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Projekto.Biz | Basic Terminology for Project Management



We have included herewith below a large number of frequently asked questions (FAQs) by client managers, officers, company owners, and the like and put them all here in our guide. While some of these terms and concepts may appear in the glossary (https://www.projekto.biz), the FAQs allow our visitors to this Website to dive a little deeper into each idea.




What is a Deliverable in Project Management?


A deliverable is an element of output within the scope of a project. It is the result of objective-focused work completed within the project process. Deliverables in project management can be internal or external. An internal deliverable is work undertaken within your company — it is not seen by people outside the organization. An external deliverable is work done for a client, customer, or stakeholder with the goal of generating revenue. Either way, it usually means that the individual is expecting the deliverable on a certain date. Project deliverables are often linked to objectives, but there is a clear difference between the two. A deliverable is an actual item created to advance a project, whereas an objective is an overall goal. So, if you wanted to gain more insights into your market base, that would be an objective. If you prepared a report to achieve this objective, that would be a deliverable. Similarly, a deliverable is not to be confused with a milestone. A milestone is a specific marker or point in a project when you have achieved something significant. When a milestone is reached in a project, you can simply transition to the next stage. With a deliverable, however, you have to submit the end result to an individual or team. There can be one or several deliverables within a single project. When a deliverable is sent, that means a big deadline or milestone has been met. Often, project deliverables are dependent on another deliverable being completed first. This is common when managing a project with multiple milestones, such as events. These interlinked deliverables can be easily mapped using a Gantt chart, which automatically updates dependencies when you make changes to a project deadline. To sum up, deliverables in project management are tangible action items that must be delivered in order to successfully complete a project.




What are examples of project deliverables?


As outlined above, project deliverables can be both internal and external. Here is an example of each one: Internal: You are leaving your current role, and your HR supervisor asks you to prepare a handover document for your successor. This document is an internal deliverable. External: You are working for an SEO agency, and you create a website audit for your client to optimize their SEO practices. This audit is an external deliverable.




When are project deliverables agreed upon?


Project deliverables are typically agreed upon in the early stages of planning, usually within a project management plan. This is because deliverables are closely linked to objectives, and the two will combine when a company sets out its OKRs before commencing work on a project. According to CIO.com, inaccurately defined deliverables are a massive risk factor for project failure. This is why it’s important for project managers to establish accurate, measurable, and high-quality deliverables at the very beginning of a project. Once these are in place, the path to project success will be clear.





Can project deliverables change during a project?


Many things can happen over the course of a project, and deliverables can vary slightly as a result. The key here is to monitor any risk for scope creep and effectively manage any changes to ensure the project stays on track. This could mean increasing the number of project deliverables originally set out in the planning stage. By compiling regular reports, a project manager can track project deliverables and share changes with stakeholders. That’s why it is important to use versatile project management software so any changes can be made easily and communicated quickly.




Who oversees project delivery?


Although there may be a full team working together towards one deliverable, the project manager oversees project delivery. It is their job to monitor progress and ensure that all project deliverables, both large and small, are met within the deadlines. The project manager’s overall responsibility is to supervise the project throughout its various stages and execute a successful outcome.




What is PMBOK in Project Management?


MBOK stands for Project Management Body of Knowledge and it is the entire collection of processes, best practices, terminologies, and guidelines that are accepted as standards within the project management industry. PMBOK is considered valuable for companies as it helps them standardize practices across various departments, tailor processes to suit specific needs, and prevent project failures.


Because the body of knowledge is constantly growing as practitioners discover new methods or best practices, it must be regularly updated and disseminated. This is an effort that is overseen by the Project Management Institute (PMI), a global not-for-profit member association of project management professionals.


PMBOK is not technically a methodology but rather an industry framework that incorporates best practices in project management. It is often associated with the Waterfall methodology, which aligns project stages in a sequential approach, but it is also compatible with newer methodologies such as Agile. The PMI does not advocate for a particular methodology as the processes of PMBOK can be tailored to suit a variety of project management situations, managers select what they need for their respective companies.


The PMBOK Guide is an instructional book that includes foundational standards, guidelines, and terminology to help industry professionals manage multiple projects. It breaks project management processes down into five PMBOK process groups, which can be incorporated into your choice of project methodology. The first edition of “A Guide to the Project Management Body of Knowledge (PMBOK Guide)” was published by the PMI in 1996. It is now on its sixth edition, which was published in 2017, and is available in 12 languages.




What is PMO in Project Management?


PMO stands for Project Management Office. In enterprise-sized organizations, it is the department that improves project management by standardizing processes and improving efficiency. PMOs create and maintain project documentation and best practices, track metrics, and offer training. They may also report project progress to executives and stakeholders, help prioritize projects, and ensure all projects support the overall business objectives of the enterprise.




What is a Project Charter in Project Management?


What is a project charter in project management? A project charter is a formal, typically short document that describes your project in its entirety — including what the objectives are, how it will be carried out, and who the stakeholders are. It is a crucial ingredient in planning out the project because it is used throughout the project lifecycle. The project charter typically documents: # Reasons for the project # Objectives and constraints of the project # Who the main stakeholders are # Risks identified # Benefits of the project # General overview of the budget How to create a Project Charter? -Understand project goals and objectives. Identify the project vision and determine the scope of the project -Define project organization. List all of the essential roles for the project, including customers, stakeholders, and day-to-day project team. -Create an implementation plan. Outline major milestones, dependencies and timeline for the entire team and stakeholders. -List potential problem areas. No one wants to be a downer, but adding potential risks and issues to the project charter helps everyone think ahead should the worst happen. Project Charter example: Company XYZ Project Charter Project Name: “Building a Positive Company Culture” Webinar Project Description: A one-hour webinar featuring insights from three employee engagement experts. Business Case: Supports our company wide goals of: 1. Increasing sales by 28% this quarter 2. Establishing Company XYZ as a thought leader in the employee engagement space Project Deliverables: 1. Landing page for webinar signups 2. One-hour webinar 3. Webinar recording for continued lead generation Project Benefits: 1. Boosted reputation 2. Lead generation 3. Resource we can continue to promote Project Risks: 1. Technical difficulties 2. This is our first webinar, and the team lacks this expertise Project Budget: Not to exceed $3,000 Project Milestones: Landing page launched: October 15, 2020 Slides completed: October 26, 2020 Live webinar: November 4, 2020 Project Team Members: Project Manager: Thai V. Designer: Greta K. Webinar Participant/Expert: Jason B. Webinar Participant/Expert: Safiya M. Webinar Participant/Expert: Rachel C. Webinar Host: Tom S. Social Media Coordinator: Ander B. Email Marketing Coordinator: Nancy R.





What is Project Design in Project Management?


Project design is an early phase of the project where a project's key features, structure, criteria for success, and major deliverables are all planned out. The point is to develop one or more designs which can be used to achieve the desired project goals. Stakeholders can then choose the best design to use for the actual execution of the project. The project design phase might generate a variety of different outputs, including sketches, flowcharts, site trees, HTML screen designs, prototypes, photo impressions and more.




What are Project Objectives in Project Management?


Project objectives are goals, plain and simple. These are the business objectives that you want the project to accomplish. Within project management, it is of the utmost importance that a project's objectives are stated clearly as these will impact every decision in the project lifecycle.


Project objectives must be measurable and contain key performance indicators that will be used to assess a project's overall success. These indicators will often include criteria such as budget, quality, and time to completion.


So, what are project objectives in project management? Simply put, they are the specific milestones and achievements that are necessary for accomplishing your project goals.



What to consider when writing the Project Objectives


Project management objectives serve a very specific purpose. They break down the key steps to achieving overall project success. For example, if your main project goal is to increase customer renewals by 20% year on year, your objectives would consist of smaller milestones and key results that would be in service of this main goal. Project objectives also let teams know what they should be focused on, what they should devote resources to, and how their activities serve wider business and organizational goals. When setting objectives, be sure to avoid vague or confusing language. For example, “Make the business become more successful by next year” would not be a good project objective. To write more effective project objectives, team leaders can use the SMART goal-setting framework. How to write SMART project management objectives SMART objectives are goals outlined using the SMART goal system. In this framework, SMART stands for specific, measurable, achievable, relevant, time-bound. When writing out your project objectives, make sure to tie them into the bigger picture of your project and your business as a whole. Your SMART objectives should be concise, realistic, and specific statements that tie into the overall goals of the project or business. They shouldn’t be long winded, overarching, or unrealistic. When writing your project objectives, you can look at what’s realistic based on what was accomplished in previous iterations of this project type. Or check out which KPIs you used last time that you can use to measure results this time around. Project Objective examples: The team will remain under a budget of $5,000 as they complete the marketing campaign set to launch on the 30th day of the month. Specific: Spend $5,000 or less when completing the marketing project. Measurable: Can be measured by tracking expenses on a shared document. Attainable: Because this is a recurring project, we know that it normally costs $4899, so this is achievable. Relevant: The marketing campaign supports larger company goals of brand visibility. Time-bound: The project will begin on the 1st of the month and end on the 30th day of the same month. Process 30% more client requests per quarter by using a project management solution. Specific: Adopt a project management software that allows us to process more client requests. Measurable: Compare our target KPI’s from previous quarters to this one. Attainable: Identifying bottlenecks and inefficiencies will help streamline our old processes and receive more client requests. Relevant: This will help with client satisfaction, retention, and acquisition. All essential to the business. Time-bound: This objective should be ready to assess at the end of the quarter.




What is a Resource in Project Management?


A resource is a necessary asset whose main role is to help carry out a certain task or project. A resource can be a person, a team, a tool, finances, and time. Most projects require many different resources in order to be completed. Resources should be assessed and allocated before a project begins. Poor resource planning can result in running out of resources midway through a project, delaying deadlines, and delivery of the final product or service.




What is a Roadmap in Project Management?


A project roadmap is a graphical, high level overview of the project's goals and deliverables presented on a timeline. Unlike the project plan where details are fleshed out, the roadmap should be simple and free of minutiae. This makes the project roadmap a useful tool for managing stakeholder expectations, as well as for communicating plans and coordinating resources with other teams.


The project roadmap should contain the following:

# Project goals and objectives # A timeline indicating the schedule # Important milestones and deliverables # Possible risks # Dependencies Why do you need a project roadmap? When you start a project, chances are that you have many variables to keep track of. How do you manage all the content? How is the work divided between your team members? And, more importantly, how do you keep track of the many tasks, ideas, and resources without getting bogged down by the details? A roadmap provides a bird’s eye view of the project without getting into the infinitesimal details. This makes it an important tool for project managers who are tasked with keeping the stakeholders informed of the scope and progress of a project. In essence, a project roadmap is indispensable for anyone who requires a macro-level view of the project. It is an important tool of project management as it also aids in the development of a more comprehensive project plan. How can a project roadmap help you? # To communicate your goals to your team # Recognize priority tasks # Communication with stakeholders




What is a Stakeholder in Project Management?


Stakeholders are those with any interest in your project's outcome. They are typically the members of a project team, project managers, executives, project sponsors, customers, and users.


Stakeholders are people who are invested in the project and who will be affected by your project at any point along the way, and their input can directly impact the outcome. It's a good idea to practice good stakeholder management and constantly communicate with them in order to collaborate on the project. After all, they have a stake in how it all turns out.



Stakeholders vs. key project stakeholders Project stakeholders in general can be single individuals or entire organizations who are affected by the execution or outcome of a project. Doesn't matter whether the project affects them negatively or positively. If they're affected, they're a stakeholder. Key project stakeholders, however are those stakeholders who have the influence and authority to dictate whether a project is a success or not. These are the people and groups whose objectives MUST be satisfied. They make or break the project. Even if all deliverables are in and budgets are met, if these people aren't happy, you've failed as a project manager. Typical key stakeholders in a project The typical key project stakeholders you'll find in any project will include some of the following: Customers: the direct user of a product or service, often both internal and external to the company executing the project Project manager: the project's leader Project team members: the group executing the project under the project manager's leadership Project sponsor: the project's financier Steering committee: advisory group providing guidance on key decisions. Includes the sponsor, executives, and key stakeholders from the organization Executives: the top management in the company executing the project, those who direct the organization's strategy Resource managers: other managers who control resources needed for executing the project There are many more depending on the project, some which may include: sellers/suppliers, contractors, owners, government agencies, media outlets, even society at large. You might also have key project stakeholders who are outside of your organization, so let’s look at the difference between internal and external stakeholders in project management.






What is a Task in Project Management?


A task is a single unit of work - an action to accomplish in a project, a single step in a multi-step project. A task is accomplished by a set deadline, and must contribute toward work-related objectives. Just as project management is the coordination of individual tasks, a task can be broken down further into subtasks, which should also have clear start and end dates for completion.




What is Scope in Project Management?


First off, scope can refer to either product scope or project scope. It's important to know the difference: Product scope is defined as the functions and features that characterize a product or a service. Project scope, on the other hand, is the work that must be done in order to deliver a product according to the product's scope (required functions and features). Project scope is the common understanding among stakeholders about what goes into a project and what factors define its success. A project's scope is made up of the functionalities or specifications outlined in the requirements. What is a Project Scope Statement? Scope is documented in a scope statement, which is an integral part of any project plan. And what is a scope statement exactly? It's a written document that is used as the basis for project decisions down the line. The scope statement clearly delineates what is in scope (the work required). Everything else is out of scope. What does out of scope mean in project management? Simply put, this is anything that does not fall within the required functionalities and specifications that are documented in the scope statement. What is Project Scope Management? According to the PMBOK: "Managing project scope is primarily concerned with defining and controlling what is and is not included in the project.” What is Involved in Project Scope Management? Here's where we get down to the process of building that scope statement. The PMBOK recognizes 6 major scope management processes involved in managing and defining a project's parameters. These are: 1. Planning scope management: A scope management plan is created based on input from the project plan, the project charter, and consultation with stakeholders. 2. Collecting requirements: A requirements management plan is created based on the scope management plan plus stakeholder input. Interviews, focus group discussions, surveys, and more will be used to understand requirements. This will all be documented. 3. Defining scope: A project scope statement is produced based on all the requirements documentation plus the project charter and the scope management plan. This definition will be the basis for all project activity. 4. Creating the Work Breakdown Structure: A Work Breakdown Structure (WBS) is built after analyzing the project scope statement and the requirements documentation. The WBS is basically the entire project broken down into individual tasks, and deliverables are clearly defined. 5. Validating scope: Here, deliverables are inspected and reviewed. Either they're accepted as complete or further revisions are requested. 6. Controlling scope: As the project is executed, scope must be controlled. Performance reports are compared against project requirements to see where gaps exist, which may result in changes to the project plan.




What are the Phases of Project Management?


Project management is often done in phases in order to improve control and quality. This means a large project is broken down into more manageable stages, each with a specific deliverable, and done in a specific sequence.


At the end of each phase, a review is typically conducted on the deliverable as well as the performance of the project team. This helps the team ascertain whether the project proceeds to the next phase or undergoes revision. It also determines how to improve the performance of all involved.


Altogether, the phases of a project are known as the project life cycle, and the industry bible The Project Management Body of Knowledge (PMBOK) Guide explains this life cycle in even more detail.



The 5 project management phases


In order to make a project easier to plan and control, its work can be grouped into phases — each phase having similar tasks and leading up to a major deliverable. And the end of a phase is marked by a project milestone. So what are the stages of project management? The 5 major phases in a project life cycle correspond to the project management process groups in the PMBOK. The phases of project management are:


Stage 1: Initiation This phase of project management marks the beginning of the project and is where the project charter is developed and where stakeholders are identified.


Stage 2: Planning This is where the project plan is developed. That means costs are estimated, resources are determined, and requirements (scope, and work breakdown structure) are defined. This is also where risk is identified and planned for, and where communications are built.


Stage 3: Execution This project phase is where the project is carried out, all while procuring resources and managing stakeholder expectations.


Stage 4: Controlling/Monitoring Often this phase is carried out simultaneously with execution because this is where quality is monitored, as well as scope creep, and cost/time allocations are watched in order to keep things within budget.


Stage 5: Closing This stage of project management is where the project is finalized, where the deliverable is given to the customer, where stakeholders are told of the completion of the project, and all resources are released back to their resource managers.




What is a Baseline in Project Management (Project Baseline)?


A baseline in project management is a clearly defined starting point for your project plan. It is a fixed reference point to measure and compare your project’s progress against. This allows you to assess the performance of your project over time. For example, let’s say your project is on target to finish in six weeks. Is that good or bad? If your schedule baseline has a four-week completion, you can tell that there is a problem and your team may need to make adjustments to speed up your progress. A project baseline typically has three components: schedule, cost, and scope. Often, these three baselines are separately monitored, controlled, and reported to ensure each is on track. When fully integrated, it may be referred to as a performance measurement baseline (PMB). A PMB provides you with the ability to efficiently