Project Management Terminology: 2

Knowledge and insights gained from a project that can be used to improve future project performance.

Example: Documenting project successes, challenges, and best practices for reference in similar future projects.

The formal conclusion of a project, including activities such as finalizing project documentation, conducting a project review, and transitioning project deliverables to the appropriate parties.

An iterative and flexible project management approach that emphasizes adaptability, collaboration, and incremental delivery.

Example: Using the Scrum framework to develop software through sprints and frequent feedback cycles.

A project management approach focused on reducing waste, increasing efficiency, and delivering value.

Example: Applying lean principles to streamline manufacturing processes and eliminate non-value-added activities.

A technique to track and assess project performance by comparing planned and actual costs and schedules. Example: Calculating metrics such as Cost Performance Index (CPI) and Schedule Performance Index (SPI) to evaluate project progress.

Uncertain events or conditions that can have positive or negative effects on project objectives.

Example: Market fluctuations, technology obsolescence, or environmental factors that could impact the success of a product launch project.

The process of identifying and analyzing risks to determine their probability, impact, and priority.

Example: Performing a risk assessment to evaluate the potential impact of supply chain disruptions in a manufacturing project.

The actions taken to reduce the probability or impact of identified risks.

Example: Developing a contingency plan to address a potential risk of key personnel leaving the project.

The processes to identify, track, and resolve project issues or problems that arise during project execution.

Example: Logging and addressing software bugs reported during the development phase of a software project.

The original approved version of the project plan, schedule, and budget that serves as a reference point for project performance measurement.

Example: The project baseline includes the initial project schedule, budget, and scope agreed upon at the start of the project.

Devendra Kumar

Project Management Apprentice at Google

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