MoSCoW prioritization method when identifying requirements.

 

33.         Earned Value Management

Earned value management is a method of measuring project performance. The procedure considers the project scope, time, and cost.

Earned value management integrates the scope starting point with that of the cost as well as the same for the schedule. By doing so it will able to come up with the performance baseline.

 

34.         Extreme Programming (XP)

Firstly, this is an agile method of software development. It emphasizes on a high degree of responsiveness where customer demands are given precedence. Because of this, short development cycles and frequent releases are the norms.

 

35.         Face-To-Face Pairing

Look to face pairing refers to project imply sittings. In every business, look to face pairing is a tactic used to ensure the healthy progress of a project within a company. Look to face pairing involves physical availing of all team leaders and the employee on the same table presenting and discussing the progress of the project.

According to market analysis’s, face to face is a powerful strategy when it comes to business prosperity.

 

36.         Fast-Tracking

Fast-tracking is a technique used in project management to accelerate activities. Typically, operations that were to be performed sequentially under an original schedule are performed simultaneously in parallel.

In other words, fast-tracking is applied when the project manager wishes to step-up the schedule; in situations of crisis or rather crunch time.

 

37.         Feasibility Study

The economic sense of any project needs to be studied. A feasibility study ascertains the financial practicality of moving forward with such a project.

Stakeholders would like to know how their money will be used to generate more money. Because in the end, it is all about profits.

A feasibility study gives these people the confidence to invest their money in a project without worrying about losses.

 

38.         Feedback Loops

Feedback loops refer to the driving factors of the agile framework in agile methodology. Feedback loops act as an opportunity in increasing project productivity. Productivity encounter may be an individual or teamwork.

In project management, Feedback loops help I interaction and performance of the entire project. Without feedback loops, then the project will not utilize its resources completely.

 

39.         Fishbowl Windows

Fishbowl windows is an open dialog which is used in discussing project among a large group within an organization. Fishbowl windows at times are also used for unconferences for pictorial purposes.

In project management, Fishbowl is convenient in that all staff and personnel participate in project contribution. More so, all the participations are controlled and monitored by the project managers.

 

40.         Fit For Use

In project management, the term fit for the purpose also known as fitness for use refers to the effectiveness of a design, system or a manufacturing method used in delivering goods and services that meets the customer’s defined purpose, under the anticipated or specified operational conditions.

 

41.         Fixed Priced Micro-Deliverables

Fixed price or fixed fee micro deliverables refers to the narrative description of a project’s work requirement. For instance, it defines the projects budget, project-specific activities, timeline, and deliverables. Whereby, the vendor is committed to delivering everything that is written in the SOW within the allocated time frame, under the specified budget.

 

42.         Funding Limit Reconciliations

In every project, cost budgeting is the critical factor to attaining the project’s goal. Therefore, funding limit reconciliation is a business tool used in project management to control the flow of resources allocated for a given project.

Funding limit reconciliation helps in fund adjustments and fund limitation within a project, and therefore, funding limit reconciliation is a convenient tool for project management.

 

43.         Graphical Evaluation and Review Technique (GERT)

GERT is a network analysis technique that makes use of the Monte Carlo simulation to bring about a probable approach to network logic and the formation of time estimates. It is an alternative to the PERT technique. However, it is not often used for complex systems.

 

44.         Hybrid Life Cycle

The hybrid life cycle is the entire recording of all the phases involved in the project. Hybrid life cycle combines both predictive and adaptive life cycles. Predictive life cycles are those elements of the project that are well-known, whereas those elements that are still in the evolution process are follow the adaptive lifecycle.

 

45.         Impact Mapping

This is a strategic planning technique that involves visual mapping for product and project development; it was developed by Gojko Adzic. It includes the collaborative efforts of the project manager and the technical staff in the creation of a visual mind map to answer the fundamental question of the goals, impacts, actors, and deliverables of the project. This visual map is often referred to as an impact map; hence, the term impact mapping.

 

46.         I-shaped

This is a term that is designated to a certain kind of people. Normally, in any project, some people are well-versed in individual sections of the same. These guys will rarely lend their time and kill to do anything else. Such a person, in agile spheres, is called an I-shaped person.

The opposite is T-shaped persons. These guys lack the same depth but make up for it with their vast array of skills. They can do just about anything.

 

47.         Iteration

This is a concept coined from iterative software development. It specifies a fixed time cycle for development work, which is usually a few weeks long.

The life cycle of development consists of a few iterations or simply repetitions. The iterative development process prioritizes time over scope. Thus there are seldom any particular requirements to be achieved in an iteration.

 

48.         Iterative and Incremental Development

Iterative and incremental development is simply a combination of both iterative and incremental development models. It was established as an alternative to the waterfall model.

The general idea was to develop a system through repeated cycles (iterations) and incrementally in small proportions. This way, the development team can learn from their mistakes and improve in future iterations.

 

49.         Kanban Board

A Kanban board is a workflow visualization tool that allows project managers to optimize. Physical Kanban boards usually pay the role of communicating progress, status, and other issues. The system is highly visual and thus allows teams to communicate more effectively on the work needed to be done and when it is due.

 

50.         Kanban Method

This refers to a project management technique that pays attention to continual delivery while not overburdening the development team. Kanban is a Japanese word that loosely refers to a visual signal; as such, the Kanban method achieves its objectives by allowing managers to visualize their workflow for a given project.

 

51.         Kanban Method

This can be defined as a tool that is meant to support a working production process. It mainly improves the production process in terms of efficiency and overall quality. It was developed from Toyota Automotive where an upper limit to the production process is implemented. This helps prevent overloading and hence, wastage.

 

52.         Lead Time

The lead time is the amount of time a given activity can be brought forward concerning the activity that it is dependent upon.

 

53.         Lean Approach

The lean approach is a means of process improvement essentially. In essence, organizations should be able to consider maximizing their product value and move the same towards their consumers.

Firstly, any products from the project process should conform to the client requirements. This might mean lowered cost and at the same a higher quality of the product. To attain this, the project must embrace flexibility.

 

54.         Linear Sequential Model

The linear sequential model moves through the phases of a project’s life cycle both systematically and following a set sequence. Ordinarily, it is used for smaller projects with forthright requirements.

This is because sequential development makes it harder to review the design based on testing and preliminary feedback.

 

55.         Matrix Organization

A matrix organization can be defined as a diagram that are used to indicate the strongpoints of relationships between various factors their causes and overall objectives for the entire spectrum. This will consider the rows and columns in which these items are found in.

 

56.         Minimum Viable Product (MVP)

This is a product aimed at the customer’s short-term satisfaction. In essence, this methodology must be employed so that the project process can gain feedback from their product as early as possible. That is why the product may seem to satisfy the early needs and wants of customers.

MVP is a cost-effective way of gaining consumer insight into a product. This beats making a sample with an extensive list of features then releasing the same for your customers to sample.

 

57.         Monte Carlo Simulation

Monte Carlo simulation refers to a computer-based technique that performs probabilistic forecasting of possible outcomes to aid in decision making. The simulation gives project managers a range of possible outcomes and the likelihood that each will occur.

 

58.         Net Present Value (NPV)

The net present value is a discounted measure of project valuation. It compares the current value of an existing project against the current value of costs as a result of the project. The NPV can then be either positive or negative.

 

59.         Nominal Group Technique

This is a problem-solving method whereby members of a group make their contributions to the cause. In essence, it involves brainstorming from several individuals whereby each person is encouraged to make their contribution to the problem.

Usually, team members are allowed to make their contribution towards the problem-solving effort. Afterward, a selection process ensues where a discussion on the various solution goes on. The highly ranked solutions are then prioritized for selection.

 

60.         Mobbing

Unlike most of the terms discussed here, mobbing refers to a rather dark part of the project process. It means bullying of an individual by a group. It usually occurs in the workplace and in this case, within the project team.

 

61.         Network Diagram

This is simply a diagram that shows how different elements of the project are connected. The diagram indicates the hierarchy of various items. Additionally, the diagram ensures that you follow the items in the order in which they depend on each other. This network helps others to understand the projects of different elements and how they are related.

 

62.         Order of Magnitude Estimate

The order of magnitude estimate provides a vague but early idea of the time and money needed to complete a project. It makes the most use of historical data from previous projects to form estimates for similar projects.

 

63.         Organizational Breakdown Structure (OBS)

This is a depiction of the organization of any project. It shows who head different departments and who are their subordinates. The OBS considers the projects deliverables in accordance to the existing departments, teams or units. The project work packages or activities are also included in the list.

 

64.         Parametric Estimating

This is a technique for determining duration and cost. Basically it will help determine the resources that are needed to fulfill any project activity. It is generally based on the use of historical data to establish the relationship between variables- for example, calculating the unit costs as well as the number of units required to complete the activity.

 

65.         Paint Drip

This is not a project management term per se, but rather a form of artwork. It merely involves paint being poured onto a canvas. The colors can also be dripped onto the surface as well.

 

66.         Phase Gate

This is an end of phase checkpoint where the project managers or instead leadership reviews the progress to decide whether to revisit the work done in the previous phase, end the project or ultimately continue to the next stage.

 

67.         PERT Chart

Also known as a Project Evaluation Review Technique, a PERT chart is used for the formation of tasks, the establishment of the same and their organization.

The PERT chart is a diagram, and other diagrams can be formed inside it. These may include a precedence diagram and a network chart.

 

68.         PERT Estimation

The Project Evaluation Review Technique estimation is used to compute the time and expenses of a project. It is based on analyzing the worst-case situation that might occur for the activity in question.

 

69.         Pessimistic Duration

This is an estimate of the most extended amount of time that is needed to complete a specific activity or task. Project managers consider this to plan for the worst possible scenario.

 

70.         Precedence Diagramming Method (PDM)

It refers to the process of constructing a project schedule network diagram. It shows the order in which activities must be performed by using nodes to represent activities and arrows to indicate their dependencies; it, therefore, illustrates the logic relationship between project activities. Activities’ relationships are represented graphically showing the sequence in which the activities are carried out.

 

71.         Predictive Approaches

Such approaches help realize a pre-determined end-result for a project process. Since different project outcomes may be predictable or otherwise, project managers must consider their strategies carefully.

A predictive approach is favored, where the result is known. Such an approach gives a specific and linear development structured plan that adheres to a strict timeframe.

 

72.         Product Backlog

This is essentially a decomposed scope of an adaptive project. The scope has been broken down into a set of requirements which are then called the product backlog.

 

73.         RACI Chart

The acronym stands for responsible accountable consult and inform. It is a matrix inside which all meaningful actions of the project are contained. The chart hosts the work to be done on the left column represented as activities whereas assigned resources are either grouped or indicated individually.

This chart is when assigning roles and responsibilities in the case of internal or external resources.

 

74.         Rational Unified Process (RUP)

This is a software development process. It is derived from Rational, a section of IBM that divides development into four sections.

These sections center around business modeling, design, analysis, and implementation. The four parts are specifically inception, elaboration, construction, and transition.

 

75.         Remote Pairing

Today, a lot of work is done remotely. The bosses needn’t have to be present physically. This is simply what remote pairing stands for. This is where managers will link up with the actual project team and provide guidelines for the project’s processes. All this is done without them ever setting foot on the project premises.

 

76.         Requirement Traceability Matrix

This is a means of tracking the project’s requirements throughout the lifecycle of the said project. This way, the project will be able to deliver on its stipulated.

 

77.         Resource Optimization Technique

Resource optimization can be used to change start and completion dates depending on the project duration or if a limiting resource is considered.

This is a method that is used to merge the supply and demand of a resource meant for a project’s needs.

 

78.         Retrospective

The retrospective is a project meeting with the entire team meant to deliberate on certain items. These include the successful elements of the project phase. In case of failure, then what could be done to improve the same. Also included in the discussion are the factors and items to be incorporated and added to future projects as well as the organization’s process assets.

 

79.         Return on Investment (ROI)

Expected financial benefit due to a project expressed as a percentage of the total project investment. It is usually used to assess the overall profitability of a given project.

 

80.         Risk Appetite

This is the amount of risk that an association is willing to stomach as they look forward to the gains. It is different to risk tolerance as because tolerance is the performance variation an organization is prepared to accept.

 

81.         Risk Mitigation

Before commencing on any project, one needs to understand the risks that face the project. Doing so can help prevent any damages that may occur because of such instances.

During risk mitigation, the action is taken to bring down the probability of a threat occurring. It is effective as compared to allowing the threat to occur then correcting the damage.

 

82.         Rolling Wave Planning

Sometimes, deliverables or subcomponents may not be decomposed especially the latter that is set to be accomplished in the future. Normally, a project management team will wait upon the agreement of deliverables and subcomponents so as to effectively develop a WBS. Such a technique is known as a rolling wave planning.

 

83.         Scope Creep

This is used to refer to the variations in project scope. These changes normally take place without an official change in the actual extent of the project taking place

The scope creep is always considered counter-productive because any changes that haven’t been approved will have an impact on the cost. This impact is almost always on the negative side; hence, the negative reflection of scope creep.

 

84.         Scrum Of Scrums (SoS)

Scrum of scrums is a scaling mechanism. In simple terms, it is used in scenarios with several scrum teams. This way, the mechanism gives those involved a way to collaborate in planning for the project at hand.

Doing so means that teams will be able to map out where conflicts occur and where integration is possible as a way of ensuring project success.

 

85.         Serial Life Cycle

Unlike a long life cycle, the serial lifecycle suits routine-type projects. These are projects whose needs are intimately understood.

If a project’s model aims to fulfill a well-known problem and its requirements are precise, then the serial model suits it. It can also be referred to as the waterfall model.

 

86.         Servant Leadership

To put I simply, a servant leadership revolves around serving. It is different from a traditional leadership whereby the latter focuses on the success of the organization mainly.

A servant leader will often put his/her servants need forward instead of the company. This goes against satisfying the customer as the primary objective of any production process, but rather, satisfaction is accorded to those involved.

It can and cannot negate the gains from production depending on where you stand. On the one hand, a motivated team performs well and produces quality products. On the other hand, too much emphasis on the team’s satisfaction negates gains made from product quality.

 

87.         Schedule Performance Index (SPI)

The ratio of planned value to the rate of earned value at a given point in time. It is meant to show whether or not the project is running according to schedule or not. If the SPI is less than one, then the project is behind schedule while if the SPI is more significant than one, the project is running ahead of schedule.

 

88.         Siloed Organization

Any siloed organization is frowned upon mainly because of one shortcoming. That is the lack of information diffusion.

A silo-mentality means that the organization in question does not want to share information with the other departments involved in the project process. This reduces efficiency aimed at improving production and the overall quality of the product.

 

89.         Single-Loop Learning

It is also known as incremental learning. single-loop learning is the type of learning that takes place within an organization to fix a given problem. It is one of the most basic forms of learning within an organization and aims at solving organizational issues without altering the structure.

 

90.         Smoke Testing

The term smoke test is often thrown around in the software development scene; it is also known as build verification testing. In simple terms, the test is applied to a given ‘build’ mostly software to verify whether all the essential features are functional. It is meant to ensure that the build is ready to be subjected to further testing; this is to reduce wastage from premature testing.

 

91.         Stacey Complexity Model

Formulated by Ralph D Stacey, the Stacey complexity model categorizes tasks into for significant categories; complex, simple, complicated, and anarchy. The model further goes on to explain the best approach to solve those tasks for each group.

 

92.         Statement Of Work (SoW)

An explanation of work defines the method used in a specific project. Projects often involve several tasks whereby there are specific activities used to actualize these tasks. The SoW now defines these tasks.

An SoW is often developed from the project scope starting point. It will only include the part of the project scope that shall be included with the related contract.

 

93.         SWOT Analysis

One of the standout terms when it comes to project management is a SWOT analysis. If you are in project management, this is a critical piece of information that you must have.

In full SWOT stands for Strength, Weakness, Opportunities, and Risks. These are essential factors project stakeholders consider first before commencing on the project.

The SWOT analysis ensures that you will have all the prerequisite information about the project before you begin. This way, you will be adequately prepared to finalize the plan with ease.

 

94.         Task Switching

Task switching refers to the executive function that involves the ability to shift one’s attention between one task and another unconsciously. In project management, it is often seen as a drawback to productivity since your progress is hampered by the many things vying for one’s attention.

 

95.         Technical Debt

This is a concept often used in software development to mirror the implied cost of work as a result of choosing a limited solution over a long-term solution. Simply put it is the result of prioritizing a speedy delivery for a project over a perfectly executed project.

 

96.         Test-Driven Development (TDD)

TDD is a software development practice that follows a particular cycle; first, a software developer writes an initial automated test scenario that defines the desired improvements to be made, the developer thus produces the minimum amount of code needed to pass the test, and a new code is developed with the acceptable standards.

 

97.         Three-Point Estimation

A single-point estimation may not be considered accurate and hence a project team ought to consider uncertainties and risk estimates. The three-point estimation techniques will aid in defining the estimated range for the project’s timeframe.

 

98.         Triple Constraint

Any project, however thoroughly planned, still faces some constraints. However, there are a couple of significant obstacles that almost always feature on any project. These limitations are grouped into four and are drawn in a triangle.

The triangle represents the problems that always affect project successes. Nevertheless, these restraints are always balanced, and when one overcomes another, here will be an imbalance and a collapse in the projects.

 

99.         Value Stream

A value stream refers to the entire set of steps from the start of your commodity creation up until the delivery of the final commodity to the customer. In project management, it is deemed most profitable to have a small and efficient value stream.

 

100.      WBS (Work Breakdown Structure)

 

A WBS, or rather a Work Breakdown Structure is a game plan for any project implementation process. Typically, it is a diagrammatic representation of the steps that project personnel often undertake to manage a project until the end.

Every WBS will indicate the different levels of the project and their significance. Moreover, the objective of the said project is a primary agenda and is included in the first WBS level. Other secondary purposes follow the primary goal but with a lower rank.

These are among the standard terms concerning project management, which you will hear with project management officials and staff and their prospective teams. Understanding them is key to successful project implementation and finalization in the end.

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