In design, the visual center is the perceived center of an artifact and not the actual center.
The visual center of any page is just slightly above and to the right of the actual (mathematical) center. This tends to be the natural placement of visual focus, and is also sometimes referred to as museum height.
Reference: The Principles of Design
Visual Center and Balance
Placing important elements or the focal point of the design within the visual center of a piece is another design trick. The visual center is slightly to the right of and above the actual center of a page.
Reference: Rule of Thirds, Visual Center, Grids
To respond to your last edit where this line was added:
they mention "taking in UX research & goals to set the visual center for the project"
It looks like management know the phrase as a term they've heard on a conferance but didn't realize its true meaning. This isn't uncommon, and you could easily guess that visual center is almost the same as to focus on something. Without domain experience, and only listening to the term visual center it could very well be focus. Exchange visual center with focus, and it looks about right. "We need to set focus on this project".
However wrong, this may very well be how terms end up in corporate buzzword bingo if it's made popular enough. But to make it to the chart, the use of the term needs to be use much more and in different fields. This is also part of the process how language changes, and how the same term mean different things in different domains (management vs. UX).