Today we take a deep dive into a second batch of essential terms to understand project management.
To take a look at the first part of our list (“Activity” to “Late start/finish date”) just click here.
These are progress points that signify the completion of an important phase of a project. Projects are usually divided into milestones, which in turn are achieved by completing all the required tasks.
A prioritization method for establishing priorities during a project. This model divides requirements into four categories: Must-haves, Should-haves, Could-haves, and Won’t-haves. The two o’s of “MoSCoW” have no meaning and have been included only to make the term more readable and memorable.
A program is a set of projects (see below) that form a connected package of work. For example, building a store is a project; building a chain of stores, on the other hand, can be considered a program.
A project is an endeavor with a defined, single focus that takes place over a set period of time (therefore projects always have start and end dates).
Project Management Triangle
This refers to the three main variables of any project: scope (see below), cost, and time. You can’t affect any of these factors without an impact on the other too. So, for example, achieving a project faster usually cause costs to increase and it may even lead to limit the scope of the original project.
A list of all the goals, deliverables, and tasks a project must accomplish in order to be considered successful.
More Tips and Ideas About Project Management
Project management is an exciting discipline with myriad real-world applications. Below are some previous posts you can read to learn more about this fascinating topic.
- Some essential terms to understand project management (part 1)
- Project Management for Everyone: 3 Tools You Can Start Using Today
- Do good design engineers make good project managers?
- 3 Reasons to choose a career in engineering design
- How is engineering design different from other types of design?
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