From Agile to PMBOK, master the language of management with our exhaustive A-Z glossary. Includes over 100 definitions for Project, Contract, and Product Management.
Reference Sources: This glossary is aligned with industry standards. For official references, visit the Project Management Institute (https://www.pmi.org/), the Scrum Guide (https://scrumguides.org/), or the Agile Alliance (https://www.agilealliance.org/).
1. Project Integration Management
Focuses on coordinating all aspects of a project.
- Project Charter: A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
- Project Management Plan: The document that describes how the project will be executed, monitored and controlled, and closed. It integrates and consolidates all subsidiary management plans and baselines.
- Work Performance Data: The raw observations and measurements identified during activities being performed to carry out the project work.
- Work Performance Information: The performance data collected from various controlling processes, analyzed in context, and integrated based on relationships across areas.
- Work Performance Reports: The physical or electronic representation of work performance information compiled in project documents, intended to generate decisions or raise issues, actions, or awareness.
- Change Request: A formal proposal to modify any document, deliverable, or baseline on the project.
- Change Control: A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.
- Configuration Management: A systematic approach to managing changes in product requirements, from concept to delivery.
- Close Project or Phase: The process of finalizing all activities across all Project Management Process Groups to formally complete the project or phase.
2. Project Scope Management
Focuses on ensuring that the project includes all the work required, and only the work required, to complete the project successfully.
- Requirements: The conditions or capabilities that must be possessed by a deliverable to satisfy a contract, standard, specification, or other formally imposed document.
- Collect Requirements: The process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives.
- Define Scope: The process of developing a detailed description of the project and product.
- Work Breakdown Structure (WBS): A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables. Read more at the PMI (https://www.pmi.org/about/learn-about-pmi/what-is-project-management).
- WBS Dictionary: A document that provides detailed deliverable, activity, and scheduling information about each component in the Work Breakdown Structure.
- Scope Baseline: The approved version of a scope statement, Work Breakdown Structure (WBS), and its associated WBS dictionary.
- Validate Scope: The process of formalizing acceptance of the completed project deliverables.
- Control Scope: The process of monitoring the status of the project and product scope and managing changes to the scope baseline.
3. Project Schedule Management
Focuses on managing the time required to complete the project.
- Define Activities: The process of identifying and documenting the specific actions to be performed to produce the project deliverables.
- Sequence Activities: The process of identifying and documenting relationships among the project activities.
- Lead: The amount of time whereby a successor activity can be advanced with respect to a predecessor activity.
- Lag: The amount of time whereby a successor activity is required to be delayed with respect to a predecessor activity.
- Estimate Activity Durations: The process of estimating the number of work periods needed to complete individual activities with estimated resources.
- Critical Path: The sequence of activities that represents the longest path through a project, which determines the shortest possible duration. Learn more at Investopedia (https://www.investopedia.com/terms/c/critical-path.asp).
- Critical Path Method (CPM): A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.
- Float (Slack): The amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint.
- Milestone: A significant point or event in a project, program, or portfolio.
- Gantt Chart: A bar chart that shows a schedule of activities and resource usage over time.
- Crashing: A technique used to shorten the schedule duration for the least incremental cost by adding resources.
- Fast Tracking: A schedule compression technique in which activities or phases normally done in sequence are performed in parallel.
4. Project Cost Management
Focuses on planning, estimating, budgeting, financing, funding, managing, and controlling costs.
- Cost Estimating: The process of developing an approximation of the monetary resources needed to complete project activities.
- Bottom-Up Estimating: A method of estimating project duration or cost in which the work is decomposed into lower level and more detailed components.
- Analogous Estimating: A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.
- Parametric Estimating: An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.
- Contingency Reserve: Budget within the cost baseline that is allocated for identified risks that are accepted.
- Management Reserve: A separately planned quantity used to allow for future situations which are impossible to predict at the time of the baseline plan is established.
- Cost Baseline: The authorized version of the time-phased project budget, excluding any management reserves, which can only be changed through formal change control procedures.
- Earned Value (EV): The measure of work performed expressed in terms of the budget authorized for that work. Deep Dive: [Read our guide on Advanced Earned Value Management](Link to Blog).
- Actual Cost (AC): The realized cost incurred for the work performed on an activity during a specific time period.
- Planned Value (PV): The authorized budget assigned to scheduled work.
- Cost Variance (CV): The amount of budget deficit or surplus at a given point in time (EV – AC).
- Schedule Variance (SV): The amount of schedule deficit or surplus at a given point in time (EV – PV).
5. Project Quality Management
Focuses on ensuring that the project satisfies the needs for which it was undertaken.
- Quality: The degree to which a set of inherent characteristics fulfills requirements.
- Grade: A category or rank used to distinguish items that have the same functional use but different technical characteristics.
- Prevention: A direction or plan to ensure errors are not introduced into the product.
- Inspection: Examining or measuring to verify whether an activity, component, product, result, or service conforms to specified requirements.
- Cost of Quality (COQ): A financial metric used to quantify the total cost of quality-related efforts and defects.
- Plan Quality Management: The process of identifying quality requirements and/or standards for the project and its deliverables, and documenting how the project will demonstrate compliance with relevant quality requirements.
- Manage Quality: The process of translating the quality management plan into executable quality activities.
- Control Quality: The process of monitoring and recording results of executing the quality management activities to assess performance and ensure the project outputs are complete, correct, and meet customer expectations.
- Attribute Sampling: A method of measuring quality that determines whether a result conforms to a specific dimension (Pass/Fail).
- Variable Sampling: A method of measuring quality that rates results on a continuous scale.
6. Project Resource Management
Focuses on identifying, acquiring, and managing the resources needed for the successful completion of the project.
- Acquire Resources: The process of obtaining team members, facilities, equipment, materials, supplies, and other resources required to complete project work.
- Develop Team: The process of improving competencies, team member interaction, and the overall team environment to enhance project performance.
- Manage Team: The process of tracking team member performance, providing feedback, resolving issues, and coordinating team changes.
- Resource Leveling: A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand for resources with the available supply.
- RACI Chart: A grid-based chart that maps the work of a project as described in the Work Breakdown Structure (WBS) to the responsible team members.
- Responsible: The person doing the work.
- Accountable: The person ultimately answerable for the work.
- Consulted: Those whose opinions are sought.
- Informed: Those who are kept up-to-date on progress.
- Virtual Teams: Groups of people with a shared goal who fulfill their roles with little or no time spent meeting face-to-face.
- Ground Rules: Standards of conduct that the team establishes to ensure a productive working environment.
7. Project Communications Management
Focuses on the timely and appropriate generation, collection, dissemination, storage, and ultimate disposition of project information.
- Plan Communications Management: The process of developing an appropriate approach and plan for project communications based on stakeholder information needs and requirements, and available organizational assets.
- Manage Communications: The process of creating, collecting, distributing, storing, retrieving, and the ultimate disposition of project information in accordance with the communications management plan.
- Monitor Communications: The process of ensuring the information needs of the project and its stakeholders are met.
- Push Communication: A communication method where information is sent to specific recipients who need to know the information (e.g., emails, reports).
- Pull Communication: A communication method where information is placed in a central location for recipients to access at their own discretion (e.g., intranet sites, knowledge bases).
- Interactive Communication: A communication method that involves exchange of information between two or more parties (e.g., meetings, phone calls).
8. Project Risk Management
Focuses on identifying, analyzing, and responding to risk factors.
- Risk: An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
- Risk Appetite: The degree of uncertainty an entity is willing to take on in anticipation of a reward.
- Risk Threshold: The measure of acceptable variation around an objective.
- Identify Risks: The process of determining which risks may affect the project and documenting their characteristics.
- Qualitative Risk Analysis: The process of prioritizing individual project risks for further analysis or action by assessing their probability of occurrence and impact.
- Quantitative Risk Analysis: The process of numerically analyzing the combined effect of identified individual project risks and other sources of uncertainty on overall project objectives.
- Probability and Impact Matrix: A grid that maps the probability of occurrence of each risk against its impact to determine which risks need more aggressive management.
- Risk Response Planning: The process of developing options and actions to enhance opportunities and reduce threats to project objectives.
- Strategies for Threats: Escalate, Avoid (Eliminate the cause), Transfer (Shift ownership, e.g., insurance), Mitigate (Reduce probability/impact), Accept (Passive/Active).
- Strategies for Opportunities: Escalate, Exploit (Ensure it happens), Share (Allocate ownership to a third party), Enhance (Increase probability/impact), Accept.
- Risk Register: A document where results of risk analysis and risk response planning are recorded.
- Residual Risk: The risk that remains after risk responses have been implemented.
- Secondary Risk: A risk that arises as a direct result of implementing a risk response.
9. Project Procurement Management
Focuses on purchasing or acquiring products, services, or results from outside the project team.
- Procurement Statement of Work (SOW): A description of the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the item.
- Bidder Conference: A meeting with prospective sellers prior to the preparation of a bid or proposal.
- Proposal Evaluation Criteria: The standards used to rate seller proposals.
- Fixed Price Contract: An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort involved.
- Cost Reimbursable Contract: An agreement where the buyer pays the seller for the actual costs incurred plus a fee (e.g., Cost Plus Fixed Fee).
- Time and Material (T&M) Contract: A hybrid contract containing aspects of both cost-reimbursable and fixed-price contracts, often used for staff augmentation or expert support.
- Non-Disclosure Agreement (NDA): A legal contract where parties agree not to disclose information covered by the agreement.
10. Project Stakeholder Management
Focuses on identifying and managing all individuals or organizations that can impact, or be impacted by, the project.
- Stakeholder: An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.
- Identify Stakeholders: The process of identifying project stakeholders regularly and analyzing and documenting relevant information regarding their interests, involvement, interdependencies, influence, and potential impact on project success.
- Manage Stakeholder Engagement: The process of communicating and working with stakeholders to meet their needs/expectations, address issues, and foster appropriate stakeholder engagement involvement.
- Monitor Stakeholder Engagement: The process of monitoring stakeholder relationships and tailoring strategies to engage stakeholders.
- Power/Interest Grid: A tool used to categorize stakeholders based on their level of authority (power) and their level of concern (interest).
- Salience Model: A model used to categorize stakeholders based on Power, Urgency, and Legitimacy.
General PM Terms & Methodologies
Terms commonly used in the day-to-day management of projects across various industries.
- RAG Status: A simple status reporting system using the colors Red (Off track), Amber (At risk), and Green (On track) to indicate health.
- Kick-off Meeting: The first meeting with the project team and stakeholders to formally start the project and align on goals.
- Stand-up (Daily Scrum): A short daily meeting (usually 15 minutes) where team members discuss what they did yesterday, what they will do today, and any blockers. Reference: The Scrum Guide (https://scrumguides.org/).
- Retrospective: A meeting held at the end of a project phase or iteration to discuss what went well, what didn’t, and how to improve for next time.
- Post-Mortem: An analysis meeting held after a project finishes (or fails) to determine the root causes of the outcome.
- Dashboard: A visual display of the most important information needed to achieve one or more objectives (KPIs) consolidated and arranged on a single screen.
- Brainstorming: A group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members.
- Mind Map: A diagram used to visually organize information into a hierarchy, showing relationships among pieces of the whole.
- Parkinson’s Law: The adage that “work expands to fill the time available for its completion.”
- Student Syndrome: The phenomenon where people delay starting a task until the last possible moment.
- Halo Effect: The cognitive bias where the impression of a person in one area influences opinion in another area (e.g., assuming a good technician will be a good project manager).
- Gold Plating: The practice of adding extra features or requirements to a project that were not requested by the client. Generally considered bad practice in PM.
- EVM (Earned Value Management): A methodology that combines scope, schedule, and resource measurements to assess project performance and progress.
- SWOT Analysis: A strategic planning technique used to identify Strengths, Weaknesses, Opportunities, and Threats related to a project.
- PESTLE Analysis: A framework to analyze the external macro-environment (Political, Economic, Sociological, Technological, Legal, and Environmental).
Contract Management & Legal Terminologies
Terms relevant to Procurement, Vendor Management, and Legal agreements.
- Force Majeure: A contract clause that frees both parties from liability or obligation when an extraordinary event or circumstance beyond their control occurs (e.g., war, strike, riot, crime, or an “act of God”). Reference: Investopedia on Force Majeure (https://www.investopedia.com/terms/f/forcemajeure.asp).
- Indemnification: A contractual obligation by one party to compensate the other for any loss or damage suffered by the other party due to the actions of the first party or specified events.
- Liquidated Damages: A specific sum of money, agreed upon as part of a contract, to be paid by one party to the other as compensation for a breach of contract (e.g., late delivery penalties).
- Master Services Agreement (MSA): A foundational contract that outlines the general terms and conditions governing an ongoing business relationship between two parties.
- Statement of Work (SOW): A detailed description of the specific tasks, deliverables, timelines, and pricing for a specific project, often attached to an MSA.
- Termination for Convenience: A clause allowing a client to cancel a contract at any time for any reason, usually with some notice, but without penalty for default.
- Breach of Contract: A violation of the terms or conditions of a contract, which can lead to liability for damages.
- Confidentiality: A provision that prohibits one party from disclosing sensitive information shared during the project.
- Non-Compete: A clause restricting one party from starting a competing business or working with a competitor for a specified time or area.
- Acceptance Criteria: The specific conditions that must be met before a deliverable is accepted by the client.
- Service Level Agreement (SLA): A commitment between a service provider and a client regarding the quality and performance of services (e.g., “99.9% uptime”).
- Warranty: A guarantee that a product or service will perform as expected for a certain period.
- Change Order: A document used to request or approve changes to the scope of work in a contract, often adjusting cost and schedule.
- Escalation Clause: A provision allowing for an increase in price due to rising costs of materials or labor.
- Intellectual Property (IP) Rights: The legal rights to creations of the mind, such as inventions, designs, or software code, and who owns them upon payment.
Product Management Terminologies
Terms relevant to the intersection of Project Management, Agile, and Product Development.
- Product Lifecycle: The stages a product goes through from the moment it is conceived until it is finally removed from the market (Introduction, Growth, Maturity, Decline).
- Product Roadmap: A strategic document that outlines the vision and direction of the product over time, communicating what and why behind what is being built.
- Product-Market Fit: The degree to which a product satisfies a strong market demand. It is often the point where a product becomes “must-have” rather than “nice-to-have.” Reference: Marc Andreessen (https://www.marcandreessen.com/2007/06/the-pmarca-guide-to-startups-part-4-the-only-thing-that-matters/).
- Minimum Viable Product (MVP): A version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort.
- User Story: A short, simple description of a feature from the perspective of the person who desires the new capability, usually following the format: “As a [type of user], I want [some goal] so that [some reason].”
- Epic: A large body of work that can be broken down into smaller user stories.
- User Persona: A semi-fictional character created to represent the different user types within a targeted demographic that might use a product.
- User Journey Map: A visualization of the process a person goes through in order to accomplish a goal with your product.
- Value Proposition: A promise of value to be delivered, communicated, and acknowledged. It is the main reason a prospect should buy from you.
- Backlog Refinement (Grooming): The ongoing process of reviewing backlog items to ensure they are appropriately prioritized and detailed.
- Feature Parity: Matching the features of a product to those of its competitors.
- Churn Rate: The percentage of customers who stop using or paying for a product during a given time period.
- Customer Acquisition Cost (CAC): The cost associated with convincing a customer to buy a product/service.
- Lifetime Value (LTV or CLV): A prediction of the net profit attributed to the entire future relationship with a customer.
- Beta Testing: The second phase of software testing in which a sampling of the intended audience tries the product out.
- Go-to-Market (GTM): A plan that details how an organization will sell its products or services to customers.
- Technical Debt: The implied cost of future reworking required when choosing an easy or fast solution now instead of using a better approach that would take longer.
- Kanban Board: A visual tool for managing work, typically using columns like “To Do,” “In Progress,” and “Done.” Reference: Atlassian’s Guide to Kanban (https://www.atlassian.com/agile).
- Sprint: A set period of time during which specific work has to be completed and made ready for review (usually 1-4 weeks).
- Burndown Chart: A graphical representation of work left to do versus time.