Business Buzz Words Project Managers Should Know

Let’s face it, when you start a new job you see other staff members and managers talking mumbo jumbo which can be quite confusing. Well those words and key terms are used through many other businesses. If you are looking to take the step up in your career and become a project manager, you will need to learn these key buzz words so that you know what you are talking about. Below is a list of popular words which are used in the office.

Critical Path

The critical path is a sequence of activities in the project that takes the longest to complete.

Business Case

A Business case is a document that records the reason of starting the project.

Cost Variance (CV)

The CV is the difference between actual cost and the projects earned value.

GANNT Chart

A useful bar chart that represents all of the activities and milestones of a project.

Milestone

An event that represents the completion of a major task.

Project or Work Schedule

This is a line-up that details resources, durations and dependencies used to estimate the project completion date.

SWOT Analysis

A planning tools that strategically evaluates a project’s strengths, weaknesses, opportunities, and threats.

Stakeholder

A stakeholder is a group of people or businesses who have made investments in the project’s overall outcome.

Waterfall Methodology

This refers to the project’s consecutive phases which could include Investigation, Design, Testing, Development and Implementation.

PRINCE2

This is another project management methodology which is used in the majority of projects worldwide. The word usually comes into the subject of training where staff would be trained on the techniques.

Program Manager

An authorized person who manages the program and leads the overall planning and execution of the project.

Objective

An objective is a statement that describes the project’s results requested from the stakeholders.

Accountability

This is the obligation to report on one’s actions.

Constraints

These are the boundaries, challenges and restrictions that occur outside of the project team’s control. These aren’t always a problem during a project.

Project Plan

This details the techniques, tools, and processes that will be used to manage a project.

Well there you have it, some of the most used business buzz words in the industry. There are many more business words that fly from meeting room to meeting room, are you ready to become a project manager and learn the lingo?

If you were planning in becoming the next up and rising project manager, Training Deals are more than happy to support you with one of the best training options nationwide. Project Management courses such as PRINCE2, Agile, Lean Six Sigma and Scrum will help you enhance your knowledge and skills to become an expert in your industry.