You can probably define project management and have been managing projects for your team if you have natural leadership skills, are detail-oriented, and enjoy having clear expectations. However, if you are unknown to the formal project management methodology, it is easy to become overwhelmed by this new responsibility.

However, don’t worry! We'll define standard project management terms, tools, and techniques in this guide so that you can lead a project with confidence.

Project Management Terms to Know

Project management is the practice or discipline of organizing, motivating, and controlling efforts to achieve a specific goal. The project goal is created and delivered within the parameters of a budget, scope, and timeline.

Project Manager

The project manager is the only person who has the authority to manage the project. They are in charge of defining the work/tasks, developing the project plan, keeping the budget in check, and managing the change order or request process. They also collect the project scope, maintain the project documentation, and report and communicate the project's progress and status to all stakeholders.

Project Team

The project team could consist of a mix of full-time and part-time employees or contractors who have been assigned to work on the project. They are responsible for comprehending the work to be completed and recognizing when to escalate concerns or issues to the project manager.

Project Sponsor

The project sponsor is the person who initiated the project and has ultimate authority and final say over it. They are usually in charge of securing project funding, resolving high-impact issues and scope changes, and approving major project deliverables. Therefore, project isn't considered successful or completed until the project sponsor declares it so.

Top 10 Project Management Software

Looking for a project management software for your team? We shortlisted the best options for you to make your life easier:

AtTrack: AtTrack is a time tracking software for HR managers and small business owners to plan, track, and measure employee productivity and project timelines. The software is easy to use and budget-friendly. AtTrack also integrates with other tools, such as Google Docs, Trello, and Jira to facilitate collaboration and communication among team members.
A1 Tracker: This is a collaboration tool designed specifically for risk management. A1 Tracker helps risk managers and business owners identify, assess, and manage risks related to their projects and operations. The tool can also be used to create custom risk registers, set risk thresholds, and monitor risk levels in real-time.
Coda: Coda is a multi-user document collaboration tool for freelance and in-house teams to create and collaborate on dynamic, interactive documents. Users will be able to combine text, tables, and media in a single document and use built-in formulas and functions to streamline project plans and content production.
Evernote Teams: Evernote Teams serves as an all-in-one digital file cabinet, personal notebook, and project management tool for individuals and teams. Each team member can create notes, keep on top of assigned tasks, and manage schedules in one place, while also collaborating with others for projects and meetings.
Ayoa: Ayoa is the only mind mapping tool in the market that is based on AI. It’s an intuitive, "brain-friendly" tool where users can map project cycles in canvas and workflow style boards for seamless task management and idea generation.
FreshDesk: Looking for a customer support software? FreshDesk helps organizations manage and resolve customer inquiries and issues. It offers a range of features for handling customer interactions, including a ticketing system, a customer portal, and live chat. Freshdesk also includes tools for managing and tracking customer interactions, such as a knowledge base, a customer feedback system, and a reporting and analytics dashboard.
Bluebeam Revu: This is a project management software for the construction industry. With Bluebeam, architects, engineers, and contractors will be able to create, edit, collaborate, and share PDF documents on the go and in the office. The platform is great at improving workflows among team members in real-time, and includes features for built-in markup and hyperlink tools, permission settings, and live activity feeds.
Lucidchart: Lucidchart is a web-based application where users can sketch and share professional flowchart diagrams to manage projects and brainstorm ideas. The platform is most popular for creating business process maps, planning and organizing scrum teams, and sketching product architectures.
Kanbanchi: Kanbanchi is the only online tool for managing enterprise-level projects on Google Workspace with built-in features like Kanban Board, Gantt Chart, and Time Tracker. It is designed to promote real-time collaboration and simplify task management. Because the interface is very similar to Google, users will be able to quickly grasp Kanbanchi’s full functionality within minutes.
Favro: This cloud-based collaborative planning tool is most popular among fast growing SaaS and live game companies. On Favro, marketing teams and software developers can create and organize planning boards and sheets, databases and roadmaps, and documents and wikis. Favro is also great for prioritizing projects with high-level goals by aggregating the workflow of their team members.

Essential Project Management Tools

Gantt Chart

A Gantt chart software is a graphical representation of a project's tasks along a timeline used to track project timelines.

Work Breakdown Structure

A work breakdown structure, or WBS, is a hierarchical chart that outlines major project deliverables before breaking them down into smaller, more manageable tasks. It's useful for complex project work to help identify where your team needs more detailed requirements for that task when identifying the critical path and establishing a reasonable timeline for deliverables.

Risk Register

Every project has possible threats that, if they happen, will harm at least one of the project's goals. These are project risks, and as the project manager, you should develop a risk register document to keep track of each risk event, the action required to mitigate or eliminate the risk, and the risk's current status.

Key Project Management Methodologies

Agile

The first formal project management methodology we will discuss is agile. Agile is a flexible and adaptive methodology for gathering project requirements and executing and delivering software projects in short bursts known as Sprints. You'll begin the project with high-level requirements, but not every detail will work out before the team starts working. Instead, the team will concentrate on individual work blocks, present them to the project sponsor, and then make changes or move on to the next work block.

Scrum

Scrum is an agile teamwork methodology for delivering iterative, incremental work segments. It is most commonly used in the development of software products. The term Scrum comes from the rugby game, where the Scrum Master, the team leader, empowers the Scrum team to work quickly and independently.

Bottom Line: Project Management Advice

Project management is increasingly essential for companies looking to improve efficiency and timeliness. However, Each project has the potential to be a learning tool. A good project manager will always look at the big picture and individual project components. He can record the success, what went wrong, and what can improve. Overall, evaluating all aspects of a project, including the nitty-gritty, can help ensure future project success.

Project Management 101: Everything You Need to Know

Project Management Vendor Selection Template