There are lots of phrases and acronyms used daily in a Project Managers world. Here I have complied a list which may help you understand some of the lingo:

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Baseline - This is a common phrase and basically means a snapshot is taken of something to create a record of how something is at the time. Typically you may take a baseline of your Project Plan which would record everything as it is at the time. You can change the plan but the baseline will remain and you can refer to this should you ever need to compare the existing plan against the original.

Business Case - Used alot in Prince2 documentation. This is the business reason for a Project, for example the business case for an IT upgrade might be; increased productivity, extra profit, reliability etc.

Checkpoint - Again this is paticularly Prince2 related. A checkpoint in Prince2 terms is a team level review typically involving a meeting or report from team level to Project Management.

Concession - A concession is when something arises in the Project that is not in the original plan but accepted by the Project board without corrective action.

Critical Path - This is essentially a list of tasks in the Project that must be completed in order for the whole Project to be completed. If one of the tasks on the critical path is not completed then the project will not be completed.

Deliverable - A deliverable is sometimes descibed as a “product”. Pretty much anything tangible created by the project is a deliverable such as documentation or a product itself.

Exception - When something outside of the original plan is forecast this deviation is known as an exception. This normally involves the Project Manager and Board deciding on appropiate action to take.

Gannt Chart - A chart depicting the tasks and scheduling of a Project. Most project software (such as Microsoft Project) uses Gannt charts.

Gate Review - Gate reviews are at certain set points during a Project to decide whether to continue with the Project. In Prince2 this often referred to as an end stage assessment.

Milestone - An important event in the project.

Off Specification - Something that should be provided by the project but is currently not planned to be. For example, if a project has been setup to make a Christmas hamper containing wine, cheese, chocolates and jams then it is later decided that it must also contain some biscuits then the biscuits are off specification.

Project lifecycle - A term often used meaning the full length of a project from it’s inception to completion. 

Project Mandate - The requirements of a project before the project starts. Often this is a document outlining what is required but really it can be in any shape. Someone can verbally ask you to build a house and you would have your mandate.

Project Sponsor - The authorization and funding source of the project, this is normally the person who you are doing the project for.

ROI - Return on Investment. How much profit or cost savings as a result of the project.

Stakeholder - A person or group who is involved or may be affected by the outcome of the project.

Steering - Advice and guidance as to which way the project may be heading in the future. Typically provided by the project board.

Tolerance - A Prince2 term again meaning a permissable level of deviation from the plans original times and costs without having to escalate to the next management level.