Project Management Terms Accept

Management science (MS) - A field of study that seeks to improve organizational decision making through the use of quantitative and scientific research methods. It evaluates management decisions and outcomes to find optimal solutions to problems, and thus enables better decision making. (See also operations research)

Master project - A master project file comprises a number of smaller projects, called subprojects, arranged hierarchically.

Matrix organization - Employees in a matrix organization report to more than one boss, with different lines of reporting representing different organizational projects or functions. A matrix structure can boost employee engagement and cross-field approaches to problem solving, but it can also create ambiguity over an employee’s role.

Maturity model - Maturity is the extent to which an organization’s methods, processes, and decisions are standardized and optimized. A maturity model assesses one or more of these aspects against a set of external benchmarks to determine an organization’s maturity level. Maturity models allow organizations to assess themselves according to management best practices. They typically offer recommendations for improvement.

Megaproject - A complex, large-scale, and high-investment project. Only hard projects may be termed megaprojects.

Merge point - A point in a network diagram at which multiple predecessor activities culminate in a single successor activity. The successor activity may not start until all the predecessor activities have finished.

Milestone - Milestones indicate specific progress points or events in project timelines. They mark progress needed to complete projects successfully.