12 Terms You Should Know Project Management Fundamentals

12 Terms You Should Know Project Management Fundamentals
Who Am I?
Engr. Insaf Ali (PMP,BS (Electronics/Telecommunication)
Project Engineer TAMDEED Projects
Project Engineer L.T. Engineering (pvt)
Project Engineer SKB international (Long Haul project
Project Engineer Multinet Pakistan
1-RAG STATUS
Green||Amber|| Red
Project managers who obtain this quality have a greater chance
to complete the project successfully and without any major
risks or issues.
The process of effectively tracking, monitoring, and controlling
a project is easier with RAG reporting
What Does RAG Status Mean?
In project management, RAG (RAG report, RAG status, or Delivery Confidence
Assessment) is an acronym that stands for Red Amber Green and relates to
project status reporting which is utilized by project managers to indicate how
well a certain project is performing.
2-Work Breakdown Structure
Breaking work into smaller tasks is a common productivity
technique used to make the work more manageable and
approachable. For projects, the Work Breakdown Structure
(WBS) is the tool that utilizes this technique and is one of the
most important project management documents. It
singlehandedly integrates scope, cost and schedule baselines
ensuring that project plans are in alignment
Deliverable-Based Work Breakdown Structure
A Deliverable-Based Work Breakdown Structure clearly demonstrates
the relationship between the project deliverables (i.e., products,
services or results) and the scope (i.e., work to be executed
3-GANTT Chart or ScheduleThis is a specific way to visualize the work needed to do to deliver the project.
A Gantt chart, commonly used in project management, is one of the most popular and useful
ways of showing activities (tasks or events) displayed against time. On the left of the chart
is a list of the activities and along the top is a suitable time scale.
Each activity is represented by a bar; the position and length of the bar reflects the start
date, duration and end date of the activity.
• What the various activities are
• When each activity begins and ends
• How long each activity is scheduled to last
• Where activities overlap with other activities, and by how much
• The start and end date of the whole project
4-Triple Constraint
This is represented by a triangle with cost, time and scope on the vertices
and quality in the middle.
The triple constraint is sometimes referred to as the project management
triangle or the iron triangle. In the typical triangular model, scope, schedule
and cost are constraints that form the sides of the triangle, with quality as
the central theme. (An alternative to the triangle, the project management
diamond, adds quality as the fourth side of the model and changes the
central theme to customer expectations.)
5-Methodology
• PRINCE2,
• PMBok,
• Agile
• or a combination of them all.
A project management methodology is essentially a set of guiding principles and
processes for managing a project. Your choice of methodology defines how you work
and communicate
What methodology you choose will depend on your team, project-type, and project-scope.
Choosing project management methodologies (PMM) is one of the first decisions you’ll
have to make as a project manager
6-Business case
A business case provides justification for undertaking a
project, programme or portfolio. It evaluates the benefit,
cost and risk of alternative options and provides a rationale
for the preferred solution.
Five elements of a business case
A common way of thinking about a business case is using these five elements:
Strategic context: The compelling case for change.
Economic analysis: Return on investment based on investment appraisal of options.
Commercial approach: Derived from the sourcing strategy and procurement strategy.
Financial case: Affordability to the organization in the time frame.
Management approach: Roles, governance structure, life cycle choice, etc
7-Requirements
requirement is a defined capability to which the results of certain work (in this case software
development) should meet. It is a continuous process throughout the lifecycle of a product and
requirements can be generated by many stakeholders including:
customers,
partners,
sales,
support,
management,
engineering,
operations,
and of course product management. When requirements are being properly curated and
managed there is clear and consistent communication between the product team and engineering
members and any needed changes are broadly shared with all stakeholders
It is the process used by project managers to minimize any potential problems that may
negatively impact a project's timetable.
Risk is any unexpected event that might affect the people, processes, technology, and
resources involved in a project. Unlike issues, which are certain to happen, risks are
events that could occur, and you may not be able to tell when. Because of this
uncertainty, project risk requires serious preparation in order to manage them efficiently.
8-RISK
9-Issue (Identifying and Resolving Issues)
Issue management is the process of identifying and resolving issues. Problems with staff or
suppliers, technical failures, material shortages – these might all have a negative impact
on your project. If the issue goes unresolved, you risk creating unnecessary conflicts,
delays, or even failure to produce your deliverable
10-Milestone
A project milestone is a management tool that is used to delineate a point in a project schedule.
These points can note the start and finish of a project, and mark the completion of a major phase of work.
Milestones can be used to symbolize anything that has started or finished, though it’s primarily used as a
scheduling tool.
If a milestone focuses on major progress points in a project, you can see how it is useful in scheduling. Just
as tasks break a larger project into manageable parts, milestones break off chunks of a project to make it
less daunting.
11-Stakeholder
This is someone, or a group of someone's, who will be directly or indirectly affected by what the project is
supposed to be delivering
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.
12-Steering Committee
This is a group of people that have been tasked with providing strategic guidance to the project and are
there to support the project manager.
12 Terms You Should Know Project Management Fundamentals
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12 Terms You Should Know Project Management Fundamentals

  • 2. Who Am I? Engr. Insaf Ali (PMP,BS (Electronics/Telecommunication) Project Engineer TAMDEED Projects Project Engineer L.T. Engineering (pvt) Project Engineer SKB international (Long Haul project Project Engineer Multinet Pakistan
  • 3. 1-RAG STATUS Green||Amber|| Red Project managers who obtain this quality have a greater chance to complete the project successfully and without any major risks or issues. The process of effectively tracking, monitoring, and controlling a project is easier with RAG reporting What Does RAG Status Mean? In project management, RAG (RAG report, RAG status, or Delivery Confidence Assessment) is an acronym that stands for Red Amber Green and relates to project status reporting which is utilized by project managers to indicate how well a certain project is performing.
  • 4. 2-Work Breakdown Structure Breaking work into smaller tasks is a common productivity technique used to make the work more manageable and approachable. For projects, the Work Breakdown Structure (WBS) is the tool that utilizes this technique and is one of the most important project management documents. It singlehandedly integrates scope, cost and schedule baselines ensuring that project plans are in alignment Deliverable-Based Work Breakdown Structure A Deliverable-Based Work Breakdown Structure clearly demonstrates the relationship between the project deliverables (i.e., products, services or results) and the scope (i.e., work to be executed
  • 5. 3-GANTT Chart or ScheduleThis is a specific way to visualize the work needed to do to deliver the project. A Gantt chart, commonly used in project management, is one of the most popular and useful ways of showing activities (tasks or events) displayed against time. On the left of the chart is a list of the activities and along the top is a suitable time scale. Each activity is represented by a bar; the position and length of the bar reflects the start date, duration and end date of the activity. • What the various activities are • When each activity begins and ends • How long each activity is scheduled to last • Where activities overlap with other activities, and by how much • The start and end date of the whole project
  • 6. 4-Triple Constraint This is represented by a triangle with cost, time and scope on the vertices and quality in the middle. The triple constraint is sometimes referred to as the project management triangle or the iron triangle. In the typical triangular model, scope, schedule and cost are constraints that form the sides of the triangle, with quality as the central theme. (An alternative to the triangle, the project management diamond, adds quality as the fourth side of the model and changes the central theme to customer expectations.)
  • 7. 5-Methodology • PRINCE2, • PMBok, • Agile • or a combination of them all. A project management methodology is essentially a set of guiding principles and processes for managing a project. Your choice of methodology defines how you work and communicate What methodology you choose will depend on your team, project-type, and project-scope. Choosing project management methodologies (PMM) is one of the first decisions you’ll have to make as a project manager
  • 8. 6-Business case A business case provides justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution. Five elements of a business case A common way of thinking about a business case is using these five elements: Strategic context: The compelling case for change. Economic analysis: Return on investment based on investment appraisal of options. Commercial approach: Derived from the sourcing strategy and procurement strategy. Financial case: Affordability to the organization in the time frame. Management approach: Roles, governance structure, life cycle choice, etc
  • 9. 7-Requirements requirement is a defined capability to which the results of certain work (in this case software development) should meet. It is a continuous process throughout the lifecycle of a product and requirements can be generated by many stakeholders including: customers, partners, sales, support, management, engineering, operations, and of course product management. When requirements are being properly curated and managed there is clear and consistent communication between the product team and engineering members and any needed changes are broadly shared with all stakeholders
  • 10. It is the process used by project managers to minimize any potential problems that may negatively impact a project's timetable. Risk is any unexpected event that might affect the people, processes, technology, and resources involved in a project. Unlike issues, which are certain to happen, risks are events that could occur, and you may not be able to tell when. Because of this uncertainty, project risk requires serious preparation in order to manage them efficiently. 8-RISK
  • 11. 9-Issue (Identifying and Resolving Issues) Issue management is the process of identifying and resolving issues. Problems with staff or suppliers, technical failures, material shortages – these might all have a negative impact on your project. If the issue goes unresolved, you risk creating unnecessary conflicts, delays, or even failure to produce your deliverable
  • 12. 10-Milestone A project milestone is a management tool that is used to delineate a point in a project schedule. These points can note the start and finish of a project, and mark the completion of a major phase of work. Milestones can be used to symbolize anything that has started or finished, though it’s primarily used as a scheduling tool. If a milestone focuses on major progress points in a project, you can see how it is useful in scheduling. Just as tasks break a larger project into manageable parts, milestones break off chunks of a project to make it less daunting.
  • 13. 11-Stakeholder This is someone, or a group of someone's, who will be directly or indirectly affected by what the project is supposed to be delivering 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.
  • 14. 12-Steering Committee This is a group of people that have been tasked with providing strategic guidance to the project and are there to support the project manager.