Final answer:
The term for when a team waits on one person to finish their part so the rest can move on is called a 'bottleneck'. It signifies a restriction in workflow similar to the narrow neck of a bottle. Addressing bottlenecks is important for improving team efficiency and project management.
Step-by-step explanation:
When a team is waiting on one person to finish their part so the rest of the team can continue, this situation is commonly referred to as a bottleneck. This term originates from the way the neck of a bottle restricts the flow of liquid, similarly, the progress of the project is restricted by the speed at which the individual can complete their assigned task.
Recognizing a bottleneck is crucial for project management as it can impact team efficiency and project timelines. To mitigate bottlenecks, teams often employ strategies such as task reassignment, providing additional resources, or altering workflows to alleviate the pressure on the bottleneck point.