Key terms in Each Knowledge Area

We go over some key terms from the PMBOK Knowledge Areas decoded. 

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Transcript

Hello, project management pros and aspiring PMP legends! Welcome to another episode of PMP in a Snap, the podcast where we take the PMBOK Guide and turn it into something you actually want to read—well, listen to. I’m Kaye B, your navigator through the stormy seas of project management jargon, and today, we’re diving headfirst into Some key terms in the PMBOK Knowledge Areas.

Now, I know what you’re thinking: “PMBOK terms? I rather go back to a procurement meeting.” But stick with me, because by the end of this episode, you’ll be dropping phrases like critical path and risk appetite with the swagger of a seasoned PMO director. Let’s do this!

First up, Integration Management—the “control center” of your project. Think of it as the conductor in an orchestra, making sure all the instruments play in harmony. One common term that comes up a lot is Project Charter: This is the birth certificate of your project. Without it, your project doesn’t exist. It’s like saying, “Hey, world, meet my new project baby!”

Next one is Project Management Plan: Your game plan for how you’ll tackle scope, schedule, costs, and more. It’s the blueprint that keeps everyone on track.

And there is also Change Control Board (CCB): This is the group that decides if requested changes to the project should be approved. Think of them as the project’s guardians of “no scope creep.”

Next, let’s talk Scope Management, where we decide what the project is—and, just as importantly, what it isn’t. A common key term is Scope Statement: Your project’s “job description.” It defines what you’re delivering, so there’s no confusion later. Another one is Work Breakdown Structure (WBS): Imagine taking your big project and breaking it into bite-sized chunks. The WBS ensures nothing gets missed and everything gets done. There is also Scope Creep: The silent killer of projects. This happens when extra tasks sneak in without proper approval—kind of like an uninvited guest at your party.

There is Schedule Management—because time is money, and nobody likes missed deadlines.

First term is Gantt Chart: The OG project timeline. It’s like a bar graph that shows when tasks start, finish, and overlap.

Next is Critical Path: This is the longest sequence of tasks that must be completed on time for the project to stay on schedule. If one task on the critical path gets delayed, your whole project might be in trouble.

And there is Milestone: Think of these as the project’s “mic drop” moments—key points that signify major achievements.

Let’s talk money, honey! Cost Management is all about balancing the books.

A popular term is Cost Baseline: Your financial roadmap. It’s the budget you compare actual costs against to see if you’re on track.

Next is Earned Value Management (EVM): The fancy math of project management. It tells you how much value you’ve actually delivered versus how much you’ve spent.

Another one is Budget at Completion (BAC): The total budget you estimated for the project. It’s like your financial finish line.

On to Quality Management, where the motto is “Do it right, or do it again.”

First up is Quality Metrics: The standards you set to measure if deliverables meet expectations. Think of it as your project’s report card.

Second is Quality Assurance (QA): The proactive steps you take to make sure processes are set up to deliver quality. It’s like pre-heating the oven before you bake.

Third is Quality Control (QC): The inspections and tests you run to confirm the deliverables meet the standards. If QA is the chef, QC is the food critic.

Now, let’s talk about the stuff that gives you heartache—Risk Management. Three terms that come up often are:

One, Risk Appetite: This is how much risk your stakeholders are willing to accept. It’s like asking, “Are we thrill-seekers or play-it-safe types?”

Two, Risk Register: Your list of potential risks, complete with descriptions, likelihoods, and action plans. It’s your project’s insurance policy.

Three, Mitigation Plan: Your strategy for reducing the impact of a risk if it occurs. It’s like packing an umbrella because the forecast says 40% chance of rain.

Next knowledge area is Communications Management which is Keeping Everyone in the Loop. Some key terms are Stakeholder Register: The list of everyone involved in or affected by the project. It’s like your project’s VIP list.

Another one is Communication Plan: A roadmap for who gets what information, when, and how. No more “I wasn’t copied on that email” drama!

And there is also, Feedback Loop: The process of getting and using input to improve the project. It’s how you keep the conversation going.

And there you have it—some key terms from the PMBOK Knowledge Areas decoded. These terms aren’t just buzzwords; they’re tools to help you speak the universal language of project management.

Remember, the PMP exam isn’t about memorizing definitions—it’s about understanding how these terms work together to make projects successful.

If this episode helped clarify the PMBOK for you, share it with your study group or team. And don’t forget to subscribe for more tips, tricks, and and maybe a couple of laughs along your PMP journey. Until next time, keep managing, keep thriving, and keep learning. Bye for now!

The 5 Process Groups and 10 Knowledge Areas are like your project’s dream team. We’ll go through each one and how they work together. 

All lessons are based on the PMBOK®, 6th and 7th Edition.  

CAPM, PMP and PMBOK are registered marks of Project Management Institute, Inc. 

Sign up for the new Interactive PMP!

Get ready to ace the PMP exam like never before with Interactive PMP! Our interactive course is a game-changer, combining fun games and bite-sized videos to help you conquer the PMP certification. From project planning to risk management, we've got you covered. Master complex concepts effortlessly, thanks to our engaging and interactive approach. No more boring textbooks or sleep-inducing lectures. With the Interactive PMP, you'll be on your way to PMP success in no time! Don't wait to turbocharge your career.