Glossary of PM Terms
|
Online PMP Training
Expand your PMP skill-set by enrolling in one of our professional training courses today. Our 21 learning modules and 5 full-length practice tests will give you the confidence you need to suceeed. |
- Management by Project
- A term that is gaining popularity, used to describe normal management processes that are being project managed.
Source
- Management Development
- All aspects of staff planning, recruitment, development, training and assessment.
Source
- Management Reserve (MR)
- A portion of the Contract Budget Base that is held for management control purposes by the contractor to cover the expense of unanticipated program requirements. It is not a part of the Performance Measurement Baseline. Another term for Management Reserve is Contingency.
Source
- Master Schedule
- A summary schedule that identifies major activities and milestones.
Source
- Material
- Property which may be incorporated into or attached to an end item to be delivered under a contract or which may be consumed or expended in the performance of a contract. It includes, but is not limited to raw and processed material, parts, components, assemblies, fuels and lubricants, and small tools and supplies which may be consumed in normal use in the performance of a contract.
Source
- Mathematical Analysis
- See Network Analysis.
Source
- Matrix Organization
- An organizational structure where the Project Manager and the Functional Managers share the responsibility of assigning priorities and for directing the work.
Source
- Methodology
- A documented process for management of projects that contains procedures, definitions and roles and responsibilities.
Source
- Mid-Stage Assessment
- An assessment in the middle of a project that can be held for several reasons: 1) at the request of the project board; 2) to authorize work on the next stage before current one is completed; 3) to allow for a formal review in the middle of a long project; or 4) to review exception plans.
Source
- Milestone Plan
- A plan containing only milestones which highlight key points of the project.
Source
- Milestone Schedule
- A schedule that identifies the major milestones. See also Master Schedule.
Source
- Milestones
- A milestone is an activity with zero duration (usually marking the end of a period).
Source
- Military Time
- A means of representing time by use of a twenty-four-hour clock.
Source
- Mission Statement
- Brief summary, approximately one or two sentences, that sums up the background, purposes and benefits of the project.
Source
- Mitigation
- Working to lesson risk by lowering its chances of occurring or by reducing its effect if it occurs.
Source
- Modern Project Management (MPM)
- A term used to distinguish the difference between current broad range project management, which encompasses scope, cost time, quality and risk, from more traditional project management.
Source
- Monitoring
- Monitoring is the analyzing and reporting of project performance as compared to the plan.
Source
- Monte Carlo Simulation
- The technique used by project management applications to estimate the likely range of outcomes from a complex random process by simulating the process a large number of times.
Source
- Multi-Project
- A project consisting of multiple subprojects.
Source
- Multi-Project Analysis
- Multi-project analysis is used to analyze the impact and interaction of activities and resources whose progress affects the progress of a group of projects or for projects with shared resources or both. Multi-project analysis can also be used for composite reporting on projects having no dependencies or resources in common.
Source
- Multi-Project Management
- Managing multiple projects that are interconnected either logically or by shared resources.
Source
- Multi-User
- Application allowing multiple users simultaneous access to a project and its data.
Source
- Must Finish
- See Imposed Finished.
Source
- Must Start
- See Imposed Start.
Source
