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Project management

Terms related to project management, including definitions about project management methodologies and tools.

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  • end of life (EOL) - End of life (EOL), in the context of manufacturing and product lifecycles, is the final stages of a product’s existence.
  • equilibrium price - An equilibrium price, also known as a market-clearing price, is the consumer cost assigned to some product or service such that supply and demand are equal, or close to equal.
  • equity crowdfunding - Equity crowdfunding is a variation on the crowdsource model that offers contributors the ability to purchase stock in a business.
  • eTEK - eTEK International Inc.
  • executive sponsor - An executive sponsor is a C-level administrator who has a vested interest in seeing a project to completion.
  • exit interview - An exit interview is a meeting between management representatives and someone who is leaving an organization.
  • exit strategy - An exit strategy is a planned approach to terminating a situation in a way that will maximize benefit or minimize damage.
  • fail fast - Fail fast is a philosophy that values the development or implementation of many small experimental products, changes or approaches before committing large amounts of time or resources.
  • fixed price - A fixed price is a non-negotiable sum charged for a product, service or piece of work.
  • flexible workforce - A flexible workforce is one that grows in number to meet needs at any given time and falls back to a baseline number when the increased size is no longer necessary.
  • float (project float, slack) - In project management, float or slack is the time span between the completion of the last task on the critical path and the finish date for the project.
  • Foundation Software - Foundation Software Inc.
  • free/busy data - Free/busy data is information about the availability of individuals within an organization at specified times.
  • fudge factor - A fudge factor is an element inserted into a calculation, formula or model to allow for error or uncertainty.
  • garbage in, garbage out (GIGO) - GIGO (garbage in, garbage out) is a concise expression of a concept common to computer science and mathematics: the quality of output is determined by the quality of the input.
  • gift economy - A gift economy is one in which services or goods are given without an agreement as to a suitable payment or trade to be made in return.
  • gig economy - A gig economy is a free market system in which temporary positions are common and organizations contract with independent workers for short-term engagements.
  • gold plating - Gold plating is the practice of making changes to a project that are outside of the original agreed-upon scope.
  • goldbricking - Goldbricking is wasting time on the job.
  • golden handcuffs - Golden handcuffs are a type of financial incentives designed to motivate employees to stay with a company longer than they might otherwise do.
  • green procurement - Green procurement is a continuous commitment to start-to-finish process management with consideration for environmental impact in business activities used to meet needs for materials, goods, utilities and services.
  • hierarchical corporate culture - A hierarchical corporate culture is an organizational model based on clearly defined corporate levels and structures.
  • Hofstadter's law - Hofstadter’s law is the observation that “It always takes longer than you expect, even when you take into account Hofstadter's Law.
  • home building software (residential construction software) - Home building software, also known as residential construction software, is a collection of programs, processes and information that lets residential construction contractors manage the construction process from home design and remodeling, to cost estimates and accounting, to project management and project completion.
  • huddle room - A huddle room is a small conference area, typically seating 3-6 people and equipped with conferencing and collaboration technologies.
  • IC-BPMS (integration-centric business process management suite) - Integration-centric business process management suite (IC-BPMS) combines business process management (BPM) and service-oriented architecture (SOA).
  • IDOV methodology (identify, design, optimize, verify) - The IDOV methodology (Identify, Design, Optimize and Verify methodology) is a component of the Six Sigma management system intended to guide processes involved in creating a new new product, service or business process.
  • ikigai - Ikigai is a Japanese word whose meaning encompasses joy, a sense of purpose and meaning and a feeling of well-being.
  • industrial software - Industrial software is a collection of programs, processes and information for construction contractors in sectors such as mining, chemical, power, oil, gas and manufacturing.
  • Infinite Monkey Theorem - The Infinite Monkey Theorem is a proposition that an unlimited number of monkeys, given typewriters and sufficient time, will eventually produce a particular text, such as Hamlet or even the complete works of Shakespeare.
  • information radiator - An information radiator, also known as a Big Visible Chart (BVC), is a large graphical representation kept plainly in sight within an agile development team’s shared workspace.
  • innovation management software - Innovation management software, a subset of enterprise collaboration software, helps company digitally manage the generation, collection and evaluation and launch of new ideas from internal employees and external sources.
  • interruption science - Interruption science is the study of how disruptions from current tasks affect employees on the job.
  • invitation to tender (ITT) - An invitation to tender (ITT) is the initial step in competitive tendering, in which suppliers and contractors are invited to provide offers for supply or service contracts.
  • ISO/IEC 38500 - ISO/IEC 38500 is an international standard created to guide corporate governance of information technology (IT).
  • IT chargeback system - An IT chargeback system is an accounting strategy that applies the costs of IT services, hardware or software to the business unit in which they are used.
  • IT consultant - A consultant is an experienced individual in a given field who provides expert advice for a fee.
  • IT financial management - IT financial management is the oversight of expenditures required to deliver IT products and services.
  • IT project management - Every IT project should begin with two questions: What business problem are we trying to solve? And does everyone agree it's worth the effort to solve it?.
  • IT project manager - An IT project manager is a professional charged with overseeing the process of planning, executing and delegating responsibilities around an organization's technology pursuits and goals.
  • IT strategist (information technology strategist) - An IT strategist (information technology strategist) is someone in an organization who is given the responsibility and authority to establish initiatives that affect the organization's IT and business strategy.
  • iteration - In agile software development, an iteration is a single development cycle, usually measured as one week or two weeks.
  • ITIL v3 - ITIL v3 is the third version of the Information Technology Infrastructure Library, a globally recognized collection of best practices for managing information technology (IT).
  • Java Business Integration (JBI) - Java Business Integration (JBI) is a specification that defines an approach to implementing a service-oriented architecture (SOA), the underlying structure supporting Web service communications on behalf of computing entities such as application programs or human users.
  • job cost accounting - Job cost accounting is the process of assigning the costs you incur to a specific job you or your business is involved with.
  • just-in-case manufacturing (JIC manufacturing) - Just-in-case (JIC) manufacturing is the traditional model of production, in which products are created in advance and in excess of demand.
  • knowledge process outsourcing (KPO) - Knowledge process outsourcing (KPO) is the allocation of relatively high-level tasks to an outside organization or a different group within the same organization.
  • law of unintended consequences - The law of unintended consequences is a frequently-observed phenomenon in which any action has results that are not part of the actor's purpose.
  • life-cycle cost analysis (LCCA) - Life-cycle cost analysis (LCCA) is the study of all the costs associated with processes, materials and goods from acquisition to ownership and maintenance, through to and including disposal.
  • magical thinking - Magical thinking is an illogical cognitive pattern in which people become invested in ideas and projects despite a lack of evidence that they are viable, and sometimes despite solid and easily available evidence that they are not.
  • management by objective (MBO) - Management by objective (MBO) is a model in which employees and their managers collaboratively develop, define and explicitly agree to objectives.
  • Mandela Effect - The Mandela Effect is an observed phenomenon in which a large segment of the population misremembers a significant event or shares a memory of an event that did not actually occur.
  • market culture - A market culture is a type of corporate culture that emphasizes competitiveness between the organization and its market competitors and between employees.
  • market validation - Market validation is a series of actions that an entrepreneur carries out early in the product development lifecycle to verify there is a need for the new product or service in question.
  • marketecture (or marchitecture) - A marketecture (or marchitecture) is a high-level representation of software or hardware architecture designed with marketing requirements as a primary consideration.
  • maximizer - A maximizer is an individual who consistently seeks the optimal outcome for any endeavor.
  • mechanical engineering software - Mechanical engineering software is a collection of programs, processes and information that allows engineers to calculate, model, and depict multifaceted engineering problems and to save calculations for future use.
  • microlending - Microlending is the provision of small, low-interest loans to low-income individuals and groups.
  • micromanagement - Micromanagement is an approach to overseeing staff that is characterized by a need to control the actions of employees beyond what is useful or effective.
  • Microsoft D - Microsoft D is an end-user programming language in development as part of the company's Oslo service-oriented architecture (SOA) initiative.
  • Microsoft Operations Framework (MOF) - Microsoft Operations Framework (MOF) is a series of 23 documents that guide IT professionals through the processes of creating, implementing and managing efficient and cost-effective services.
  • Microsoft Planner - Microsoft Planner is a project management application developed by Microsoft that allows teams to create, assign and organize work visually.
  • middle of life (MOL) - Middle of life (MOL), in the context of manufacturing and product lifecycles, is the segment of a product’s existence in which it is established in the marketplace.
  • milestone - In project management, a milestone is a synchronization point.
  • mindfulness training - Mindfulness training is the teaching or learning of practices designed to help participants increase their ability to live fully in the present moment.
  • minimum marketable feature (MMF) - A minimum marketable feature (MMF) is the smallest set of functionality in a product that must be provided for a customer to recognize any value.
  • minimum viable product (MVP) - Minimum viable product (MVP) is a concept for making a product that fills the perceived needs of a customer or solves a problem adequately enough to expect a sustainable business around it.
  • mission mode project (MMP) - A mission mode project (MMP) is an individual project within the National e-Governance Plan (NeGP) that focuses on one aspect of electronic governance, like banking, land records or commercial taxes.
  • mission statement - A mission statement is a communication of an organization’s purpose, usually expressed with public relations (PR) or marketing in mind.
  • monotasking (single-tasking) - Monotasking, also known as single-tasking, is the practice of dedicating oneself to a given task and minimizing potential interruptions until the task is completed or a significant period of time has elapsed.
  • multitasking (in humans) - Multitasking, in a human context, is the practice of doing multiple things simultaneously, such as editing a document or responding to email while attending a teleconference.
  • negative float (negative slack) - Negative float or slack is time that must be made up on a task on a project's critical path so that it does not delay the completion of a project.
  • Nintex Sign - Nintex Sign is a native electronic signature capability that is powered by Adobe Sign.
  • OODA loop - The OODA loop (Observe, Orient, Decide, Act) is a four-step approach to decision-making that focuses on filtering available information, putting it in context and quickly making the most appropriate decision while also understanding that changes can be made as more data becomes available.
  • operational costs - Definition - In information technology, operational costs document the price of running of IT services on a day-to-day basis.
  • opportunity cost - Opportunity costs are benefits that aren't realized because an alternative option is chosen.
  • parallel adoption - Parallel adoption is a method of hardware or software migration that involves using the existing and new systems simultaneously until the implementation is judged to be complete and satisfactory.
  • Pareto principle - The Pareto principle, also known as the 80/20 rule, is a theory maintaining that 80 percent of the output from a given situation or system is determined by 20 percent of the input.
  • Parkinson's law - Cyril Northcote Parkinson observed that "work expands so as to fill the time available for its completion" in a 1955 essay published in "The Economist" based on his experience in the British Civil Service.
  • Parkinson's law of triviality (bikeshedding) - Parkinson's law of triviality is an observation that people tend to waste a lot of time attending to unimportant details while crucial matters don't get the attention they require.
  • PDCA (plan-do-check-act) - PDCA stands for plan-do-check-act, sometimes seen as plan-do-check-adjust.
  • performance testing - Performance testing is the process of determining the speed, responsiveness and stability of a computer, network, software program or device under a workload.
  • Peter principle - The Peter principle is an observance about a commonly-seen pattern in which an employee is promoted based on performance in their current position rather than their fit for the role they are being promoted to.
  • phased rollout - Phased rollout is a hardware or software migration method that involves incremental implementation of a new system.
  • pick two (pick any two) - Pick two is the principle that, for any given three desirable qualities, you are likely to only be able to achieve two out of the three.
  • pilot conversion - A pilot conversion is a hardware or software migration method that involves rolling out the new system to a small group of users for testing and evaluation.
  • pilot program (pilot study) - A pilot program, also called a feasibility study or experimental trial, is a small-scale experiment that helps an organization learn how a large-scale project might work in practice.
  • planning board - In agile software development, a planning board is used to track the progress of an project.
  • planning game - In agile software development, a planning game is a meeting attended by both IT and business teams that is focused on choosing stories for a release or iteration.
  • planning poker - Planning Poker is a teambuilding activity for achieving group consensus.
  • PMI (plus, minus, interesting) retrospective - PMI (plus, minus, interesting) is a brainstorming activity that encourages participants in a discussion to look at an idea from more than one viewpoint.
  • PMO (project management office) - A project management office (PMO) is a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization.
  • pomodoro technique - The pomodoro technique is designed to help users use their time more effectively by overcoming tendencies to procrastinate and multitask, both of which impair productivity.
  • positioning - Positioning, in a marketing context, is the process of identifying an appropriate market niche for a product, service or brand and getting it established it in that area.
  • positioning statement - A positioning statement is an expression of how a given product, service or brand fills a particular consumer need in a way that its competitors don’t.
  • PPM (project and portfolio management) - PPM (project and portfolio management) is a methodology used to prioritize IT projects based on cost, benefits and use of resources to achieve business goals.
  • pre-market engagement - Both public and private sector organizations use pre-market engagement to get an advance understanding of the market, suppliers and their offerings while also forming or strengthening relationships with those suppliers.

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