Common project management

acronyms to know
As you dive into project management, you’ll encounter a range of
acronyms, including:

1. Project management professional

(PMP)
A project management professional (PMP) is anybody who works in the
project management profession. You don't necessarily need to have
the title of project manager to be considered a project management
professional.

;2. Project Management Institute

(PMI)
The Project Management Institute is a professional organization
dedicated solely to project management. The Project Management
Institute offers certifications and classes to those interested in
pursuing a career in project management.
3. Project Management Body of Knowledge
(PMBOK®)
The Project Management Body of Knowledge is a set of standard terminology
and guidelines set by the Project Management Institute. The PMBOK
Guide® covers project management methodologies such as the critical
path method (CPM) and work breakdown structure (WBS).

4. Certified associate in project

management (CAPM)
The CAPM title is a certification you can receive from the Project
Management Institute. It is an entry-level certification designed for
those with less work experience.

5. Statement of work (SOW)

A statement of work is a formal document that describes specific
project requirements. It clearly outlines the project activities,
deliverables, and schedule. This is often used when an agency or
contractor is providing work for a client to make sure that everyone is
on the same page about what work needs to be done.

Read: Client management: How to attract and retain happy clients

6. Business process management

(BPM)
Business process management (BPM) is the practice of using various methods
to improve, optimize, and automate business processes. This term
covers a wide range of different strategies, but it’s most commonly
used when streamlining or automating workflows.

7. Critical path method (CPM)

The critical path method (CPM) is a project management modeling tool.
The project manager lists all of the project work that needs to be
completed, the estimated time, and the dependencies of each of those
tasks. You then measure out the project from start to finish to see the
entire process of the project in one large timeline.

8. Program evaluation review

technique (PERT)
The program evaluation review technique is used to identify and
calculate the amount of time it takes to finish a specific task or
activity. A PERT chart is a flowchart that represents the steps that need
to be completed in the sequence necessary in combination with the
time requirements. When a PERT chart is not available, a Gantt chart
is used.

10. Work breakdown structure

(WBS)
A work breakdown structure (WBS) is a condensed project plan organized in a
visual hierarchy. This means that it contacts key elements of a project
plan, such as objectives, deliverables, timelines and key stakeholders.
Project managers use work breakdown structures to visualize projects
and dependency related deliverables.

11. SWOT analysis

A SWOT analysis is a decision making tool that can help you identify key
facets of your project. SWOT is an acronym that stands for:
 Strengths
 Weaknesses
 Opportunities
 Threats

12. RACI
A RACI chart is used to identify your teams’ roles and responsibilities
for any task, milestone, or project deliverable. RACI charts are also
commonly known as a responsibility matrix. RACI stands for:
 Responsible
 Accountable
 Consulted
 Informed
13 . SMART goals
A SMART goal is an acronym that’s used to help establish clear and
attainable goals. SMART stands for:
 Specific
 Measurable
 Achievable
 Realistic
 Time-bound

From A to Z: Learn Key English for Project

Management Expressions
A
Action item
Work that you do to make sure a project runs smoothly. Action items include calling a meeting,
making phone calls, emailing clients and giving an estimate.
Example: Jim, please schedule a meeting for next week as an action item.
Authorization
Permission given by management to go ahead and do something.
Example: We need authorization from the Director for the order to go through.
B
Baseline
The starting point of a project used to measure how well the project is doing, compare to the
current state of the project or judge how effective an improvement is.
Example: According to our baseline, we have managed to keep to the schedule even though we
had problems with resources.
Budget
The specific amount of money set aside for a project.
Example: The budget for this project cannot exceed $10 million.
C
Consensus
When a group of people agree on something.
Example: The consensus among the board members was to raise the budget for the project.
Constraint
A limitation or lack (not having enough of something). Constraints may negatively affect a
project or make it difficult to move the project forward.
Example: The lack of resource availability has been a huge constraint on our project, causing us
to take too much time on it.
D
Deliverable
A product that is ready at the end of a project to be delivered to a customer. This can be a
software product, a report, a document or even a system that is given to a client.
Example: The deliverable is expected to be completed by the 21st of the month.
Duration
The time it takes for a part of the project from beginning to end.
Example: The expected duration for this project is four months.
E
End user
The person or people who will use the product at the end of the project.
Example: The end user should be able to switch on the flashlight simply by shaking it.
Estimation
To come up with a number for something, like costs, using information you already have.
Example: They came up with an estimation of $50,000 for repairs and damages.
F
Fixed duration
A set time to complete work. This time cannot be changed even if the details or resources used to
complete it are changed.
Example: The three-week fixed duration for this part of the project will be harder to reach now
that three of our team members quit.
Forecast
A prediction (estimate about the future) of what a project will look like at a certain stage using
the available information.
Example: We forecast a project of this size will take twice as long in the next quarter of the year.
G
Goal
An aim or desired result of a project.
Example: Our goal is to sell 2 million units by the end of the financial year.
Go/No go
When a decision has to be made about whether a project will continue or not.
Example: The lack of government backing brought the project to a go/no go situation.
H
Handover
The part of the project when the final product is given to the users.
Example: The handover of the tablets to the public went smoothly during the conference.
Human resource management plan
A plan that explains the roles and relationships of the people working together on a project and
how they will be managed.
Example: Feel free to refer to the human resource management plan if you need to collaborate
with someone on the project.
I
Inputs
Resources, people or information needed by project management before a project can start.
Example: I need to know the estimated cost of the inputs for project WaterHole by 9:00 a.m.
tomorrow.
Issue log
A record of any issues or problems a project may have and the people responsible for solving
these issues.
Example: Jack has done an excellent job of frequently updating the issue log so we know exactly
what needs to be done next.
K
Kickoff meeting
The first meeting between a client and the project team, which makes sure everyone is happy and
agrees on what the project should achieve by the end of it.
Example: We’re excited about our kickoff meeting with over 100 anticipated in attendance.
Key performance indicator (KPI)
A system based on something that can be measured, created at the beginning of the project to
check how well the project is doing while it’s in progress.
Example: When last did you check your key performance indicator to make sure things are
going as well as they should be?
L
Lag/lag time
A delay that must happen between two stages of a project.
Example: We expect a two-day lag for the CEO to read and accept our proposal before we can
begin the next stage.
Lateral thinking
A process or method that helps the project team come up with new ideas or solutions by looking
at a problem in a unique or different way.
Example: Lateral thinking is a great way to get personnel thinking outside the box when we
face problems like limited resources.
M
Management
The person or people in charge of planning a project, looking after the people working on the
project and the use of resources to achieve a goal.
Example: Management‘s quick response time and great feedback have made the project easier
to complete.
Milestone
Important moments in a project which work as objectives to mark the successful progress of a
project. They also often mark the change from one task to the next.
Example: We’ve reached three milestones to date. Four more to go.
N
Negotiation
A discussion between two parties meant to fix any problems and come to an agreement.
Example: The negotiation between us and the supplier was successfully completed two days
ago.
Nonlinear management (NLM)
A management process that encourages self-organization and adaptability for a project team.
Example: Nonlinear management has helped the people on the project use their time better,
leading to better results.
O
Objective
A clear and brief statement about the goal of any work done.
Example: Our first objective was to conduct a survey regarding mobile app use among
teenagers.
Output
A product, such as a phone or software, that is made at the end of a project.
Example: The output was 50,000 units as of last month.
P
Phase
A specific stage that is a part of the whole project.
Example: The first phase of the project has been quite stressful.
Project Schedule
A calendar of planned events used to help manage project resources and work to complete the
project successfully.
Example: The project schedule has helped us stay on track and manage our time better.
Q
Quality assurance
A method that tests the product to make sure it meets the requirements and has no mistakes or
imperfections.
Example: Quality assurance worked overtime to make sure the product worked great.
Quality control
A method that tests a sample product to make sure the product is what the user expects.
Example: The quality control on this process helped us finish the project earlier than expected.
R
Resources
A supply of money, items, human labor, information and other assets which are needed for a
project to be completed.
Example: The project failed because it lacked the financial resources to finish on time.
Risk management
The ability to manage a potential event or situation that could have a negative effect on a project.
Example: The efficient risk management helped the company avoid a $10 million debt.
S
Schedule
A detailed list, from start to finish, of each stage of the project, including milestones.
Example: The full schedule of the project has been sent to all the relevant parties.
Scope
Everything that a project is supposed to achieve in order for it to be seen as a success.
Example: According to our scope, we have exceeded expectations.
T
Target outcomes
Measurable goals that are used to judge the success and measure the benefit of a project.
Example: One of our target outcomes for this phone is to reduce the amount of time it takes to
turn on by three seconds.
Task
A single, specific job that needs to be done. Projects are often broken up into tasks to make it
easier to achieve the project’s goal.
Example: Your first task for the day is to make coffee for the project manager.
U
User story
A description of what an end user needs from a product.
Example: The user story gave us a lot of insight into how exactly women use fashion apps.
V
Value tree
The features or quality of a service or product that decides its value.
Example: Our music app has a value tree of 5/5 because it is free and users can save their
playlists directly on their phone.
Virtual team
A group of people working from different locations or organizations.
Example: Our virtual team has directors, artists and copywriters from all over the world.
W
Worst case scenario
A guess of the most serious negative event that could happen in a situation.
Example: The worst case scenario is heavy rains that could wash away the sand needed for the
building project.
Work stream
The work done by different groups of people to help the project reach its goals.
Example: The work stream has three main teams: development, quality assurance and
marketing.
X
X-Bar Control Charts
Two separate charts which show the average sample ranges of a particular product, like weight
and temperature, over a specific period of time.
Example: The X-Bar control charts need to be revised due to new risks coming to our attention.

What did you think about the list? Were some of the words familiar? The best way to get used to
them is to practice them! Use them in meetings or on reports and practice with your classmates
or coworkers.
Before you know it, English for project management will be as easy as ABC!
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AC – Actual Cost. At the outset of a project, costs are estimated. The AC is

tallied at the project’s completion to show the true and final cost of the project.

CV – Cost Variance. This is a calculation of the project costs that quantifies

the difference between the actual cost (AC) and the earned value (EV), as
represented by the equation EV – AC = CV.

EV – Earned Value. Earned value has to do with tracking budgetary

progress over the course of a project. It is determined by comparing the budget
to actual costs and work completed at any given time, as a means of
forecasting whether or not the project will ultimately stick to the budget.

KPI – Key Performance Indicator. In any project, you’re going to have several
goals to accomplish and your ability to do so with consistency (both
throughout a given project and during future projects) relies on tracking and
measuring progress. KPIs include both the goals that are to be measured and
the measurement of performance as related to those goals. These will vary
from one project to the next and we’ve looked at some of them here. A few
common KPIs are project schedule, labor costs, resource allocation and
estimated time for project completion.

PC – Percent Complete. This is an estimate of how much work has been

completed at any given point during a project.

PMBOK – Project Management Body of Knowledge. Issued by the PMI (see

below), this is a comprehensive publication pertaining to the practice of project
management. It is updated frequently and available to PMI members for free.

PMI – Project Management Institute. A non-profit organization for project

management professionals, providing resources, advice and opportunities for
professional members of the community as well as information about project
management terms.

PMP – Project Management Professional. The exact PMP meaning is not always
agreed upon. Technically, it requires certification from the PMI, but it is
sometimes used informally, with PMP meaning anyone in a project
management role.
PV – Planned Value. This is sometimes also referred to as Budget at
Completion (BAC) because it accounts for the total planned budget for the
project, generally authorized during the planning phase, encompassing all
scheduled work and required resources.

RAM – Responsibility Assignment Matrix. There are many tools available for
project management, this one is used to organize the work that is to be
completed into elements and comparing it to resources. This is to ensure that
adequate resources are available to complete the planned work.
Increase your business agility with Clarizen’s project management software
Take a Product Tour

SF – Start-to-Finish. Some project management abbreviations have more

than one meaning. SF can also be used to denote “Scheduled Finish Date”,
but context should help you to understand what the acronym stands for in any
given situation. Start-to-Finish is a concept related to workflow, in that certain
tasks must be completed before others can begin. This entails a logical
progression from one task to the next, leading from the start of the project all
the way to completion.

SME – Subject Matter Expert. Project managers often require information,

advice and input for a variety of aspects during projects with which they aren’t
familiar. Subject matter experts are professionals in other fields who have the
education, skill and experience to help you properly plan, execute and
complete your project. It is also one of those project management
abbreviations which can mean something else, in this case it sometimes also
denotes “Small to Medium Enterprise”

SOW – Statement of Work. A binding, legal document used to outline the

scope of work completed and to ensure that all parties agree to the terms
before work commences.

WBS – Work Breakdown Structure. The WBS is an organizational tool used to

break down a project into manageable objectives to be assigned to team
members.

RAG
RAG stands for red, amber, and green. These traffic light colors are used to
classify project status.
The project’s RAG status will be red, amber, or green. These colors serve as a
shorthand for describing succeeding or troubled projects.

Whether you’re just getting introduced to all things project management or you’re looking for a
refresher on key terms, we’ve compiled a list of common project management terms that you
may encounter when managing a project.
As you gain familiarity with these terms, you’ll see that sharing a common language with your
team members can help your project progress more smoothly. Your team will be more organized,
have a stronger sense of what needs to be done, and have a clearer roadmap of how to achieve
your goals.

Basic project management

terms
Project management can cover a wide array of topics, but here are a
few terms that are common to project management regardless of what
industry you're in:
1. Project management software
Project management software is the specific type of software you use to
manage a project. Some project managers use specific project
management software in their project management process, like
Asana, and others use more generalized software for their planning,
such as Excel. Although using project management software is not
required when you’re managing a project, it can help align your team
to be more efficient by saving time, organizing assets, and tracking
your milestones as the project progresses.
Try Asana for free

2. Project manager
A project manager is the role a person plays to ensure that a project goes
smoothly from beginning to end. A project may have a dedicated
project manager, though in some cases the person in the project
manager role may have a different title altogether. The project
manager is responsible for every step of the project—from ideation to
completion—as well as key workflows throughout the entire process.

3. Stakeholders
Project stakeholders are the people who are directly impacted by the
project you are working on. This could mean the team directly working
on it, tertiary teams who need to learn a new process, or the company
CEO to ensure that the business continues to run smoothly.
Read: Guide to project integration management (7 step process)
4. Deliverables
Deliverables are the product or products of what you expect to have at
the end of your project. Deliverables can be a wide range of assets,
both internally facing towards your team members, or externally facing
towards customers. Some examples of deliverables include an entirely
new product, a sales deck, an increase in traffic, or a feature update.

5. Project timeline
A project timeline is a project management tool that helps you visualize
how pieces of your plan all fit together. A project timeline can help you
list out specific dependencies during the project planning process.

6. Dependencies
Dependencies are tasks that rely on the completion of other tasks before
they can be performed. A good example of this would be legal review.
Certain tasks—like presenting a sales deck—cannot progress further
until they get approval from the legal team. That means the sales deck
presentation task is dependent on the legal team's approval.

7. Gantt chart
A Gantt chart is a type of visual project management that displays a project in
the form of a timeline. It's an easy way to track a project lifecycle and
estimate end dates for certain project activities.
Gantt charts enable project managers to easily see what work needs
to be done, who is doing it, and when. Tasks are represented by a
horizontal bar that represents how long that specific initiative should
take.

Map project timelines with Asana

8. Resource management
Resource management is the process of planning and scheduling the
resources you need to use for any one given project. This is different
from resource allocation, because you are actively planning where and
when to use the set resources that you have budgeted for a project.

Project management planning

terms
You'll run into a variety of terms during the project planning process.
Here are the most important ones to know:

9. Project budget
A project budget is the set amount of resources you're able to use for a
specific project. A project budget can be set in hours, like in the
agency world, or dollar amount.

10. Project plan

A project plan (or project management plan) is a detailed map of all of the
elements your team needs to accomplish to reach your project's goals.
Project plans are important because they set the stage for an entire
project. This project management plan provides direction to every
single person working on the team to help maintain accountability.
The project plan is the main source of truth for every team member
involved. If there’s any question, the project plan is the go-to source
for information.

11. Project objectives

A project objective is the goal you set to achieve by the end of a specific
project. This is the main reason why a project is happening. A project
objective could be a tangible finished asset, such as a new product, or
it could be a specific goal you want to accomplish, such as increasing
your social media followers by 300%.

12. Key performance indicators

(KPI)
A key performance indicator (KPI) is a metric that showcases how your team
is progressing toward a specific goal or project objectives.
KPIs are an easy way to track project performance. An email marketer
may have a goal set to increase email open rates, and the KPI they
track would be the average open rate percentage of all marketing
emails sent that quarter.

13. Project scope

A project scope clearly identifies the goals, deadlines, and deliverables
that a project is set to complete in a specific period of time. Setting a
project scope ahead of time can help team members individually
manage their time and stakeholders will know when to expect
changes as the project progresses.

14. Scope creep

Scope creep is what happens when a project's tasks and deliverables
begin to exceed the allotted project scope a project manager has set.
While scope creep is not inherently bad, it can drastically shift the
amount of time it takes to complete a project if not monitored and
managed carefully.

15. Business case

A business case is a type of document that highlights the benefits your
company will gain if you pursue a specific business initiative. For
example, you could create a business case for creating additional
headcount on your team or for choosing a new work management software.

16. Project charter

A project charter is a document that highlights your project's key
objectives, scope, and main responsibilities. Project charters are a
way for key stakeholders to get a high level overview of the work that
is going to be done before approving the project. Project charters are
often used to persuade key stakeholders to approve a project.

17. Kick-off meeting

A kick-off meeting is an opportunity for you to gather with all of the
stakeholders of a specific project to make sure that everyone is
aligned on the project plan. It enables team members to ask questions
and ensures that everyone who has a stake in the project has an
opportunity to voice any opinions.

18. Resource allocation

Resource allocation is the process of identifying exactly how many
resources you can use for any one given project. A resource can be:
 Time
 Budget
 Team members
 Equipment
 Software
19. Contingency plan
A contingency plan is a plan set in place in the event that your original
plan doesn't go quite right. A contingency plan is a pre-set Plan B in
project management. Contingency plans are often used for larger,
more complex projects and initiatives to ensure that everything goes
smoothly - even if there’s a smaller hiccup in the execution process.

Project management
methodology terms
The project management process can vary depending on the industry
that you’re in or the size of your team. No one project is the same,
which is why there are different types of project management
processes. The most common project management methodologies include:

20. Agile
The Agile methodology is an iterative form of project management.
Software development teams often run Agile, since their project needs
can change very rapidly. Instead of working in one big chunk of work,
Agile instead focuses on smaller increments so that work can quickly
shift towards a different strategy if needed. This ensures that the
changes made to the product are focused on what's best for the end
user.
21. Waterfall model
Waterfall project management is a linear form of project management in
which each step of the project is dependent on the previous step. The
waterfall model often involves a large amount of planning before the
execution begins to ensure that all dependencies are accounted for.
The waterfall model is often visualized in a Gantt chart.

22. Kanban
Kanban is a form of visual project management often represented by
Kanban boards. In a Kanban board, work is displayed in a project
board that is organized by columns, with each task being a “card” in
the appropriate column. Columns often represent a stage of work, and
cards are “pulled” from a backlog as they progress through the next
stage of the process.

23. Scrum
Scrum is a subset of Agile methodology in which teams learn about
past experiences to influence the next steps of their project. In a
Scrum team, there is one individual, known as the Scrum master, who
helps guide teams through each of the scrum stages.
There are four common stages within the Scrum methodology:

 Planning
 Execution
 Review
  Retrospective
Free Scrum planning template

24. Iterative process

An iterative process in project management describes a process that
changes continually as the project progresses. Often organized by
specific time periods or sprints, iterative processes involve periods of
reflection to look back at what has been done and see what can be
changed for the next iteration.

25. Portfolio management (PPM)

Project portfolio management (PPM) is the process of creating a centralized
portfolio of many different projects. This allows you to get more insight
across a few different projects so you can see how your team's daily
work connects to business goals.

26. Earned value management

Earned value management is a way for project managers to track the
work completed against the slated project plan. You can calculate
earned value by multiplying the percent complete of a project by the
total cost of the project budget to see how much your project's earned
value is. This process can help you track your project's budget and
timeline.
27. Projects in controlled
environments (PRINCE2)
PRINCE2 is a process-based project management methodology that
focuses on the structure of the project management team and the
business justification of the project.
There are seven main steps to the PRINCE2 process:

1. Start up the project

2. Initiate the project
3. Direct the project
4. Control stages
5. Manage product delivery
6. Manage stage boundary
7. Close the project

Common project management

acronyms to know
As you dive into project management, you’ll encounter a range of
acronyms, including:

28. Project management

professional (PMP)
A project management professional (PMP) is anybody who works in the
project management profession. You don't necessarily need to have
the title of project manager to be considered a project management
professional.

29. Project Management Institute

(PMI)
The Project Management Institute is a professional organization
dedicated solely to project management. The Project Management
Institute offers certifications and classes to those interested in
pursuing a career in project management.

30. Project Management Body of Knowledge

(PMBOK®)
The Project Management Body of Knowledge is a set of standard terminology
and guidelines set by the Project Management Institute. The PMBOK
Guide® covers project management methodologies such as the critical
path method (CPM) and work breakdown structure (WBS).

31. Certified associate in project

management (CAPM)
The CAPM title is a certification you can receive from the Project
Management Institute. It is an entry-level certification designed for
those with less work experience.
32. Statement of work (SOW)
A statement of work is a formal document that describes specific
project requirements. It clearly outlines the project activities,
deliverables, and schedule. This is often used when an agency or
contractor is providing work for a client to make sure that everyone is
on the same page about what work needs to be done.

Read: Client management: How to attract and retain happy clients

33. Business process management

(BPM)
Business process management (BPM) is the practice of using various methods
to improve, optimize, and automate business processes. This term
covers a wide range of different strategies, but it’s most commonly
used when streamlining or automating workflows.

34. Critical path method (CPM)

The critical path method (CPM) is a project management modeling tool.
The project manager lists all of the project work that needs to be
completed, the estimated time, and the dependencies of each of those
tasks. You then measure out the project from start to finish to see the
entire process of the project in one large timeline.
35. Program evaluation review
technique (PERT)
The program evaluation review technique is used to identify and
calculate the amount of time it takes to finish a specific task or
activity. A PERT chart is a flowchart that represents the steps that need
to be completed in the sequence necessary in combination with the
time requirements. When a PERT chart is not available, a Gantt chart
is used.

36. Work breakdown structure

(WBS)
A work breakdown structure (WBS) is a condensed project plan organized in a
visual hierarchy. This means that it contacts key elements of a project
plan, such as objectives, deliverables, timelines and key stakeholders.
Project managers use work breakdown structures to visualize projects
and dependency related deliverables.

37. SWOT analysis

A SWOT analysis is a decision making tool that can help you identify key
facets of your project. SWOT is an acronym that stands for:
 Strengths
 Weaknesses
 Opportunities
 Threats
38. RACI
A RACI chart is used to identify your teams’ roles and responsibilities
for any task, milestone, or project deliverable. RACI charts are also
commonly known as a responsibility matrix. RACI stands for:
 Responsible
 Accountable
 Consulted
 Informed

39. SMART goals

A SMART goal is an acronym that’s used to help establish clear and
attainable goals. SMART stands for:
 Specific
 Measurable
 Achievable
 Realistic
 Time-bound

Build your project management

skills
Want to brush up on your project management skills? From project tracking
to risk management, learn more about project management from
Asana's project management resource library.