IT Project Management Phrases – 10 Terms You Need to Know

by The Scalers Offshore Development Teams In India

Just like how every course has its own glossary, IT project management has one too. The Project Management glossary contains a number of terms that will help project managers standardize the project’s processes and make them more efficient and foolproof. Here is a list of 10 IT project management phrases that you need to know if you’re going to be leading an IT project soon.

1. Project

A project can be defined as an activity or endeavor to create a unique product, service, or result. The activity must have a well-defined purpose, a beginning, and an end.

Any project should also be progressively elaborated. What does that mean? That means that the project should progress in definite incremental steps, where the purpose of the project is further refined until all the defined goals are met.

2. Project Life Cycle

At the beginning of every project, the sheer amount of planning that is required can often be overwhelming for a project manager. To ensure that a project is successful, dozens of tasks need to be completed at the right time and in the right sequence. The best way to do that is to divide your IT project management efforts into different phases and simplify them into a series of logical steps.

What are the phases of a project?

The Initiation Phase

The initiation phase is the first phase of the project lifecycle, where the value and feasibility of a project are evaluated. This process usually involves a thorough investigation of the business case document – a document that justifies the project and its potential financial benefits.

The next step is to conduct a feasibility study that focuses on the goals, timelines, and costs of the project. If a project is labeled as unfeasible, it is abandoned. If not, then it is assigned to the next stage.

Also, Read Common risks in software development projects.

The Planning Phase

This is the most crucial stage of the project lifecycle, where a project plan is prepared. Over 39% of all IT projects fail due to poor planning. Thus, the project planning phase focuses on the guidelines for obtaining resources – both monetary and otherwise, and gives the team a much-needed direction.

The Execution Phase

The execution phase, commonly associated with IT project management is all about building deliverables. By allocating the right resources and strategically approaching the task at hand, teams can deliver quality output and satisfy the client. This is also when teams monitor their own progress to prevent scope creep, track the variations from the allocated cost and time, and calculate key performance indicators.

Read more IT project management phrases.