12 Terms You Should Know | Project Management Fundamentals

Check out our project management tutorial video on 12 key terms that we think everyone should know (from beginners to experts).
If you want to learn about more advanced terms, check out our 12 MORE key terms video here: • 12 MORE Terms You Shou...
Do your project management meetings feel like an alien environment? Are you struggling to make head or tail of the conversation? We can help! Rhona takes you through 12 key project management terms that she thinks everyone involved with projects should know. No longer get confused when confronted with unfamiliar terms like:
1. RAG Status:
This stands for red, amber and green status.
2. Work Breakdown Structure:
This is one of the first deliverables of the project, if not THE first.
3. GANTT Chart or Schedule:
This is a specific way to visualise the work needed to do to deliver the project.
4. Triple Constraint:
This is represented by a triangle with cost, time and scope on the vertices and quality in the middle.
5. Methodology:
This is the framework you use to manage the project. It could be PRINCE2, PMBok, Agile or a combination of them all.
6. Business Case:
This is the fundamental document for your project.
7. Requirements:
These are things that must happen or must be produced by the project.
8. Risk:
This is something that may or may not happen, but if it does happen, it will have a good or a bad effect on the project.
9. Issue:
This is something that is happening on your project right now!
10. Milestone:
This is an anchor point on the project management timeline.
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.
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.
Remember, if you're looking for a tool to help you manage your portfolios, programmes and projects check out Psoda at www.psoda.com/...
#projectmanagement #terms #tips

[@craigrobertsonmsc.6260]

Seems like I learned more from this video than I did in a week at University............ Thanks.

[@ramiyoucef1644]

Craig Robertson do not think so, just a feeling , you loose more concentration at the unv

[@Psoda]

Thanks, we're glad you found it useful!

[@supriyochatterjee4095]

Schools, colleges, universities are just business centres running for money, if you want to learn something learn it from internet

[@neetiverma2992]

kzbin.info/www/bejne/gn_amIuIbL9pi80

[@brownpunk1794]

Welcome to the internet

[@masayukisasaki1178]

The rhythm, tempo, and succinctness are very pleasing.

[@Psoda]

Thank you.

[@sarveshmandlik2375]

1. Rag status 2. WBS 3.gantt chart/ schedule 4.tripple constraints 5.methodolgy 6.business case 7.Requirments 8.Risk 9.isseu 10.milestone 11.stakeholder 12.steering comitee

[@oliviasflowers4042]

Really excellent presentation. Thank you

[@Psoda]

Thanks for the lovely comment Olivias Flowers, we really appreciate it.

[@angel-pu7su]

Amazing. Thank you.

[@Psoda]

Thanks @angel, I'm glad you found it useful.

[@sangeetagupta-kk5de]

Loved it

[@Psoda]

Thank you Sangeeta, I really appreciate it.

[@eternal_1000]

That day!!

[@varunkhadke8467]

Great explanation!!👌🎯

[@Psoda]

Thanks, we're glad you found it useful. :-)

[@Psoda]

Are there any terms we missed? Please let us know in the comments, we'd love to hear your thoughts!

[@andreasvittel2003]

Quality Gate ;-)

[@Psoda]

Hi Andreas, thanks for the suggestion. You've created a great debate in the office this morning with this one! How do you define it? We have 2 camps - one saying it's separate to stage gates and the other saying it's part of a traditional stage gate so shouldn't be separate....

[@roxanapopa198]

critical path?

[@Psoda]

Great suggestion! We'll include it in the follow up video that's in production

[@rmeyer6867]

How about human ressources, the managemt of people who are doing the actual work? Recruitment , training, role changes, staff changes, etc

[@surveygaint6967]

scope creep

[@Psoda]

Hi Survey Gaint, great suggestion! Thanks

[@charleskincaid8453]

Add "Deliverables", "Procurement", "Statement of Work", "Contingency", "Risk Analysis". Also, if you could make a video just about Earned Value Formulas, that would be cool, too.

[@Psoda]

Thanks for the great suggestions, we've added them to the list

[@africasmouth9282]

@@Psoda Where can I find the suggestions he made. It's not added to this video.

[@Psoda]

Hi @@africasmouth9282. The videos covering those topics are in production :-)

[@5gun1]

@@Psoda hi when will it be or any updates? Really need to know these terms lool

[@Psoda]

@@5gun1 Thanks for the comment, are there any in particular you're keen to know? They're on the production list but we're happy to bump things up if there is interest.

[@RAMRAS1]

Loved it

[@Psoda]

Thank you :-)

[@Psoda]

Thanks to everyone who’s commented publicly and privately on the video. Due to popular demand we’ve created a brand new 12 more key terms you should know video. Check it out to find out if your suggestion made the cut. And as always, feedback is very welcome! kzbin.info/www/bejne/jpq3goaNrrR3gsk

[@llamudos9809]

BAU (Business as Usual) Gateways PID Lifecycle RIBA PESTLE SWOT EIA Project context PMO EPMO PSO HTM HBN Frameworks mini tenders There are so many more areas a PM must understand.

[@Psoda]

Thanks for the great suggestions, we'll add them to the list!

[@alisyed2374]

Awesome presentation. Brief, practical and relevant. Thanks

[@Psoda]

Thanks Ali, we're glad you found it helpful :-)

[@SM_zzz]

I'm currently studying PM and this video has helped me with a clear overview of some of the main topics I should mention in my assignment. As you mentioned already, there are plenty other topics involved with PM but this quick summary helped me to clarify some of the main ones and their uses. Thank you 😊👌🏻

[@Psoda]

Hi S M, thanks for your comment. We're glad you found the video useful! :-)

[@ravia.43558]

I found it to be an insightful and concise overview of crucial terminology in project management. The video adeptly explained fundamental concepts like Gantt charts, critical path, stakeholders, and scope creep, making them easily comprehensible for beginners or those seeking a refresher.

[@Psoda]

Thank you for your lovely comment. We're delighted that you found the video useful!

[@manisharajput2735]

Awesome presentation, brief explanation, you cleared all of my doubts I had …!! Well, thanks alot 🙏🏻 I appreciate your efforts

[@Psoda]

Thanks for taking the time to comment on the video, we really appreciate it!

[@jamellee8890]

love the speaker's tone and speed of delivery. thank you

[@Psoda]

Hi Jamel, thank you for your lovely comment. We'll pass it on to the narrator. :-)

[@adamerickson8495]

I just finished my first pjm class and I cant tell you how inadequate I feel :(

[@Psoda]

Hi Adam, thanks for your comment. Please don't feel inadequate, it takes a while to learn the lingo. It's like learning a new language, it takes time and practice.

[@kateykaplan325]

This was an excellent delivery, particularly within the limited timeframe.

[@Psoda]

Thanks!

[@alagaiahbalasubramanian4000]

Great can't get any simpler. Bang on target.

[@Psoda]

Thanks for the feedback, we really appreciate it.

[@AamerAli]

in this Video "kzbin.info/www/bejne/pXScl4itht6ln6c" you said PMBOK is a framework, where here at 2:41 you said this is the framework you used to manage the project, but Prince2 and Agile are Methodologies but not frameworks. which video to believe while I seeking your help through youtube ?

[@Psoda]

Hi Aamer, thanks for the comment pointing out the discrepancy. I see where the confusion's come from, it's in my turn of phrase. In the 12 terms video I used framework to mean conceptual structure, rather than the PMBoK definition of framework.

[@ibrahimbashir4667]

awesome...just starting to learn about PM. definitely sure this is gonna help

[@Psoda]

Hi ibrahim, we're really glad you found the video useful!

[@josianejustin871]

Simple and to the point, Thanks

[@Psoda]

Hi Josiane, thanks for your comment. We're glad you found the video helpful.

[@shankerm3959]

Good and informative but i had to stop it halfway though. The white background at night was tough on me.

[@Psoda]

Hi Shanker, I'm glad you enjoyed the video. While I can't change the background on this one it's definitely something we'll look into for the future.

[@Samuel-ku1qb]

Sounds like Sarah Millican, so I instantly love you.

[@Psoda]

Hi Samuel. Thanks for the comment, I'll pass it on. The narrator's Scottish :-)

[@augustayarteh7524]

Powerful explanations through the fundamental. I don't get the scope explanations properly. I am up till this time to master these brave explanation about management. Sound video.

[@rmeyer6867]

I luv da scottis¨h accen

[@Psoda]

Thanks :-)

[@sumar786]

I thought i was listening to Greta Thunberg. Sound just like her.

[@manorblessing8640]

Wow all I can say is woww

[@Psoda]

Thanks for your comment, we're glad you enjoyed the video. :-)

[@vijaysharma6312]

I really find the video very helpful and interesting the key word you explained with the examples are very interesting. Thankyou for such a knowledgeable video.

[@Psoda]

Thanks for your lovely comment, we're glad you found it useful!

[@regoberto-chooselapinid1605]

aw

[@brodie2379]

Is she Scottish? lool. LOVE her accent! And also such an engaging audio, and well-explained points. Happy to learn these PM terminology. Great video, keep it up!

[@Psoda]

Hi Bromantic, yes our narrator is Scottish. We're glad you enjoyed the video :-)

[@brodie2379]

The strongest, most fascinating Scottish accent I’ve ever heard in my life. Love et!😍🤣

[@Psoda]

Thanks, we'll pass it on.

[@dhiosalehmining3746]

Really good. Thankyou for this video.

[@Psoda]

Thanks, we're glad you enjoyed it!

[@sreeneewasankrishnan6615]

I agree 👍with everyone the video is simple

[@malakkhalid7306]

Thaaankkkk you

[@Psoda]

You're welcome. We're glad you liked the video

[@nextlevelll9275]

Nice

[@Psoda]

Thanks, we're glad you liked it. :-)

[@janmichaelpinpin-fe2381]

Wow

[@Psoda]

Thanks for the comment, we're glad you found the video useful. :-)

[@bravecoconut4028]

Seems like a whole degree for this is unnecessary.

[@Psoda]

Hi Brave Coconut, most people have professional project management qualifications rather than a degree.

[@bravecoconut4028]

@@Psoda yea I guess that proves my point no?

[@Psoda]

I think I may have misunderstood your first comment. Are you talking about a degree in project management? Most PM people I know have a degree in their relevant area of expertise. E.g. civil engineering, computer science etc. and then follow that up with professional project management qualifications.

[@bravecoconut4028]

@@Psoda right. So the people who just directly get a pm degree should get a specialization first.

[@Psoda]

That's an interesting question. I've asked around the office and everyone here that knows people who have project management degrees did them at the post graduate level after a good few years of working in projects. Project management's a very marketable skill but I've taken a quick look at 30 project manager jobs on a local job website and none of them ask for a project management degree. They want project management experience and in some cases mention a relevant degree, but that's it. As to whether it's worth doing an undergraduate project management degree - that's really up to each individual to make that call.

[@jonashajjcarlos2732]

thank you !

[@Psoda]

You're welcome :-)

[@flystraight7994]

Thanks

[@Psoda]

You're welcome.

[@humphreylengwe6674]

Great piece of information

[@Psoda]

We're glad that you found it useful.

[@komanimhango2700]

Great stuff and good explanation

[@Psoda]

Thanks :-)

[@thureign2006]

CCG and Base line

[@Psoda]

Great suggestions, thank you.

[@projectskillsmentor]

A great summary of the Project terms!

[@Psoda]

Thanks ProjectSkillsMentor :-)

[@projectskillsmentor]

@@Psoda Based on comments and the scope of project work - I think it would be great to see a part 2 video!

[@Psoda]

Hi ProjectSkillsMentor, there's already a part 2 video here: kzbin.info/www/bejne/jpq3goaNrrR3gsk :-)

[@visualpmpacademy2230]

Good Efforts

[@Psoda]

Thanks.

[@AamerAli]

if i am talking about E-Archiving Project "being part of a project team" what should I tell the interviewer if i am in a job interview ? I can't waste their time telling them about project charter or stakeholders and all these details. so please let me know what points should I talk about while interview

[@Psoda]

Hi Aamer Thanks for your comment. What you would tell an interviewer depends on the role you’re applying for. If it’s a project manager position then you absolutely should talk about the project charter, stakeholder engagement, how you would manage the team and how you plan on delivering the project. That’s the kind of information the interviewer would expect. However, if you’re a team member things you can talk about in response to the being part of a project team question are: • How you managed your specific deliverables and communicated with the other team members • The tasks you were responsible for • Any activities you did to support the project manager I hope that helps. Rhona

[@AamerAli]

Psoda thanks. It helped a lot.

[@king0vdarkness]

Great video! I had a quick question, 2:12 what do you mean by relative progress? Is this your estimation of how you think the project should move forward from task to task?

[@Psoda]

Hi, good question. Relative progress is how far you've progressed against an agreed metric. E.g. you said it would take you 10 days to do something, you're 5 days in so your relative progress is 50%. This is different to actual progress, where you might be 5 days in but only completed 25% of the work. I hope that makes sense

[@king0vdarkness]

@@Psoda perfect, thank you

[@Psoda]

You're very welcome. :-)

[@dezbeard7166]

Relevant info. 👍

[@Psoda]

Thanks, we're glad it was helpful.

[@najmaghani593]

Right info....

[@Psoda]

Thanks

[@krishnarai3123]

Thanks you so much

[@Psoda]

Hi Krishna, you're very welcome. We're glad you enjoyed the video. :-)

[@mohamedreznie5179]

Excellent video

[@Psoda]

Thanks, we really appreciate it!

[@crhoppes]

I would love to use this video but it is not closed captioned. Do you have a transcript available?

[@Psoda]

Hi Cherron, the video now has closed captions and the content is in the 1st comment.

[@crhoppes]

@@Psoda That is awesome! I have a bunch of undergrad online students who thank you!

[@Psoda]

@@crhoppes You're welcome! I hope they find it useful :-)

[@TrevorTrails]

good work. i enjoyed that

[@Psoda]

Hi TrevorTrails, thanks we're glad you enjoyed it! :-)

[@etiennef.421]

Nice accent ! Where you from?

[@Psoda]

Hi Etienne, the narrator's from Edinburgh.

[@etiennef.421]

@@Psoda Incredible :) beautiful ! After a time in Army as Officer Im looking to turn into PMO project manager - we can discuss by best practices if u want :)

[@surveygaint6967]

scope creep

[@Psoda]

Hi Survey Gaint, great suggestion! Thanks

[@saravana1261]

Great 👍...

[@Psoda]

Thanks Saravana பாரதி, we're glad you liked it. :-)

[@ethynhunt]

I love her and info :) nice one keep it up

[@Psoda]

Thanks S S, we'll pass the feedback on :-)

[@jesd.5745]

Ty!

[@Psoda]

You're welcome.

[@ismailabdullah6264]

Great information

[@Psoda]

Hi Ismail, thanks for your comment. We really appreciate it!

[@rumeyhacks9727]

skip first 54 seconds... you are welcome

[@samirpatel5099]

nice

[@kristiyantsvetanov8082]

I am working for a company that uses Jira for managing tasks, releases, tests, etc. I believe Jira is really badly organized due to its flat structure of tasks(and not only) - they are all in the same place and the only way to find something is by using an advanced search, specifying status, type, some keywords, labels, etc.. I know there are far better tools than Jira nowadays, ClickUp, Asana and many more. However, I was not able to find a nice tool which allows your project to scale infinitely by utilizing a simple abstract tree structure. That is, - your project is a root node and it may have many child nodes - each child node can have child nodes and so on - each node is either a topic or a task - tasks may still have subtopics and subtasks - you can create custom roles and give access to a specific set of nodes and their subtree(for great flexibility when working with freelancers for example) - you can follow a certain set of nodes and receive notifications for any changes in them so that you don't accidentally miss something and at the same time you will not receive spam from topics you are not interested in (for example if I am a front-ender, I would not be interested in back-end design decisions or marketing/business strategies) - you can have a kanban board or a Gantt chart generated for a specific node(if a team/member is working only on a given topic at the moment which allows for better focus) - users can navigate through the tree as if exploring folders(topics) and files(tasks). You have a 2-column layout, the tree is on the left and the preview of the currently selected node is on the right. Clicking once on a topic/task previews it and if you click twice -> you enter it and see its child topics and tasks. Let's hope this sums up the idea well. What do you think? It is complex in order to accommodate complex projects and employee structures but is it TOO complex? Would you use it and if not, why? What else would you like to see? Thank you so much for your opinions and suggestions!! :)

[@nnallam]

CA Rally is good to use

[@Psoda]

Hi Kristiyan, that is a very interesting suggestion. With the exception of the 2-column layout this is exactly what Psoda (www.psoda.com) gives you. You get infinite levels in your hierarchy with Gantt charts and kanban boards at each level that automatically rolls up all the levels below. You also get an AI assistant to process photos of your physical boards to automatically add new cards and update your Psoda kanban.

[@kristiyantsvetanov8082]

Hello @@Psoda , thanks for your comment! I don't see why a two-column layout would be a problem though :) the more products that use it, the more accustomed users will become to it ;)

[@monkeynuts2964]

Very useful

[@Psoda]

Thanks, I'm glad you found it helpful