If you’re new to all of the lingo used in the Project Management world, you’ve come to the right place. We’ve broken down some key terminology that’ll be useful to know when you start your studies:
Acquisition: this is about setting up the project management infrastructure at the beginning of the project so you can mobilise the resources.
Contract management (or contract administration): is the management of contracts with customers, vendors, partners, or employees.
Global Environments: the application of project management practices in a setting where the project stakeholders or the project work takes place in multiple geographical regions.
Governance: this encompasses the system where the people within an organisation are held to account. Ethics, risk management, compliance, and administration are all elements of governance.
Logistics: the detailed organisation and implementation of a complex operation.
Methodologies: this is a system of principles, techniques, and procedures. Different methodologies are structured differently, requiring different deliverables, workflows, and even project management software development.
Procurement management: this is the process by which a corporation purchases goods and services from outside of the business.
Project lifecycle: this refers to the stages involved in completing a project from start to finish. It’s sometimes broken into four stages, including initiation, planning, execution, and closure.
Project management process: this is an established management discipline which is in place to plan and control a specific aspect of a project over its lifecycle.
Strategic management: this process usually involves setting goals, evaluating strategies, and employing them across a given organisation and project to reach those goals.
Resource depletion: this occurs when we’re consuming a resource faster than it can be replenished.
Sustainable development: this is an approach to business that balances the environmental, social, economic aspects of project-based working.
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