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8 Important Strategic Management Key Terms

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❶They are not necessarily problems.

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That way, when one person talks about risks, scope, issues, requirements, and other PM concerns, everyone else knows what he or she is referring to. This glossary contains common terms used in project management and can help start the standardization process in your organization. There may be external circumstances or events that must occur for the project to be successful or that should happen to increase your chances of success.

If you believe that the probability of the event occurring is acceptable, you could list it as an assumption. It is somewhere in between. Assumptions are important because they set the context in which the entire remainder of the project is defined. If an assumption doesn't come through, the estimate and the rest of the project definition may no longer be valid.

These are the people for whom the project is being undertaken indirect beneficiaries are stakeholders. In many organizations, internal beneficiaries are called "clients" and external beneficiaries are called "customers," but this is not a hard and fast rule.

Constraints are limitations that are outside the control of the project team and need to be managed around. They are not necessarily problems. However, the project manager should be aware of constraints because they represent limitations that the project must execute within. Date constraints, for instance, imply that certain events perhaps the end of the project must occur by certain dates.

Resources are almost always a constraint, since they are not available in an unlimited supply. The critical path is the sequence of activities that must be completed on schedule for the entire project to be completed on schedule. It is the longest duration path through the workplan.

If an activity on the critical path is delayed by one day, the entire project will be delayed by one day unless another activity on the critical path can be accelerated by one day. A deliverable is any tangible outcome that is produced by the project. All projects create deliverables. These can be documents, plans, computer systems, buildings, aircraft, etc. Internal deliverables are produced as a consequence of executing the project and are usually needed only by the project team. External deliverables are those that are created for clients and stakeholders.

Your project may create one or many deliverables. The functional manager is the person you report to within your functional organization. Typically, this is the person who does your performance review. The project manager may also be a functional manager, but he or she does not have to be. If your project manager is different from your functional manager, your organization is probably utilizing matrix management.

A Gantt chart is a bar chart that depicts activities as blocks over time. The beginning and end of the block correspond to the beginning and end-date of the activity. An issue is a major problem that will impede the progress of the project and that can't be resolved by the project manager and project team without outside help.

Project managers should proactively deal with issues through a defined issues management process. Lifecycle refers to the process used to build the deliverables produced by the project.

There are many models for a project lifecycle. This is an example of a "waterfall" lifecycle. Other lifecycles include iterative development, package implementation, and research and development. Each of these lifecycle models represents an approach to building the deliverables on your project.

A milestone is a scheduling event that signifies the completion of a major deliverable or a set of related deliverables.

A milestone, by definition, has duration of zero and no effort. There is no work associated with a milestone. It is a flag in the workplan to signify that some other work has completed. Moreover every manager in the organization who has the responsibility for profit or loss results, responsibility for division or unit, or having clear authority over some element of organization is said to be strategist or strategic manager.

The personal philosophies of strategists also affect the selection of certain strategies. There are some other foundations that differentiate one strategist from other like attitudes, ethics, values, concern for social responsibility, willingness to take risks, management style, concern for profitability, concern for long term versus short term objectives etc.

Vision statement is quite necessary for the operation of the organization as it provides answer to the question that should be the organization wants to become? The first step in the strategic planning is to develop the vision statement and after that mission statement is prepared.

Mostly the organizations develop single sentence vision statements. Mission statement is long lasting statement that differentiates one organization from other similar organization.

The basic question faced that is related to the activities of the business is cleared with the help of mission statement.

The future direction of the organization is highlighted by the mission statement. External opportunities and threats are also one of the part of strategic management key terms. Organizations need to adopt those strategies that capitalize their strengths while improve their weaknesses. Long term objectives are also from one of the important strategic management key terms.

Long Term Objectives are referred to as particular results that organization wants to accomplish in targeting the mission. To try to do something: Goals and targets tend to be medium-term or short-term and may be expressed in terms of specific levels of achievements and tend to involve more specific quantification and deadlines.

A level or situation which an organization intends to achieve or aim at. An object or area aimed at the object of an attack or takeover bid. A fixed goal or objective, etc.

A set of decisions about how an organization intends to do something, or to ensure that an event or result should happen in the future. Organized way of doing something: Plans tend to be quite specific the shorter-term they are, the more specific they tend to be and are usually quantified in some detail. They will, in order to ensure that they are complied with, lay out specific deadlines for each key stage.

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If you want to understand business management, this dictionary of thirty management terms will get you up to speed. Accounts Payable Simply put, an accounts payable report gives you an overview of what your business owes for supplies, inventory, and services.

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These strategic management key terms are eight in numbers and are the base of strategic management. Strategists; Vision & Mission Statement; External Opportunities & Threats; Internal Strengths & Weaknesses; Long Term Objectives; Strategies; Annual Objectives; Policies; 8 Important Strategic Management Key Terms. Below is the detail all the 8 important Strategic Management key terms, .

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Start studying Operations Management Key Terms. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Competitive - management must alert organisations of existing and potential competition; Technological - the information, equipment, techniques and processes required to transform inputs into outputs in the organisation; Socio-cultural - concerned social norms, attitudes, beliefs, values and lifestyles of the organisation’s stakeholders; Physical-natural - concentrates upon the natural environment and .

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Effective communication is a key element of successful project management, which makes a common language essential. This glossary will help your team standardize on frequently used PM terms, from critical path to Gantt chart to scope change management. July Page 2 Key Terms, Definitions, and Acronyms Following is a list of common terms, definitions, and acronyms used within the project management.