As you progress through the course, you will be exposed to industry-specific terms. These terms will become the language that you will use every day, so it is important to learn and understand what they mean. In addition to the glossary, there are various resources you can touch on for inspiration or simply use if you would like to know more.
Let’s look at the glossary and some (of many) videos related to Project management.
The following table identifies and defines common and typical industry terms you will hear in the field of Project management. It is important you familiarise yourself with them to support your learning and expand on the common vocabulary you will regularly use within the industry.
| Term | Definition |
|---|---|
| Action item | A task that must be completed by either an individual or a team. |
| Business case | Is a document that outlines the potential outcomes of the project, including benefits and costs. |
| Business model | Is a system where an organisation will plan and execute activities to meet short and long-term objectives. |
| Contingency plan | Is anticipating an alternative course of action if a risk was to occur or if an original plan fell through. |
| Critical path method | Is used to estimate the shortest time needed to complete a project. |
| Dependencies | Is known as a series of interrelated tasks. Some tasks may not begin until a previous task has been completed. |
| Forecast | Is known as a prediction of a future status or result based on the current available information. |
| Handover | Within the project life cycle, a handover may be passed on to other team members or stakeholders either at a certain point within the project or the end. |
| Lead time | Refers to the time required to finish something or the time allowed for a specific task or project. |
| Life cycle | Is a process used to build its products, which can be divided into many phases. |
| Kickoff meeting | Refers to the first meeting with the project team, clients, and stakeholders. |
| Meeting agenda | Sets the agenda for the meeting by identifying the purpose, objectives and how the project will be managed. |
| Meeting minutes | Is a written record of all the information discussed and shared within a meeting. |
| Objective | Are specific outcomes that will be completed or delivered at the end of the project. |
| Product breakdown structure (PBS) | Is a hierarchy structure of the outcomes and products that need to be met/produced for the completion of the project. |
| Project manager | Are responsible for overseeing projects from start to finish. They serve as contact points for all stakeholders involved and ensure the project is being executed according to schedule. |
| Project Plan | A project plan is a document that outlines the goals, objectives, resources, budgets, timelines applied to a project. |
| Project stakeholder | Refers to any party involved and has an interest in the completion of the project. |
| Project budget | Details all estimated costs that may be incurred throughout the project. |
| Quality assurance | Refers to all actions taken to ensure the product/service meets all standards and requirements. |
| Risk acceptance | Acknowledging a risk, however, not taking pre-emptive action against it. |
| Risk trigger | Indicates that risk has or may occur. This will trigger the team to implement a risk response. |
| Work breakdown structure (WBS) | Identifies the task that is required to complete a project. |
Let’s be real, becoming a project manager means that you will need to juggle multiple hats and deal with all different types of personalities. There are many different types of training that you can undertake to help you manage different tasks at the same time as well as ensure your team is working effectively and productively, and a lot of that comes down to how you demonstrate your leadership skills.
Motivate the team
The first video will provide insight into the importance of getting your team motivated and excited about the work they do within projects. This is a crucial part of your role to ensure an increase in productivity and overall satisfaction within the team. The following video will discuss ways in which you can motivate your team. Check it out and see how you can apply this within your role.
How to inspire
The following is another video, where Simon Sinek discusses how as a leader, you can inspire action within your team. He discusses how leaders can successfully help their team meet objectives by explaining their vision and why they’re doing what they’re doing.
If you would like to keep watching, below is a selection of videos with interesting insights on how you can excel in your role as a Project manager and help manage your team efficiently.
