Project Management Key Terms

Learn about the steps involved in project management

Project management helps a business streamline the organization, set short- and long-term goals and assist employees in meeting their personal goals for the overall success of the project at hand. Project management also helps keep specific phases on track so the client will receive a completed project according to a schedule and budget provided. Every project undertaken is easier to monitor and control when it is set up into phases, reaching small milestones along the way.

Feasibility study

A feasibility study is conducted to determine the likelihood that any range of alternative goals or solutions can meet the client's requirements within the set budget.

Milestone

A milestone is the recognition of an important point in the project. A project milestone is usually a point where the project can deliver something tangible to the client.

Phase review

A phase review is similar to a checkpoint. A review is conducted at the end of each project phase to ensure it has met objectives and the project is ready to move on to the next phase.

Project life cycle

The project life cycle is the collection of phases in a project. The life cycle includes all phases of the project from conception to delivery.

Quality assurance

Quality assurance is a review of the project at hand. The quality assurance reviews look for a standard of quality based on the schedule and budget for the project to see if it is on time and on budget.

Risk management

Risk management is the process of identifying and working on solutions to control risks that may be present throughout a project.

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