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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).

The purpose of the standard for project management is to provide a common framework, language, and set of guidelines that ensure projects are planned, executed, and completed successfully.

It helps organizations and teams:

• Align goals with business strategy.
• Improve consistency in how projects are managed across different industries.
• Enhance communication by using a shared terminology.
• Promote efficiency through proven practices and structured processes.
• Ensure quality outcomes by balancing time, cost, scope, and resources.

By following this standard, project managers and teams can work more effectively, reduce risks, and deliver results that create real value.

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