Project Management Concepts and Terminology

The video introduces key project management terms, emphasizing their importance in the field. It covers ten essential terms: Work Breakdown Structure (WBS), milestones, baselines, triple constraint, project lifecycle, Gantt chart, scope, change management, stakeholders, and status reports. Understanding these terms is crucial for effective project management, as they help in planning, executing, and monitoring projects. The video also highlights the evolving nature of project management vocabulary and encourages viewers to enhance their knowledge for better project outcomes.

Why is it important for project managers to be familiar with specific jargon?

• It ensures effective communication within the team.

• It helps in understanding complex technical details.

• It is required for legal documentation.

• It is necessary for financial reporting.

What does WBS stand for in project management?

• Work Breakdown System

• Work Breakdown Structure

• Work Build Structure

• Work Base System

What is a project milestone?

• A task that is optional

• A task with a specific duration

• A task of zero duration marking an achievement

• A task that requires additional resources

Which of the following is NOT a component of a project baseline?

• Quality

• Cost

• Schedule

• Scope

What does the triple constraint in project management refer to?

• Scope, resources, and cost

• Resources, time, and quality

• Scope, time, and cost

• Time, cost, and quality

What is the primary purpose of a Gantt chart?

• To allocate resources

• To manage project risks

• To graphically display schedule information

• To display project costs

How can a well-defined scope statement help a project?

• By reducing team size

• By increasing project costs

• By preventing scope creep

• By extending project timelines

What is the role of a Change Control Board?

• To allocate resources

• To manage project finances

• To approve or deny changes

• To oversee project timelines

Who are considered stakeholders in a project?

• Only the customers

• Anyone with an interest in the project's outcome

• Only the project team

• Only the project manager

What is the purpose of a status report?

• To detail project costs

• To track work progress and issues

• To allocate resources

• To manage team performance