FBLA Project Management

Project management

The process of planning, organizing, executing, and controlling resources to achieve specific goals within a defined timeframe

Project

A temporary effort undertaken to create a unique product, service, or result

Project life cycle

Stages of a project from start to finish: initiating, planning, executing, monitoring/controlling, and closing

Scope

The defined boundaries of what a project will and will not include

Ethics in project management

Moral principles guiding fair, honest, and responsible project decisions

Ethical responsibility

Duty to act honestly, transparently, and in stakeholders’ best interests

Conflict of interest

Situation where personal interests interfere with project responsibilities

Project manager

Individual responsible for planning, executing, and closing a project

Leadership

Ability to guide and influence team members toward project goals

Accountability

Being responsible for project outcomes and decisions

Initiate project

Formally starting a project by defining purpose and objectives

Project charter

Document authorizing the project and defining objectives and authority

Stakeholder

Individual or group with interest in or impact on the project

Stakeholder expectations

Desired outcomes or requirements stakeholders have for a project

Requirements

Specific needs or conditions a project must satisfy

Prioritization

Ranking tasks based on importance and urgency

Task

Specific piece of work required to complete a project

Milestone

Significant checkpoint or achievement in a project timeline

Resources

People, materials, money, time, and equipment needed for a project

Human resources

Team members contributing skills and labor

Financial resources

Budget and funding available for the project

Material resources

Physical items required to complete tasks

Work Breakdown Structure (WBS)

Hierarchical breakdown of a project into smaller tasks

Deliverable

Tangible or measurable outcome produced by the project

Project schedule

Timeline showing task start and end dates

Gantt chart

Visual schedule showing tasks over time

Critical path

Longest sequence of dependent tasks determining project duration

Quality control

Processes ensuring project outputs meet standards

Quality standards

Criteria defining acceptable project outcomes

Communications plan

Strategy for sharing information with stakeholders

Communication channels

Methods used to share information (email, meetings, reports)

Risk

Potential event that could negatively affect the project

Risk management plan

Strategy for identifying and responding to risks

Risk mitigation

Actions taken to reduce impact or likelihood of risks

Project plan

Comprehensive document outlining scope, schedule, resources, risks, and communication

Baseline

Original approved project plan used for comparison

Project management software

Digital tools used to plan, schedule, and track projects

Execute project

Carrying out tasks defined in the project plan

Project execution

Phase where work is performed to produce deliverables

Monitoring

Tracking progress against the project plan

Controlling

Taking corrective action when performance deviates from plan

Corrective action

Steps taken to fix project issues or delays

Performance measurement

Evaluating progress using metrics

Coordination

Organizing activities and people to work together efficiently

Team collaboration

Cooperative effort among team members

Cross

functional team

Motivation

Encouraging team members to perform effectively

Incentives

Rewards used to motivate performance

Team management

Guiding, supporting, and resolving issues among team members

Conflict resolution

Addressing disagreements constructively

Schedule management

Monitoring and adjusting timelines

Resource allocation

Assigning resources to tasks

Resource tracking

Monitoring use of resources

Project tracking tools

Tools used to monitor progress and performance

Status report

Update on project progress

Key performance indicators (KPIs)

Metrics used to measure success

Change control

Process for managing changes to project scope or plan

Project evaluation

Assessing overall success and performance

Project outcomes

Final results or deliverables

Goal achievement

Determining if objectives were met

Acceptance

Formal approval of project deliverables

Lessons learned

Insights gained to improve future projects

Documentation

Written records of project processes and outcomes

Knowledge transfer

Sharing project insights with others

Recognition

Acknowledging team contributions

Rewards

Incentives given for performance

Project closure

Formal completion of all project activities

Final report

Summary of project performance and results

Stakeholder review

Final evaluation by stakeholders

Administrative closure

Completing paperwork and releasing resources

Resource release

Reassigning or freeing project resources