Risk - An event that will have an adverse effect on the project. It is the probability of harm happening. It is only a 'what if' and the harm may not happen at all, especially if measures are put in place to minimise it, Assumptions - Factors that are believed to be in place, Issues - Something that is going wrong on the project or has actually happened and needs managing. It is something that is real and actually has an impact on the project., Dependencies - Events or work that are contingent on the result of the project, or things on which the project will need need to rely for it to happen, Milestones - Checkpoints that highlight the successful completion of major events, tasks, or groups of tasks along your project timeline. Generally they signify an important change or step in the development of a project., Initiation - The beginning stage of the project lifecycle where purpose is defined; the scope and aims and objectives are also agreed at this stage, Deliverables - Traditionally used to describe the quantifiable goods or services that must be provided upon the completion of a project. They can be tangible or intangible in nature, Project Charter - A formal, typically short document that describes your project in its entirety — including what the objectives are, how it will be carried out, and who the stakeholders are. It is a crucial ingredient in planning the project because it is used throughout the project lifecycle., Punch list - This is a term most commonly used in Construction. It is created before the final inspection to outline all remaining work, and the contractor, project owner, or any other key stakeholders can add to it. ,

Project Management Terms

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