Project Management Terms and Concepts

I have seen many of us struggle with the clear definitions of the following Project Management Terms and Concepts and therefore consider them as interchangeable. This is my effort to clear the air with clear definitions with examples and major differences.


    1. Project, Program and Portfolio New definition
    2. Information, Knowledge and Wisdom Pyramid (DIKW Pyramid)
    3. Project Manager’s Capability and Skills Development – PMP/CAPM
    4. Project Charter
    5. Procurement, Purchasing, Contract, Agreement, Contract Types and Risks Associated
    6. Agile Project Management
    7. Work Performance Data,  Information and Reports
    8. EEF vs OPA
    9. Project Manufacturing vs Operations
    10. Project Life Cycle vs Product Life Cycle vs Project Management Phases
    11. Project Team vs Project management Team
    12. Schedule
      1. WBS vs Activity
      2. Lead vs Lag
      3. Crashing vs Fast Tracking
      4. Control Account, Work Package, Planning Package
      5. Effort vs Duration vs Schedule
      6. Critical Path Method vs Critical Chain Method
      7. Resource Leveling and Resource Smoothing
      8. Master Schedule vs Milestone Schedule
      9. Free Float vs Project Float vs Total Float
      10. Dangling Activities
      11. Hammock Activity
      12. S-Curve
    13. Scope and Requirement
      1. Work Breakdown Structure (WBS)
      2. Scope Creep vs Gold Plating
      3. Requirement vs Scope
      4. Product Scope vs Project Scope
      5. Verified Deliverables vs Accepted Deliverable (Also Video Clarification)
      6. Discrete Effort vs Apportioned Effort vs Level of Effort
      7. Change Request
      8. Contract Closure and Administrative Closure
      9. Change Management and Configuration management
      10. Organization Governance and Project Governance
    14. Risk
      1. Event-Based Risk Vs Non Even Risks
      2. Risk Register vs Risk Report
      3. issue and Risk
      4. Negative Risks (threat) and Positive Risks (Opportunity)
      5. Known Risk and Unknown Risks
      6. Passive Acceptance of Risk and Active Acceptance of Risk
      7. Contingency Reserves and Management Reserves
      8. Mitigation plan, Fallback Plan, Contingency Plan and Workaround
      9. Risk Attitude, Risk Appetite, Risk Tolerance and Risk Threshold
      10. Residual Risk vs Secondary Risk
    15. Quality
      1. Validate Scope and Control Quality
      2. Quality Assurance and Control Quality
      3. PDCA
      4. Quality vs Grade
      5. Accuracy vs Precision
      6. Inspection and Audits
    16. Cost
      1. Budget vs Cost Estimates
      2. Cost baseline vs Budget

Project management terms and concepts

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