Key Terms and Concepts in Project Management

To understand project management better, here are some essential terms and concepts:

• Project – A temporary effort undertaken to create a unique product, service, or result.
• Project Management – The application of knowledge, skills, tools, and techniques to meet project requirements.
• Scope – Defines what the project will deliver (and what it will not).
• Stakeholders – Individuals or groups who are impacted by the project or can influence its outcome.
• Deliverables – Tangible or intangible outputs produced by the project.
• Milestones – Significant checkpoints or goals achieved during the project lifecycle.
• Constraints – The “triple constraints” of project management: time, cost, and scope (sometimes extended to include quality and resources).
• Risk – Potential events or conditions that may impact the project’s success.
• Resources – People, materials, tools, and budget needed to complete the project.
• Project Lifecycle – The sequence of phases a project goes through from start to finish (e.g., initiation, planning, execution, monitoring, and closure).