Glossary
Definitionen
Acceptance
The formal process of accepting delivery of a deliverable or a product. Acceptance Criteria. Those criteria, including performance requirements and essential conditions, which must be met before project deliverables are accepted. A prioritised list of criteria that the final product(s) must meet before the customer will accept them; a measurable definition of what must be done for the final product to be acceptable to the customer. They should be defined as part of the Project Brief and agreed between customer and supplier no later than the project initiation stage. They should be documented in the Project Initiation Document.
Acceptance Test
A formal, predefined test conducted to determine the compliance of the deliverable(s) with the acceptance criteria.
Accounts Payable
Accounts payable (A/P) is a file or account that contains money that a person or company owes to suppliers, but has not paid yet (a form of debt). When an invoice is received, it is added to the file, and then removed when it is paid. Thus, the A/P is a form of credit that suppliers offer to their purchasers by allowing them to pay for a product or service after it has already been received.
Accounts Receivable
Accounts receivable (A/R) is one of a series of accounting transactions dealing with the billing of a customer for goods and services he/she has ordered. In most business entities this is typically done by generating an invoice and mailing or electronically delivering it to the customer, who in turn must pay it within an established timeframe called "creditor payment terms." On a company's balance sheet, accounts receivable is the money owed to that company by entities outside of the company. The receivables owed by the company's customers are called trade receivables. Account receivables are classified as current assets assuming that they are due within one year. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debits cash and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is always debit.
Accrual
Work done for which payment is due but has not been made. See also Provision.
Accrued Costs
Costs that are earmarked for the project and for which payment is due, but has not been made.
Accrued Expense
Expense is recognized before cash is paid out. It is a liability with an uncertain timing or amount, but where the uncertainty is not significant enough to qualify it as a provision. An example is a pending obligation to pay for goods or services received from a counterpart, while cash is to be paid out in a latter accounting period when the amount is deducted from accrued expenses.
Accrued Revenue
Revenue is recognized before cash is received. It is an asset, such as unpaid proceeds from a delivery of goods or services, when such income is earned and a related revenue item is recognized, while cash is to be received in a latter period, when the amount is deducted from accrued revenues.
Acquire Project Team [Process]
The process of confirming human resource availability and obtaining the team necessary to complete project assignments.
Action Owner (risk related)
Some actions may not be within the remit of the risk owner to control explicitly; in that situation there should be a nominated owner of the action to address the risk. He or she will need to keep the risk owner apprised of the situation.
Activity
A component of work performed during the course of a project. The smallest self-contained unit of work used to define the logic of a project.
Activity Attributes [Output/Input]
Multiple attributes associated with each schedule activity that can be Included within the activity list. Activity attributes include activity codes, predecessor activities, successor activities, logical relationships, leads and lags, resource requirements, imposed dates, constraints, and assumptions.
Activity Code
One or more numerical or text values that identify characteristics of the work or in some way categorize the schedule activity that allows filtering and ordering of activities within reports.
Activity Duration
The time in calendar units between the start and finish of a schedule activity. See also duration.
Activity Identifier
A short unique numeric or text identification assigned to each schedule activity to differentiate that project activity from other activities. Typically unique within any one project schedule network diagram.
Activity List (Output/Input)
A documented tabulation of schedule activities that snows the activity description, activity identifier, and a sufficiently detailed scope of work description so project team members understand what work is to be performed.
Activity Network
A flow diagram showing the activities of a plan and their interdependencies. The network shows each activity's duration, earliest start and finish times, latest start and finish times and float. Also known as 'planning network'. See also Critical path.
Activity Status
The state of completion of an activity.
Actual Cost (AC)
Total costs actually incurred and recorded in accomplishing work performed during a given time period for a schedule activity or work breakdown structure component. Actual cost can sometimes be direct labour hours alone, direct costs alone, or all costs including indirect costs. Also referred to as the actual cost of work performed (ACWP). See also earned value management and earned value technique. The incurred costs that are charged to the project budget and for which payment das been made, or accrued.
Actual Cost of Work Performed (ACWP)
See actual cost (AC).
Actual Dates. The dates on which activities started and finished as opposed to planned or forecasted dates.
Actual Duration
The lime in calendar units between the actual start date of the schedule activity and either the data date of the project schedule if the schedule activity is in progress or the actual finish date if the schedule activity is complete.
Actual Expenditures
The money that has already been paid.
Actual Finish
The date on which an activity was completed.
Actual Start
The date on which an activity was started.
Actual Time expended
The elapsed time from the beginning of an activity to date.
Administer Procurements [Process]
The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as needed.
Analogous Estimating [Technique]
An estimating technique that uses the values of parameters, such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous, similar activity as the basis for estimating the same parameter or measure for a future activity.
Application Area
A category of projects that have common components significant in such projects, but are not needed or present in all projects. Application areas are usually defined in terms of either the product (i.e., by similar technologies or production methods) or the type of customer (i.e. internal versus external government versus commercial) or industry sector (i.e.. utilities, automotive, aerospace, information technologies, etc.). Application areas can overlap.
Approved Change Request [Output/Input]
A change request that has been processed through the integrated change control process and approved.
Associated Revenue
The part of a project cost that is of a revenue nature and therefore charged as incurred to the profit and loss account.
Assumptions
Assumptions are factors that, for planning purposes, are considered to be true, real, or certain without proof or demonstration.
Assumptions Analysis [Technique]
A technique that explores the accuracy of assumptions and identifies risks to the project from inaccuracy, inconsistency, or incompleteness of assumptions.
Audit
The systematic retrospective examination of the whole, or part, of a project or function to measure conformance with predetermined standards.
Authorisation
The process of approving, funding, and communicating the authorisation for initiating work on a component.
Authority
The right to apply project resources, expend funds, make decisions, or give approvals.
Backward Pass
The calculation of late finish dates and late start dates for the uncompleted portions of schedule activities. Determined by working backwards through the schedule network logic from the project's end date. See also schedule network analysis.
Base Cost
Base costs include salary plus ancillary labour cost (as social security, health insurance). The base costs for own products are the costs to produce the product or to buy it on the market.
Base Cost Rate
The base cost rate is calculated by dividing base cost by the number of units which are used to determine the base cost. Example: yearly base cost of an employee divided by the required yearly working hours gives the hourly base cost rate.
Baseline
An approved plan for a project, plus or minus approved changes. It is compared to actual performance to determine if performance is within acceptable variance thresholds. Generally refers to the current baseline, but may refer to the original or some other baseline. Usually used with a modifier (e.g. cost performance baseline, schedule baseline, performance measurement baseline, technical baseline). A snapshot; a position or situation that is recorded. Although the position may be updated later, the baseline remains unchanged and available as a reminder of the original state and as a comparison against the current position. Products that have passed their quality checks and are approved are baselined products. Anything 'baselined' should be under version control in configuration management and 'frozen', i.e. no changes to that version are allowed.
Baseline Cost(s)
The amount of money a project or activity was intended to cost when the project plan was baselined.
Baseline Date(s)
The original planned start and finish dates for a project or an activity when the schedule was baselined.
Baseline Plan
The fixed project plan. It is the standard by which performance against project plan is measured.
Baseline Schedule
The fixed project schedule. It is the standard by which project schedule performance is measured.
Benefits
The positive outcomes, quantified or unquantified, that a project is being undertaken to deliver, and that justify the investment.
Benefits Realisation
The practice of ensuring that the outcome of a project produces the projected benefits claimed in the Business Case.
Best Practice
A best practice is an optimal way currently recognised by industry to achieve a stated goal or objective. For organisational project management, this includes the ability to deliver projects successfully, consistently, and predictably to implement organisational strategies.
Bottom-up Estimating [Technique]
A method of estimating a component of work. The work is decomposed into more detail. An estimate is prepared of what is needed to meet the requirements of each of the lower, more detailed pieces of work, and these estimates are then aggregated into a total quantity for the component of work. The accuracy of bottom-up estimating is driven by the size and complexity of the work identified at the lower levels.
Brainstorming [Technique]
A general data gathering and creativity technique that can be used to identify risks, ideas, or solutions to issues by using a group of team members or subject-matter experts.
Budget
A budget represents the (time-phased) cost performance target for a specific effort for the project or any work breakdown structure component or any schedule activity. It is valid to change the budget only if you change the scope. See also estimate. The resource estimate (in money or hours) assigned for the accomplishment of a specific task or group of tasks.
Budget at Completion (BAC)
The sum of all the budgets established for the work to be performed on a project or a work breakdown structure component or a schedule activity. The total planned value for the project.
Budget Cost
The cost anticipated at the start of a project.
Budgeted Cost of Work Performed (BCWP)
See earned value (EV).
Budgeted Cost of Work Scheduled (BCWS)
See planned value (PV).
Budget Element
Budget elements are the same as resources, the people, materials or other entities needed to do the work. They are typically assigned or a work package, but can also be defined at the cost account level.
Budget Estimate
An approximate estimate prepared in the early stages of a project to establish financial viability or to secure resources.
Budgeting
Time-phased financial requirements.
Buffer
See reserve.
Business Case
Information that describes the justification for setting up and continuing a PRINCE2 project. It provides the reasons (and answers the question 'Why?') for the project. It is updated at key points throughout the project.
Buyer
The acquirer of products, services, or results for an organization.
Calendar
A project calendar lists time intervals in which activities or resources can or cannot be scheduled. A project usually has one default calendar for the normal workweek, but many have other calendars as well. Each calendar can be customised with its own holidays and extra work days. Resources and activities can be attached to any of the calendars that are defined.
Calendar Unit
The smallest unit of time used in scheduling a project. Calendar units are generally in hours, days, or weeks, but can also be in quarter years, months, shifts, or even in minutes.
Capital employed
The amount of investment in an organisation or project, normally the sum of fixed and current assets, less current liabilities at a particular date.
Cash Flow
Cash receipts and payments in a specified period.
Cash Flow/Cash budget
The cash flow budget is a prediction of future cash receipts and expenditures for a particular time period. It usually covers a period in the short term future. The cash flow budget helps the business determine when income will be sufficient to cover expenses and when the company will need to seek outside financing.
Cash Flow Forecast
A prediction of the difference between cash received and payments to be made during a specific period or for the duration of the project.
Change
A change to a project’s baseline scope, cost, time or quality objectives.
Change Authority
A group to which the Project Board may delegate responsibility for the consideration of requests for change. The change authority is given a budget and can approve changes within that budget.
Change Budget
The money allocated to the change authority to be spent on authorised requests for change.
Change Control
Identifying, documenting, approving or rejecting, and controlling changes to the project baselines. The procedure to ensure that the processing of all Project Issues is controlled, including the submission, analysis and decision making.
Change Control Board (CCB)
A formally constituted group of stakeholders responsible for reviewing, evaluating, approving, delaying, or rejecting changes to a project. with all decisions and recommendations being recorded.
Change Control System [Tool]
A collection of formal documented procedures that define how project deliverables and documentation will be controlled, changed, and approved. In most application areas, the change control system is a subset of the configuration management system.
Change Freeze
A point on a project after which no further changes will be considered.
Change Log
A record of all project changes, proposed, authorised, rejected or deferred.
Change Management
The formal process through which changes to the project plan are approved and introduced.
Change Request
Requests to expand or reduce the project scope, modify policies, processes, plans, or procedures, modify costs or budgets, or revise schedules. A request to obtain formal approval for changes to the scope, design, methods, costs or planned aspects of the project.
Charter
See project charter.
Check Point
A team-level, time-driven review of progress, usually involving a meeting.
Check Point Report
A progress report of the information gathered at a checkpoint meeting, which is given by a team to the Project Manager and provides reporting data as defined in the Work Package.
Claim
A request, demand, or assertion of rights by a seller against a buyer, or vice versa, for consideration, compensation, or payment under the terms of a legally binding contract, such as for a disputed change.
Client
The party to a contract who commissions work and pays for it on completion.
Close Procurements [Process]
The process of completing each project procurement.
Close Project or Phase [Process]
The process of finalizing all activities across all of the Project Management Process Groups to formally complete the project or phase.
Closing Processes [Process Group]
Those processes performed to finalize all activities across all Project Management Process Groups to formally close the project or phase.
Code of Accounts [Tool]
Any numbering system used to uniquely identify each component of the work breakdown structure. Used to monitor project costs by category.
Collect Requirements [Process]
Collect Requirements is the process of defining and documenting stakeholders' needs to meet the project objectives.
Co-location [Technique]
An organizational placement strategy where the project team members are physically located close to one another in order to improve communication, working relationships, and productivity.
Commitment
A binding financial obligation, typically in the form of a purchase order or contract.
Committed Costs
Costs that are legally committed even if delivery has not taken place with invoices neither raised nor paid.
Common Cause
A source of variation that is inherent in the system and predictable. On a control chart, it appears as part of the random process variation (i.e., variation from a process that would be considered normal or not unusual), and is indicated by a random pattern of points within the control limits. Also referred to as random cause. Contrast with special cause.
Communication Management Plan [Output/Input]
The document that describes: the communications needs and expectations for the project; how and in what format information will be communicated; when and where each communication will be made; and who is responsible for providing each type of communication. The communication management plan is contained in. or is a subsidiary plan of, the project management plan.
Communication Plan
Part of the project initiation document describing how the project's stakeholders and interested parties will be kept informed during the project.
Comparative Estimating
An estimating technique based on the comparison with, and factoring from, the cost of a previous similar project or operation.
Completion
When it is agreed that a project or part of a project has been completed in accordance with all requirements.
Completion Date
The calculated date by which the project could finish, following careful estimating and scheduling.
Concession
An Off-Specification that is accepted by the Project Board without corrective action. The acceptance of something that is not within specified requirements.
Conduct Procurements [Process]
The process of obtaining seller responses, selecting a seller, and awarding a contract.
Configuration Audit
A comparison of the latest version number and status of all products shown in the configuration library records against the information held by the product authors.
Configuration Management System [Tool]
A subsystem of the overall project management system. It is a collection of formal documented procedures used to apply technical and administrative direction and surveillance to: identify and document the functional and physical characteristics of a product, result, service, or component; control any changes to such characteristics; record and report each change and its implementation status; and support the audit of the products, results, or components to verify conformance to requirements. It includes the documentation, tracking systems, and defined approval levels necessary for authorizing and controlling changes.
Configuration Management
A discipline, normally supported by software tools, that gives management precise control over its assets (for example, the products of a project), covering planning, identification, control, status accounting and verification of the products.
Configuration Status Account
A report on the status of products
The required products can be specified by identifier or the part of the project in which they were developed.
Constraint [Input]
The state, quality, or sense of being restricted to a given course of action or inaction. An applicable restriction or limitation, either internal or external to a project, which will affect the performance of the project or a process. For example, a schedule constraint is any limitation or restraint placed on the project schedule that affects when a schedule activity can be scheduled and is usually in the form of fixed imposed dates.
Consumable Resource
A type of resource that only remains available until consumed (for example a material). See also replenishable resource.
Contingency
See reserve. The planned allotment of time and cost or other resources for unforeseeable risks within a project. Something held in reserve for the unknown.
Contingency Allowance
See reserve.
Contingency Budget
The amount of money required to implement a contingency plan. If the Project Board approves a contingency plan, it would normally set aside a contingency budget, which would only be called upon if the contingency plan had to be implemented.
Contingency Plan
A plan that provides an outline of decisions and measures to be taken if defined circumstances, outside the control of a PRINCE2 project, should occur. Alternative course(s) of action to cope with project risks or if expected results fail to materialise.
Contingency Planning
The process of identifying and planning appropriate responses to be taken when a threat (risk) actually occurs.
Contingency Reserve [Output/Input]
The amount of funds, budget, or time needed above the estimate to reduce the risk of overruns of project objectives to a level acceptable to the organization.
Contract [Output/Input]
A contract is a mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.
Contractor
A person, company or firm who holds a contract for carrying out the works and /or the supply of goods or services in connection with the project.
Contract Price
The price payable by the customer under the contract for the proper delivery of supplies and services specified in the scope of work of the contract.
Contract Target Cost
The negotiated costs for the original defined contract and all contractual changes that have been agreed and approved, but excluding the estimated cost of any authorised, unpriced changes.
Contract Target Price
The negotiated estimated cost plus profit or fee.
Control
Comparing actual performance with planned performance, analyzing variances, assessing trends to effect process improvements, evaluating possible alternatives, and recommending appropriate corrective action as needed.
Control Account [Tool, CA]
A management control point where scope, budget (resource plans), actual cost, and schedule are integrated and compared to earned value for performance measurement. Control accounts are placed at selected management points of the work breakdown structure. Each control account may include one or more work packages, but each work package may be associated only with one control account. Each control account is associated with a specific single organisational component on the organisational breakdown structure. Previously called a cost account. See also work package. A management control point at which actual costs can be accumulated and compared to earned value and budgets (resource plans) for management control purposes. A control account is a natural management point for budget/schedule planning and control since it represents the work assigned to one responsible organisational element on one work breakdown structure element.
Control Chart [Tool]
A graphic display of process data over time and against established control limits, and that has a centreline that assists in detecting a trend of plotted values toward either control limit.
Control Costs [Process]
The process of monitoring the status of the project to update the project budget and managing changes to the cost baseline.
Control Limits
The area composed of three standard deviations on either side of the centreline, or mean, of a normal distribution of data plotted on a control chart that reflects the expected variation in the data. See also specification limits.
Control Schedule [Process]
The process of monitoring the status of the project to update project progress and managing changes to the schedule baseline.
Control Scope [Process]
The process of monitoring the status of the project and product scope and managing changes to the scope baseline.
Controlling
See control.
Coordination
Coordination is the act of ensuring that work carried out by different organisations and different places fits together effectively.
Corporate Governance
The process by which an organisation directs and controls its operational and strategic activities, and by which the organisation responds to the legitimate rights, expectations, and desires of its stakeholders.
Corrective Action
Documented direction for executing the project work to bring expected future performance of the project work in line with the project management plan.
Cost Account
A cost account defines what work is to be performed, who will perform it and who is to pay for it. Another term for cost account is control account.
Cost Account Manager
A member of a functional organisation responsible for cost account performance, and for the management of resources to accomplish such activities.
Cost Benefit Analysis
The comparison of costs before and after taking an action, in order to establish the saving achieved by carrying out that action.
Cost Breakdown Structure
The hierarchical breakdown of a project into cost elements.
Cost Budgeting
The allocation of cost estimates to individual project activities or deliverables.
Cost Centre
A location, person, activity or project in respect of which costs may be ascertained and related to cost units.
Cost Code
A unique identity for a specified element of work. A code assigned to activities that allows costs to be consolidated according to the elements of the code structure.
Cost Curve
A graph plotted against a horicontal timescale and cumulative cost vertical scale.
Cost Estimating
The process of predicting the costs of a project.
Cost incurred
A cost identified through the use of the accrued method of accounting or a cost actually paid. Costs include direct labour, direct materials and all allowable indirect costs.
Cost Management Plan [Output/Input]
The document that sets out the format and establishes the activities and criteria for planning, structuring, and controlling the project costs. The cost management plan is contained in, or is a subsidiary plan of, the project management plan.
Cost of Quality (COQ) [Technique]
A method of determining the costs incurred to ensure quality. Prevention and appraisal costs (cost of conformance) include costs for quality planning, quality control (QC), and quality assurance to ensure compliance to requirements (i.e.. training, QC systems, etc.). Failure costs (cost of non-conformance) include costs to rework products, components, or processes that are non-compliant, costs of warranty work and waste, and loss of reputation.
Cost Performance Baseline
A specific version of the time-phased budget used to compare actual expenditures to planned expenditures to determine if preventive or corrective action is needed to meet the project objectives.
Cost Performance Index (CPI)
A measure of cost efficiency on a project. It is the ratio of earned value (EV) to actual costs (AC). CPI = EV divided by AC. A term used in earned value management. A measure, expressed as a percentage or other ratio of actual cost to budget plan. The ratio of work accomplished versus work cost incurred for a specified time period. The CPI is an efficiency rating for work accomplished for resources expended.
Cost Performance Report
A regular cost report to reflect cost and schedule status information for the management.
Cost Plan
A budget that shows the amounts and expected dates of incurring costs on the project or on a contract.
Cost-Plus-Fixed-Fee (CPFF) Contract
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee).
Cost-Plus-Incentive-Fee (CPIF) Contract
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria.
Cost-Reimbursable Contract
A type of contract involving payment to the seller for the seller's actual costs, plus a fee typically representing seller's profit. Cost-reimbursable contracts often include incentive clauses where, if the seller meets or exceeds selected project objectives, such as schedule targets or total cost, then the seller receives from the buyer an incentive or bonus payment.
Cost/Risk Analysis (CRA)
Assessment and synthesis of the cost risks and/or estimating uncertainties affecting the project to gain an understanding of their individual significance and their combined impact on the project’s objectives, to determine a range of likely outcomes for project cost.
Cost Variance (CV)
A measure of cost performance on a project. It is the difference between earned value (EV) and actual cost (AC). CV = EV minus AC. The difference (positive or negative) between the actual expenditure and the planned/budgeted expenditure.
Crashing [Technique]
A specific type of project schedule compression technique performed by taking action to decrease the total project schedule duration after analyzing a number of alternatives to determine how to get the maximum schedule duration compression for the least additional cost. Typical approaches for crashing a schedule include reducing schedule activity durations and increasing the assignment of resources on schedule activities. See also fast tracking and schedule compression.
Create WBS (Work Breakdown Structure) [Process]
The process of subdividing project deliverables and project work into smaller, more manageable components.
Criteria
Standards, rules, or tests on which a judgment or decision can be based, or by which a product, service, result, or process can be evaluated.
Critical Activity
Any schedule activity on a critical path in a project schedule. Most commonly determined by using the critical path method. Although some activities are "critical,'' in the dictionary sense, without being on the critical path, this meaning is seldom used in the project context.
Critical Chain Method [Technique]
A schedule network analysis technique that modifies the project schedule to account for limited resources.
Critical Path
Generally, but not always, the sequence of schedule activities that determines the duration of the project. It is the longest path through the project. See also critical path methodology. This is the line connecting the start of a planning network with the final activity in that network through those activities with the smallest float. Often this is a line through the network connecting those activities with a zero float, i.e. those activities where any delay will delay the time of the entire network. The series of tasks from the beginning of a project up to its end that takes the longest time. This is also the shortest time in which all tasks in the project can be completed. By definition, no task on the critical path can have any slack time. In other words, no task on the critical path can be delayed or extended without affecting the finishing date of the project.
Critical Path Methodology (CPM) [Technique]
A schedule network analysis technique used to determine the amount of scheduling flexibility (the amount of float) on various logical network paths in the project schedule network, and to determine the minimum total project duration. Early start and finish dates are calculated by means of a forward pass, using a specified start date. Late start and finish dates are calculated by means of a backward pass, starting from a specified completion date, which sometimes is the project early finish date determined during the forward pass calculation. See also critical path.
Critical Task
A task on the critical path.
Criticality Index
Used in risk analysis, the criticality index represents the percentage of simulation trials that resulted in the activity being placed on the critical path.
Current Dates
The planned start and finish dates for an activity according to the current schedule. Cut-off Date. The end date of a reporting period.
Customer
The person or group who commissioned the work and will benefit from the end results.
Dangle
An activity in a network diagram that has either no predecessors or no successors. If neither, it is referred to as an isolated activity. Data Date. The date up to or through which the project's reporting system has provided actual status and accomplishments. Also called as-of date and time-now date.
Decision Tree Analysis [Technique]
The decision tree is a diagram that describes a decision under consideration and the implications of choosing one or another of the available alternatives. It is used when some future scenarios or outcomes of actions are uncertain. It incorporates probabilities and the costs or rewards of each logical path of events and future decisions, and uses expected monetary value analysis to help the organization identify the relative values of alternate actions. See also expected monetary value analysis.
Decomposition [Technique]
A planning technique that subdivides the project scope and project deliverables into smaller, more manageable components, until the project work associated with accomplishing the project scope and providing the deliverables is defined in sufficient detail to support executing, monitoring, and controlling the work.
Defect
An imperfection or deficiency in a project component where that component does not meet its requirements or specifications and needs to be either repaired or replaced.
Defect Repair
The formally documented identification of a defect in a project component with a recommendation to either repair the defect or completely replace the component.
Define Activities [Process]
The process of identifying the specific actions to be performed to produce the project deliverables.
Define Scope [Process]
The process of developing a detailed description of the project and product.
Deliverable [Output/Input]
Any unique and verifiable product, result, or capability to perform a service that must be produced to complete a process, phase, or project. Often used more narrowly in reference to an external deliverable, which is a deliverable that is subject to approval by the project sponsor or customer. See also product and result. An item that the project has to create as part of the requirements. It may be part of the final outcome or an intermediate element on which one or more subsequent deliverables are dependent. According to the type of project, another name for a deliverable is 'product'.
Delphi Technique [Technique]
An information gathering technique used as a way to reach a consensus of experts on a subject. Experts on the subject participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project points related to the subject. The responses are summarized and are then recirculated to the experts for further comment. Consensus may be reached in a few rounds of this process. The Delphi technique helps reduce bias in the data and keeps any one person from having undue influence on the outcome.
Dependency
See logical relationship.
Dependent Task
A task that cannot begin before a previous task finishes. e.g. Task B, 'putting on shoes' is dependent on task A, 'putting on socks'.
Determine Budget [Process]
The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.
Develop Human Resource Plan [Process]
The process of identifying and documenting project roles, responsibilities, and required skills, reporting relationships, and creating a staffing management plan.
Develop Project Charter [Process]
The process of developing a document that formally authorizes a project or a phase and documenting initial requirements that satisfy the stakeholder's needs and expectations.
Develop Project Management Plan [Process]
The process of documenting the actions necessary to define, prepare, integrate, and coordinate all subsidiary plans.
Develop Project Team [Process]
The process of improving the competencies, team interaction, and the overall team environment to enhance project performance.
Develop Schedule [Process]
The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule.
Deviation
Departure from established plan or requirements
Direct and Manage Project Execution [Process]
The process of performing the work defined in the project management plan to achieve the project's objectives.
Direct costs
Cost that are specifically attributable to an activity or group of activities without apportionment. The cost of resources expended in the achievement of work that are directly charged to a project, without the inclusion of indirect costs.
Direct labour
Labour that is specifically identified with a particular activity. It is incurred for the exclusive benefit of the project.
Discipline
An area of expertise.
Discounted Cash Flow
The concept of relating future cash inflows and outflows over the life of a project or operation to a common base value thereby allowing more validity to comparison of projects with different durations and rates of cash flow.
Distribute Information [Process]
The process of making relevant information available to project stakeholders as planned.
Duration (DU or DUR)
The total number of work periods (not including holidays or other nonworking periods) required to complete a schedule activity or work breakdown structure component. Usually expressed as workdays or workweeks. Sometimes incorrectly equated with elapsed time. Contrast with effort.
Earliest Finish Date (EF)
In the critical path method, the earliest possible point in time on which the uncompleted portions of a schedule activity (or the project) can finish, based on the schedule network logic, the data date, and any schedule constraints. Early finish dates can change as the project progresses and as changes are made to the project management plan.
Earliest Start Date (ES)
In the critical path method, the earliest possible point in time on which the uncompleted portions of a schedule activity (or the project) can start, based on the schedule network logic, the data date, and any schedule constraints. Early start dates can change as the project progresses and as changes are made to the project management plan.
Earned Value (EV)
The value of work performed expressed in terms of the approved budget assigned to that work for a schedule activity or work breakdown structure component. Also referred to as the budgeted cost of work performed (BCWP).
Earned Value Management (EVM)
A management methodology for integrating scope, schedule, and resources, and for objectively measuring project performance and progress. Performance is measured by determining the budgeted cost of work performed (i.e., earned value) and comparing it to the actual cost of work performed (i.e., actual cost).
Earned Value Technique (EVT) [Technique]
A specific technique for measuring the performance of work and used to establish the performance measurement baseline (PMB). The technique used to quantify the budget value of work achieved.
Effort
The number of labour units required to complete a schedule activity or work breakdown structure component. Usually expressed as staff hours, staff days, or staff weeks. Contrast with duration.
Effort-driven Activity
An activity whose duration is governed by resource usage and availability.
Effort remaining
The estimate of effort remaining to complete an activity.
Elapsed time
The total number of calendar days (excluding non-work days such as holidays or weekends) that is needed to complete an activity.
Electronic Invoice
Some invoices are no longer paper-based, but rather transmitted electronically over the Internet. It is still common for electronic remittance or invoicing to be printed in order to maintain paper records. Standards for electronic invoicing varies widely from country to country. Use of the XML message format for electronic invoices has begun in recent years. There are two standards currently being developed. One is the cross industry invoice under development by the United Nations standards body UNCEFACT and the other is UBL (Universal Business Language).
End activity
An activity with no logical successors.
End Project Report
A report given by the Project Manager to the Project Board that confirms the hand-over of all products and provides an updated Business Case and an assessment of how well the project has done against its Project Initiation Document.
End Stage Assessment
The review by the Project Board and Project Manager of the End Stage Report to decide whether to approve the next Stage Plan (unless the last stage has now been completed). According to the size and criticality of the project, the review may be formal or informal. The approval to proceed should be documented as an important management product.
End Stage Report
A report given by the Project Manager to the Project Board at the end of each management stage of the project. This provides information about the project performance during the stage and the project status at stage end.
Enterprise Environmental Factors [Output/Input]
Any or all external environmental (actors and internal organizational environmental factors that surround or influence the project's success. These factors are from any or all of the enterprises involved in the project, and include organizational culture and structure, infrastructure, existing resources, commercial databases, market conditions, and project management software.
Escalation
The process by which aspects of the project such as issues are drawn to the attention of those senior to the project manager, such as the sponsor, steering group or project board.
Estimate [Output/Input]
A quantitative assessment of the likely amount or outcome. Usually applied to project costs, resources, effort, and durations and is usually preceded by a modifier (i.e.. preliminary, conceptual, feasibility, order-of-magnitude, definitive). It should always include some indication of accuracy (e.g., ± x percent). See also budget and cost.
Estimate Activity Durations [Process]
The process of approximating the number of work periods needed to complete individual activities with estimated resources.
Estimate Activity Resources [Process]
The process of estimating the type and quantities of material, people, equipment or supplies required to perform each activity.
Estimate at Completion (EAC) [Output/Input]
The expected total cost of a schedule activity, a work breakdown structure component, or the project when the defined scope of work will be completed. The EAC may be calculated based on performance to date or estimated by the project team based on other factors, in which case it is often referred to as the latest revised estimate, See also earned value technique and estimate to complete.
Estimate Costs [Process]
The process of developing an approximation of the monetary resources needed to complete project activities.
Estimate to Complete (ETC) [Output/Input]
The expected cost needed to complete all the remaining work for a schedule activity, work breakdown structure component, or the project. See also earned value technique and estimate at completion.
Estimating
The use of arrange of tools and techniques to produce estimates.
Event
State in the progress of a project after the completion of all preceding activities, but before the start of any succeeding activity. (A defined point that is the beginning or end of an activity).
Exception
A situation where it can be forecast that there will be a deviation beyond the tolerance levels agreed between Project Manager and Project Board (or between Project Board and corporate or program management, or between a Team Manager and the Project Manager).
Exception Assessment
This is a meeting of the Project Board to approve (or reject) an Exception Plan.
Exception Plan
This is a plan that often follows an Exception Report. For a Stage Plan exception, it covers the period from the present to the end of the current stage. If the exception were at a project level, the Project Plan would be replaced.
Exception Report
A report that describes an exception provides an analysis and options for the way forward and identifies a recommended option. The Project Manager presents it to the Project Board. A focused report drawing attention to instances where planned and actual results are expected to be, or are already, significantly different.
Execute
Directing, managing, performing, and accomplishing the project work, providing the deliverables, and providing work performance information.
Executing Processes (Process Group]
Those processes performed to complete the work defined in the project management plan to satisfy the project objectives.
Executive
The single individual with overall responsibility for ensuring that a project or program meets its objectives and delivers the projected benefits. This individual should ensure that the project or program maintains its business focus, that it has clear authority and that the work, including risks, is actively managed. The chairperson of the Project Board, representing the customer and owner of the Business Case.
Expected Monetary Value (EMV)
The product of an event’s probability of occurrence and the (financial) gain or loss that will result. Hence if there is a 50% probability of rain and the rain will result in a €1000 increase in cost, the EMV will be €500.
Expected Monetary Value Analysis
A statistical technique that calculates the average outcome when the future includes scenarios that may or may not happen. A common use of this technique is within decision tree analysis.
Expended hours
The hours spent to achieve an activity or group of activities.
Expenditure
A charge against available funds, evidenced by a voucher, claim or other document. Expenditures represent the actual payment of funds.
Expert Judgment [Technique]
Judgment provided based upon expertise in an application area, knowledge area, discipline, industry, etc. as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training.
External Constraint
A constraint from outside the project.
Factors
Situations that effect or influence outcomes.
Failure Mode and Effect Analysis (FMEA) [Technique]
An analytical procedure in which each potential failure mode in every component of a product is analyzed to determine its effect on the reliability of that component and, by itself or in combination with other possible failure modes, on the reliability of the product or system and on the required function of the component; or the examination of a product (at the system and/or lower levels) for all ways that a failure may occur. For each potential failure, an estimate is made of its effect on the total system and of its impact. In addition, a review is undertaken of the action planned to minimize the probability of failure and to minimize its effects.
Fast Tracking [Technique]
A specific project schedule compression technique that changes network logic to overlap phases that would normally be done in sequence, such as the design phase and construction phase, or to perform schedule activities in parallel. See also crashing and schedule compression.
Feasibility Study
A feasibility study is an early study of a problem to assess if a solution is feasible. The study will normally scope the problem, identify and explore a number of solutions and make a recommendation on what action to take. Part of the work in developing options is to calculate an outline Business Case for each as one aspect of comparison.
Filter
Criteria used to evaluate and select a potential component or decide whether a component meets the “go/no go” conditions.
Financial Appraisal
An assessment of the financial aspects of a project or a program.
Finish Date
A point in time associated with a schedule activity's completion. Usually qualified by one of the following: actual, planned, estimated, scheduled, early, late, baseline, target, or current.
Finish-to-Finish (FF)
The logical relationship where completion of work of the successor activity cannot finish until the completion of work of the predecessor activity. See also logical relationship.
Finish-to-Start (FS)
The logical relationship where initiation of work of the successor activity depends upon the completion of work of the predecessor activity. See also logical relationship.
Firm-Fixed-Price (FFP) Contract
A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller's costs to complete the contract.
Fixed Date
A calendar date (associated with a schedule) that cannot be moved or changed during the project.
Fixed Price Contract
Contract that provides for a price which normally is not subject to any adjustment unless certain provisions (such as contract change, economic pricing, or defective pricing) are included in the agreement. These contracts are negotiated usually where reasonably definite specifications are available, and costs can be estimated with reasonable accuracy. A fixed price contract places minimum administrative burden on the contracting parties, but subjects the contractor to the maximum risk arising from full responsibility for all cost escalations. Also called firm price contract.
Fixed-Price-Incentive-Fee (FPIF) Contract
A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.
Float
Also called slack. See total float and free float.
Flowcharting [Technique]
The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.
Flow Diagram
A graphic representation of workflow and the logical sequence of the work elements without regard to a timescale. It is used to show the logic associated with a process rather than duration for completion of work.
Follow-on Action Recommendations
A report that can be used as input to the process of creating a Business Case/Project Mandate for any follow-on PRINCE2 project and for recording any follow-on instructions covering incomplete products or outstanding issues. It also sets out proposals for post project review of the project's products.
Forecast
An estimate or prediction of conditions and events in the project's future based on information and knowledge available at the time of the forecast. The information is based on the project's past performance and expected future performance, and includes information that could impact the project in the future, such as estimate at completion and estimate to complete.
Forecast Costs
A projection of future costs that the project will incur. Forward Pass. The calculation of the early start and early finish dates for the uncompleted portions of all network activities. See also schedule network analysis and backward pass.
Free Float
The amount of time that a schedule activity can be delayed without delaying the early start date of any immediately following schedule activities. See also total float.
Full Cost
Total cost of all resources used or consumed in production, including direct, indirect, and investing costs.
Function
A specialist department that provides dedicated services, for example accounts department, marketing department or IT.
Functional Manager
Someone with management authority over an organizational unit within a functional organization. The manager of any group that actually makes a product or performs a service. Sometimes called a line manager.
Functional Organization
A hierarchical organization where each employee has one clear superior, and staff are grouped by areas of specialization and managed by a person with expertise in that area.
Fund
A fund represents the money available for expenditure in the accomplishment of the effort.
Funding
The actual money available for expenditure in the achievement of contract work.
Funding Profile
An estimate of funding requirements over time.
Gantt Chart [Tool ]
A graphic display of schedule-related information. In the typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the chart, dates are shown across the top. and activity durations are shown as date-placed horizontal bars. This is a diagram of a plan's activities against a time background, showing start and end times and resources required.
Gate Review
A generic term, rather than a PRINCE2 term, meaning a point at the end of a stage or phase where a decision is made whether to continue with the project. In PRINCE2 this would equate to an end stage assessment.
Goal
A one sentence definition of specifically what will be accomplished, incorporating an event signifying completion.
Grade
A category or rank used to distinguish items that have the same functional use (e.g., "hammer"), but do not share the same requirements for quality (e.g., different hammers may need to withstand different amounts of force).
Hammock Activity
See summary activity.
Handover
The point inn the life cycle where deliverables are handed over to the sponsor and users.
Hierarchical coding structure
A coding system that can be represented as a multi-level tree structure in which every code except those at the top of the tree has a parent code.
Hierarchy of networks
Range of networks (network diagrams) at different levels of detail, from summary down to working levels, showing the relationships between those networks.
Highlight Report
Report from the Project Manager to the Project Board on a time driven frequency on stage progress.
Histogram
A graphic display of planned and/or actual resource usage over a period of time. It is in the form of a vertical bar chart, the height of each bar representing the quantity of resource usage in a given time unit. Bars may be single, multiple or show stacked resources.
Historical Information
Documents and data on prior projects including project files, records, correspondence, closed contracts, and closed projects.
Holiday
An otherwise valid working day that has been designated as exempt from work.
Human Resource Plan
A document describing how roles and responsibilities, reporting relationships, and staffing management will be addressed and structured for the project. It is contained in or is a subsidiary plan of the project.
Hypercritical activities
Activities on the critical path with negative float.
Identify Risks [Process]
The process of determining which risks may affect the project and documenting their characteristics.
Identify Stakeholders [Process]
The process of identifying all people or organizations impacted by the project, and documenting relevant information regarding their interests, involvement, and impact on project success.
Impact
A noticeable effect or influence. The assessment of the effect on an objective of a risk occurring.
Impact Analysis
An assessment of the merits of pursuing a particular course of action or of the potential impact of a requested change.
Imposed Date
A fixed date imposed on a schedule activity or schedule milestone, usually in the form of a "start no earlier than" and "finish no later than" date. A point in time determined by external circumstances.
Incident
An event.
Incurred Costs
The sum of actual and committed costs, whether invoiced/paid or not, at a specific time.
Indirect Cost
Costs associated with a project that cannot be directly attributed to an activity or group of activities. Resources expended that are nor directly identified to any specific contract, project, product or service, such as overheads and general administration.
Influence Diagram [Tool]
A graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.
Initiation
The process of committing the organisation to begin a project. The beginning of a project at which point certain management activities are required to ensure that the project is established with clear reference terms and adequate management structure.
Initiating Processes [Process Group]
Those processes performed to define a new project or a new phase of an existing project by obtaining authorisation to start the project or phase.
Input [Process Input]
Any item, whether internal or external to the project that is required by a process before that process proceeds. May be an output from a predecessor process.
Inspection [Technique]
Examining or measuring to verify whether an activity, component, product, result, or service conforms to specified requirements.
Integrated Baseline Review (IBR)
A review held following the establishment of the initial baseline.
Internal Rate of Return (IRR)
A discount rate at which the net present value of a future cash flow is zero.
International Financial Reporting Standards(IFRS)
are Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). The underlying assumptions used in IFRS are: • Accrual basis - the effect of transactions and other events are recognized when they occur, not as cash is gained or paid • Going concern - an entity will continue for the foreseeable future • Stable measuring unit assumption - financial capital maintenance in nominal monetary units; i.e., accountants consider changes in the purchasing power of the functional currency up to but excluding 26% per annum for three years in a row (which would be 100% cumulative inflation over three years or hyperinflation as defined in IFRS) as immaterial or not sufficiently important for them to choose financial capital maintenance in units of constant purchasing power during low inflation and deflation as authorized in IFRS in the Framework, Par 104 (a).
Investment
An outlay of money or time usually for income, profit, or other benefit, such as the capital outlay for a project.
Invitation for Bid (IFB)
Generally, this term is equivalent to Request for Proposal or Invitation to Tender. However, in some application areas, it may have a narrower or more specific meaning. Invoice. Non-negotiable commercial instrument issued by a seller to a buyer. Also called a bill of sale or contract of sale, it identifies the both trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts (if any), and delivery and payment terms. A typical invoice contains: • The word invoice (or Tax Invoice if in Australia and amounts include GST) • A unique reference number (in case of correspondence about the invoice) • Date of the invoice • Tax payments if relevant (e.g. GST and VAT) • Name and contact details of the seller • Tax or company registration details of seller (if relevant) • Name and contact details of the buyer • Date that the product was sent or delivered • Purchase order number (or similar tracking numbers requested by the buyer to be mentioned on the invoice) • Description of the product(s) • Unit price(s) of the product(s) (if relevant) • Total amount charged (optionally with breakdown of taxes, if relevant) • Payment terms (including method of payment, date of payment, and details about charges late payment) The US Defense Logistics Agency requires an employer identification number on invoices. The European Union requires a VAT (value added tax) identification number on invoices between entities registered for VAT. If seller and buyer belong to two different EU countries, both VAT identification numbers must be on the invoice in order to claim VAT exemption. In the UK, if the issuing entity is not registered for VAT, the invoice must state that it is "not a VAT invoice".
Issue
A threat to the project objectives that cannot be resolved by the project manager. A point or matter in question or in dispute, or a point or matter that is not settled and is under discussion or over which there are opposing views or disagreements. A certain event associated with the contracted scope of work. Where the event impacts can be adequately quantified, they may be incorporated in the Performance Measure Baseline (PMB); if not, an allowance may be made in Management Reserve. The allowance must be justified and supported by a three-point-estimate. Some organisations may prefer to treat issues as pure risks.
Issue Log
A log of all Project Issues including requests for change raised during the project, showing details of each issue, its evaluation, what decisions about it have been made and its current status.
Issue Management
The process by which concerns that threaten the project objectivities and cannot be resolved by the project manager can be identified and addressed to remove the threats that they pose.
Key Criteria
Predetermined measures, values or conditions used in a scoring model to measure alignment with strategic goals.
Key Events
Major events, the achievement of which is deemed to be critical to the execution of the project.
Key Milestone
A milestone, the achievement of which is considered to be critical to the success of the project.
Key Performance Indicator (KPI)
A KPI is a criterion by which an organisation can determine, quantitatively or qualitatively, whether the outcome associated with a capability exists or the degree to which it exists. A key performance indicator can be a direct measurement or an expert assessment. When a key performance indicator is quantitative, involving direct measurement, a form of metric is required. A metric is a measurement of something. Something tangible, such as an error count, can be measured directly and objectively. Something intangible, such as customer satisfaction, must first be made tangible – for example, through a survey resulting in ratings on a scale – before it can be measured. A metric can be binary (something exists or does not exist), it can be more complex (such as scaled rating), or it can be monetary (such as financial return).
Lag [Technique]
A modification of a logical relationship that directs a delay in the successor activity. For example, in a finish-to-start dependency with a ten-day lag, the successor activity cannot start until ten days after the predecessor activity has finished. See also lead.
Lag Time
Lag time is a delay between tasks that have a dependency. For example, if you need a two-day delay between the finish of one task and the start of another, you can establish a finish-to-start dependency and specify two days of lag time
Late Finish Date (LF)
In the critical path method, the latest possible point in time that a schedule activity may be completed based upon the schedule network logic, the project completion date, and any constraints assigned to the schedule activities without violating a schedule constraint or delaying the project completion date. The late finish dates are determined during the backward pass calculation of the project schedule network.
Late Start Date (LS)
In the critical path method, the latest possible point in time that a schedule activity may begin based upon the schedule network logic, the project completion date, and any constraints assigned to the schedule activities without violating a schedule constraint or delaying the project completion date. The late start dates are determined during the backward pass calculation of the project schedule network.
Lead [Technique]
A modification of a logical relationship that allows an acceleration of the successor activity. For example, in a finish-to-start dependency with a ten-day lead, the successor activity can start ten days before the predecessor activity has finished. A negative lead is equivalent to a positive lag. See also lag.
Lead time
Lead time is overlap between tasks that have a dependency. For example, if a task can start when its predecessor is half finished, you can specify a finish-to-start dependency with a lead time of 50 percent for the successor task.
Lessons Learned [Output/Input]
The learning gained from the process of performing the project. Lessons learned may be identified at any point. Also considered a project record, to be included in the lessons learned knowledge base.
Lessons Learned Knowledge Base
A store of historical information and lessons learned about both the outcomes of previous project selection decisions and previous project performance.
Lessons Learned Report
A report that describes the lessons learned in undertaking the project and that includes statistics from the quality control of the project's management products. It is approved by the Project Board and then held centrally for the benefit of future projects.
Letter of Intent
A letter indicating an intent to sign a contract, usually so that work can commence prior to signing that contract.
Levelling
See resource levelling.
Level One Plan
The master plan for the project. Level two and level three plans are given in successively more detail.
Liabilities
Amounts owned under obligations for goods and services received and other assets acquired; includes accruals of amounts earned but not yet due and progress payments due on contract.
Life Cycle
See project life cycle.
Liquidated Damages
The liability in a contract to pay a specified sum for a breach of contract such as late delivery of goods or services.
Log
A document used to record and describe or denote selected items identified during execution of a process or activity. Usually used with a modifier, such as issue, quality control, action, or defect.
Logical Relationship
See also precedence relationship. A dependency between two project schedule activities, or between a project schedule activity and a schedule milestone. The four possible types of logical relationships are:
• Finish-to-Start. Start of activity depends on finish of preceding activity, either immediately or after a lapse of time
• Finish-to-Finish. Finish of activity depends on finish of preceding activity, either immediately or after a lapse of time
• Start-to-Start. Start of activity depends on start of preceding activity, either immediately or after a lapse of time
• Start-to-Finish. Finish of activity depends on start of preceding activity, either immediately or after a lapse of time
The process of tracking team member performance, providing feedback, resolving issues, and managing changes to optimize project performance. The process of communicating and working with stakeholders to meet their needs and addressing issues as they occur. A term used to describe management of problem or critical areas only. A central contingency pool. This may be subdivided into: (a) specific risk provision to manage identifiable and specific risks; (b) non-specific risk provision to manage emergent risks; (c) issues provision. A network showing the complete project, from which more detailed networks are derived. A summary-level project schedule that identities the major deliverables and work breakdown structure components and key schedule milestones. See also milestone schedule. The aggregate of things used by an organisation in any undertaking, such as equipment, apparatus, tools, machinery, gear, material, and supplies. Any organizational structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of persons assigned to the project. A well-defined evolutionary plateau towards achieving a mature process (five levels are often cited: incomplete, performed, managed, defined, quantitatively managed, and optimizing). A method provides a consistent framework within which project management is performed. A system of practices, techniques, procedures, and rules used by those who work in a discipline. A significant point or event in the project. An event of zero duration that marks a significant point of progress in a project. Milestones are used to see whether a project is on time or not. A milestone may be "Design is finished", "Sign contract", "Project Ends" etc. A summary-level schedule that identifies the major schedule milestones. See also master schedule or Milestone Plan. A brief summary, of approximately one or two sentences, that sums up the background, purpose and benefits of the project. Collect project performance data with respect to a plan, produce performance measures, and report and disseminate performance information. The process of tracking, reviewing, and regulating the progress to meet the performance objectives defined in the project management plan. The process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process throughout the project. Those processes required to track, review, and regulate the progress and performance of the project, identify any areas in which changes to the plan are required, and initiate the corresponding changes. A technique that computes or iterates, the project cost or project schedule many times using input values selected at random from probability distributions of possible costs or durations, to calculate a distribution of possible total project cost or completion dates. A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole. Those aspects of program management associated with initiating and coordinating the activities of multiple projects and the management of project managers. A schedule activity that has low total float. The concept of near-critical is equally applicable to a schedule activity or schedule network path. The limit below which total float is considered near critical is subject to expert judgment and varies from project to project. The time by which the duration of an activity or path has to be reduced in order to permit a limiting imposed date to be achieved. The estimated cost negotiated in a cost plus fixed fee contract or the negotiated contract target cost in either a fixed price incentive contract or a cost plus incentive fee contract. See also contracted target cost. An aggregate of future net cash flows discounted back to a common base date, usually the present. A pictorial presentation of project darta in which the project logic is the main determinant of the placements of the activities in the drawing. Frequently called a flowchart, PERT chart, logic drawing, activity network or logic diagram. See schedule network analysis. The collection of schedule activity dependencies that makes up a project schedule network diagram. Any continuous series of schedule activities connected with logical relationships in a project schedule network diagram. One of the defining points of a schedule network; a junction point joined to some or all of the other dependency lines. Expenditures against specific activities that are expected to occur only once in a given project. The amount of budget/schedule/resources set aside to cover the impact of emergent risks, should they occur. An activity that, once started, has to be completed to plan without interruption. A restriction on an activity that indicates that it may not start or end earlier than a specified date. A restriction on an activity that indicates that it may not start or end later than a specified date. Something toward which work is to be directed, a strategic position to be attained, or a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed. Something that should be provided by the project, but currently is not (or is forecast not to be) provided. This might be a missing product or a product not meeting its specification. Ongoing organisational activities associated with supporting functional elements, as opposed to project elements. Operational management also includes support of products that the organisation has created through project activity. A condition or situation favourable to the project, a positive set of circumstances, a positive set of events, a risk that will have a positive impact on project objectives, or a possibility for positive changes. Contrast with threat. An estimate carried out to give a very approximate indication of likely outturn costs. A hierarchically organized depiction of the project organisation arranged so as to relate the work packages to the performing organisational units. A hierarchical structure established to identify the management responsibility for scope, schedule, budget and performance. Any or all process related assets, from any or all of the organizations involved in the project that are or can be used to influence the project's success. These process assets include formal and informal plans, policies, procedures, and guidelines. The process assets also include the organizations' knowledge bases such as lessons learned and historical information. The roles performed by individuals or groups in a project. Both roles and responsibilities within projects must be defined to address the transient and unique nature of projects, and to ensure that clear accountabilities can be assigned. A graphic display of reporting relationships that provides a general framework of the organisation. The organisational environment within which the project takes place. It defines the reporting and decision-making hierarchy of an organisation and how the project management operates within it. The initial budget established at or near the tiome ther contract was signed or a project authorised, based on the negotiated contract cost or management’s authorisation. The duration of activities or groups of activities as recorded in the baseline schedule. A group of accounting elements that can be isolated to specific activities, other than labour and material. Included in ODC are such items as travel, computer time and services. The term used to describe the totality of what the project is set up to deliver, consisting of all the specialist products. For example, this could be an installed computer system with trained staff to use it, backed up by new working practices and documentation, a refurbished and equipped building with all the staff moved in and working, or it could be a new product launched with a recruited and trained sales and support team in place. A product, result, or service generated by a process. May be an input to a successor process. The expected final cost of a project. Costs occurred in the operation of a business that cannot directly related to the individual products or services being produced. See indirect cost. Cost or expense (such as for administration, insurance, rent, and utility charges) that (1) relates to an operation or the firm as a whole, (2) does not become an integral part of a good or service (unlike raw material or direct labor), and (3) cannot be applied or traced to any specific unit of output. Overheads are indirect costs. Actual (or budgeted) overhead cost for a given period divided by actual (or budgeted) measure of production activity (such as direct labor cost, labor hours, or machine hours). It expresses overhead costs in terms of a related-base for allocating them over a given period. Also called predetermined overhead rate when using budgeted costs. Costs incurred in excess of the contract target costs on an incentive type contract or of the estimated costs on a fixed fee contract. An overrun is that value of costs needed to complete a project, over that value originally authorised by management. The person or organisation for which the project is ultimately undertaken and who will own, operate and benefit from the facility in the long term. Two or more activities that can be done at the same time. An estimating technique that uses a statistical relationship between historical data and other variables (e.g., square footage in construction, lines of code in software development) to calculate an estimate for activity parameters, such as scope, cost, budget, and duration. An example for the cost parameter is multiplying the planned quantity of work to be performed by the historical cost per unit to obtain the estimated cost. A histogram, ordered by frequency of occurrence, that shows how many results were generated by each identified cause. The merging or joining of parallel schedule network paths into the same node in a project schedule network diagram. Path convergence is characterized by a schedule activity with more than one predecessor activity. Extending or generating parallel schedule network paths from the same node in a project schedule network diagram. Path divergence is characterized by a schedule activity with more than one successor activity. Compensation of an obligation, or reimbursement, by giving over something that is of satisfactory value to its recipient, such as money. Peer reviews are specific reviews of a project or any of its products where personnel from within the organisation and/or from other organisations carry out an independent assessment of the project. Peer reviews can be done at any point within a project but are often used at stage-end points Revenue recognition method for a contract completed over more than one accounting period. In this method, a portion of the total contract revenue and a portion of the estimated contract costs is recorded in each accounting period. It is an appropriate method where the total cost of performing the contract and the realisable profit are, within reason, predictable and determinable. Formula: Cumulative revenue = Cost incurred to date x contract price ÷ Total estimated cost. See also completed contract method An estimate, expressed as a percent, of the amount of work that has been completed on an activity or a work breakdown structure component. A measure of the completion status of a partially completed activity. It may be aggregated to sections of a project or the whole project. The process of reviewing all change requests, approving changes, and managing changes to the deliverables, organisational process assets, project documents, and project management plan. The term used to describe the quality of the delivery and the deliverables (outputs) of the project. A review of the performance of individual people and teams on the project. Techniques used in the management of individual and team performance. Performance management is also a term used in earned value management which is itself a performance management technique when applied to project performance. The objective measurement of progress against the Performance Measurement Baseline (PMB). Performance measurement techniques are the methods used to estimate earned value. Different methods are appropriate to different work packages, either due to the nature of the work or due to the planned duration of the work package. An approved integrated scope-schedule-cost plan for the project work against which project execution is compared to measure and manage performance. Technical and quality parameters may also be included. Documents and presentations that provide organized and summarized work performance information, earned value management parameters and calculations, and analyses of project work progress and status. The enterprise whose personnel are most directly involved in doing the work of the project. The process of prioritizing risks for further analysis or action by assessing and combining their probability of occurrence and impact. The process of auditing the quality requirements and the results from quality control measurements to ensure appropriate quality standards and operational definitions are used. The process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes. The process of numerically analyzing the effect of identified risks on overall project objectives. See project phase. A part, section or segment of a project, similar in meaning to a PRINCE2 stage. The key meaning of stage in PRINCE2 terms is the use of management stages, i.e. sections of the project to which the Project Board only commits one at a time. A phase might be more connected to a time slice, change of skills required or change of emphasis. A review process at the end of a program/project phase where an oversight group, such as a program board or steering committee, decides to continue, continue with modification, or stop a program/project. Also called Phase review. A plan is an intended future course of action. The process of determining project stakeholder information needs and defining a communication approach. The process of documenting project purchasing decisions, specifying the approach, and identifying potential sellers. The process of identifying quality requirements and/or standards for the project and product, and documenting how the project will demonstrate compliance. The process of defining how to conduct risk management activities for a project. The process of developing options and actions to enhance opportunities and to reduce threats to project objectives. An activity not yet started. The estimated cost of achieving a specified objective. See budgeted cost of work scheduled. The authorized budget assigned to the scheduled work to be accomplished tor a schedule activity or work breakdown structure component Also referred to as the budgeted cost of work scheduled (BCWS). A work breakdown structure component below the control account with known work content but without detailed schedule activities. See also control account Those processes performed to establish the total scope of the effort, define and refine the objectives, and develop the course of action required to attain those objectives. A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. The process of organising the prioritised components into a component mix that has the best potential to collectively support and achieve strategic goals. The centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, to achieve specific strategic business objectives. The evaluation and prioritisations of projects within a portfolio to enable the more important projects and programs to access the required resources and to move forward in accordance with their plans. See Post-project review. One or more reviews held after project closure to determine if the expected benefits have been obtained. Also known as post-implementation review. A specific type of professional or management activity that contributes to the execution of a process and that may employ one or more techniques and tools. A schedule network diagramming technique in which schedule activities are represented by boxes (or nodes). Schedule activities are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed. The term used in the precedence diagramming method for a logical relationship. In current usage, however, precedence relationship, logical relationship, and dependency are widely used interchangeably, regardless of the diagramming method used. See also logical relationship. An activity that must be completed (or be partially completed) before a specified activity can begin. The schedule activity that determines when the logical successor activity can begin or end. A documented direction to perform an activity that can reduce the probability of negative consequences associated with project risks. A method that supports some selected aspects of project management. The acronym stands for PRojects IN Controlled Environments. A project whose product(s) can be defined at its start sufficiently precisely so as to be measurable against predefined metrics and that is managed according to the PRINCE2 method. The process of ranking the selected components based on their evaluation scores and other management considerations. An action or set of actions intended to reduce the probability or impact of a threat, or increase the probability or impact of an opportunity. If approved such actions are carried out in advance of the risk. They are funded from the project budget. A network containing alternative paths with which probabilities are associated. The likelihood of a risk occurring. A common way to determine whether a risk is considered low, moderate, or high by combining the two dimensions of a risk: its probability of occurrence and its impact on objectives if it occurs. Something that is difficult to deal with or understand. Procedures cover individual aspects of project management practice and form an integral part of a method. A book of reference describing standard project procedures. A set of interrelated actions and activities performed to achieve a specified set of products, results, or services. The process by which the resources (goods and services) required by a project are acquired. It includes development of the procurement strategy, preparation of contracts, selection and acquisition of suppliers, and management of the contracts. The documents utilized in bid and proposal activities, which include the buyer's Invitation for Bid, Invitation for Negotiations, Request for Information, Request for Quotation, Request for Proposal and seller's responses. The document that describes how procurement processes from developing procurement documentation through contract closure will be managed. This role represents the creator(s) of a product that is the subject of a quality review. Typically, it will be filled by the person who has produced the product or who has led the team responsible. An artefact that is produced, is quantifiable, and can be either an end item in itself or a component item. Additional words for products are material and goods. Contrast with result. See also deliverable. Any input to or output from a project. PRINCE2 distinguishes between management products (which are produced as part of the management or quality processes of the project) and specialist products (which are those products that make up the final deliverable). A product may itself be a collection of other products. A three step diagrammatic technique leading to a comprehensive plan based on creation and delivery of required outputs. The technique considers prerequisite products, quality requirements and the dependencies between products. A hierarchy of all the products/deliverables to be produced during a project. This forms the base document from which the executing strategy and product-based work breakdown structure may be derived. A list of the major products of a plan, plus key dates in their delivery. A description of a product's purpose, composition, derivation and quality criteria. It is produced at planning time, as soon as the need for the product is identified. It should always be used as a basis for acceptance of the product by the customer. A diagram showing the sequence of production and interdependencies of the products listed in a Product Breakdown Structure. It is similar to a network diagram but uses products rather than activities. A collection of generally sequential, non-overlapping product phases whose name and number are determined by the manufacturing and control needs of the organization. The last product life cycle phase for a product is generally the product's retirement. Generally, a project life cycle is contained within one or more product life cycles. The features and functions that characterize a product, service, or result. The documented narrative description of the product scope. The ratio of earned hours against expended hours. A project’s budget is phased over time to give a profile of expenditure. This will allow a cash flow forecast for the project to be developed and a drawdown of funds to be agreed with the organisation. A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Programs may include elements of related work outside of the scope of the discrete projects in the program. A portfolio of projects selected, planned and managed in a coordinated way. A review to assess if targets have been reached and to measure the performance levels in the resulting business operations. The senior manager with the responsibility for the overall success of the program. A technique for estimating that applies a weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates. PERT is a project management technique for determining how much time a project needs before it is completed. The process of developing, communicating, implementing, monitoring, and assuring the policies, procedures, organisational structures, and practices associated with a given program. The centralised coordinated management of a program to achieve the program's strategic objectives and benefits. The office responsible for the business and technical management of a specific program. The individual with responsibility for managing a program. A group that gives administrative support to the program manager and the program executive. The partial completion of a project, or a measure of the same. Continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available as the project progresses, and thereby producing more accurate and complete plans that result from the successive iterations of the planning process. Payments made to a contractor during the life of a fixed-priced type contract, on the basis of some agreed-to formula, for example budget cost of work performed or simply costs incurred. A regular report to senior personnel, sponsors or stakeholders summarising the progress of a project including key events, milestones, costs and other issues. Also called project progress report. A temporary endeavour undertaken to create a unique product, service, or result. A temporary organisation that is created for the purpose of delivering one or more business products according to a specified Business Case. (sometimes referred to as job cost accounting)is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management. Standard accounting is primarily aimed at monitoring financial progress of organizational elements (geographical or functional departments, divisions and the enterprise as a whole) over defined time periods (typically weeks, months, quarters and years). Projects differ in that they frequently cross organizational boundaries, may last for anything from a few days or weeks to a number of years, during which time budgets may also be revised many times. They may also be one of a number of projects that make up a larger overall project or program. Consequently, in a project management environment costs (both direct and overhead) and revenues are also allocated to projects, which may be subdivided into a work breakdown structure, and grouped together into project hierarchies. Project accounting permits reporting at any such level that has been defined, and often allows comparison with historical as well as current budgets. The discipline of calculating the viability of a project. May be conducted at any time throughout the project. The Project Board's responsibilities to assure itself that the project is being conducted correctly. The total budget and schedule for all authorised work (PMB) along with the Management Reserve and Schedule Reserve. A group, usually comprising the sponsor, senior managers and sometimes key stakeholders, whose remit is to set the strategic direction of the project. It gives guidance to the sponsor and project manager. Often referred to as the steering group. A description of what the project is to do; a refined and extended version of the Project Mandate, which has been agreed by the Project Board and which is input to project initiation. The project budget is a prediction of the costs associated with a particular company project. These costs include labor, materials, and other related expenses. The project budget is often broken down into specific tasks, with task budgets assigned to each. A calendar of working days or shifts that establishes those dates on which schedule activities are worked and nonworking days that determine those dates on which schedule activities are idle. Typically defines holidays, weekends, and shift hours. See also resource calendar A document issued by the project initiator or sponsor that formally authorizes the existence of a project, and provides the project manager with the authority to apply organizational resources to project activities. Advice from the Project Board to inform the host location that the project resources can be disbanded and support services, such as space, equipment and access, demobilised. Notification prepared by the Project Manager for the Project Board to send (when the board is satisfied that the project can be closed) to any organisation that has supplied facilities to the project. Project Communications Management includes the processes required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information. The aggregation of processes, tools, techniques, methodologies, resources, and procedures to help control a project. The system may be documented in a project control system description. Project Cost Management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget. The manager of a very large project that demands senior level responsibility or the person at the board level in an organisation who has the overall responsibility for the project management. A documented review of the project’s performance, produced at predefined points in the project life cycle. A file containing the overall plans of a project and any other important documents. The means by which the capital to undertake the project is initially secured and then made available at the appropriate time. Projects may be financed externally, funded internally or a combination of both. Project Human Resource Management includes the processes that organize and manage the project team. Launching a process that can result in the authorization of a new project. A logical document which brings together the key information needed to start the project on a sound basis and to convey that information to all concerned with the project. Project Integration Management includes the processes and activities needed to identity, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups. A term used to cover either a general issue, query, a Request for Change, suggestion or Off-Specification raised during a project. Project Issues can be about anything to do with the project. A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project. A life cycle can be documented with a methodology. A project diary. A chronological record of significant occurrences throughout the project. The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. The planning, monitoring and control of all aspects of the project and the motivation of all those involved in it to achieve the project objectives on time and to the specified cost, quality and performance. An inclusive term that describes the sum of knowledge within the profession of project management. As with other professions, such as law, medicine, and accounting, the body of knowledge rests with the practitioners and academics that apply and advance it. The complete project management body of knowledge includes proven traditional practices that are widely applied and innovative practices that are emerging in the profession. The body of knowledge includes both published and unpublished materials. This body of knowledge is constantly evolving. PMI's PMBOK Guide identifies that subset of the project management body of knowledge that is generally recognized as good practice. An information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes. It is used to support all aspects of the project from initiating through closing, and can include both manual and automated systems. An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. A model that describes a number of evolutionary levels in which an organisation’s project management processes can be assessed, from ad hoc use of processes to continual improvements of its processes. An organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain. The responsibilities of a PMO can range from providing project management support functions to actually being responsible for the direct management of a project. A formal, approved document that defines how the project is executed, monitored, and controlled. It may be a summary or detailed and may be composed of one or more subsidiary management plans and other planning documents. Also called project plan. A logical grouping of project management inputs, tools and techniques, and outputs. The Project Management Process Groups include initiating processes, planning processes, executing processes, monitoring and controlling processes, and closing processes. Project Management Process Groups are not project phases. Computer application software designed to help with planning and controlling projects. The aggregation of the processes, tools, techniques, methodologies, resources, and procedures to manage a project The members of the project team who are directly involved in project management activities. On some smaller projects, the project management team may include virtually all of the project team members. A term to represent the entire management structure of Project Board, Project Manager, plus any Team Manager, Project Assurance and Project Support roles. The person assigned by the performing organisation to achieve the project objectives. The person given the authority and responsibility to manage the project on a day-to-day basis to deliver the required products within the constraints agreed with the Project Board. Information created externally to the project, which forms the terms of reference and is used to start up the PRINCE2 project. Those things that are to be achieved by the project, which usually include technical, time, cost and quality objectives but may include other items to meet stakeholder needs. This serves the organisation’s project management needs. A project office can range from simple support functions for the project manager to responsibility for linking corporate strategy to project execution. A document that graphically depicts the project team members and their interrelationships for a specific project. The project organisation structure provides the maximum authority to the project manager. It provides integration of functional capabilities within projects. However, this leads to duplication of facilities, and less efficient use of resources. A collection of logically related project activities, usually culminating in the completion of a major deliverable. Project phases are mainly completed sequentially, but can overlap in some project situations. A project phase is a component of a project life cycle. A project phase is not a Project Management Process Group. A high-level plan showing the major products of the project, when they will be delivered and at what cost. An initial Project Plan is presented as part of the Project Initiation Document. This is revised as information on actual progress appears. It is a major control document for the Project Board to measure actual progress against expectations. Project Procurement Management includes the processes to purchase or acquire the products, services, or results needed from outside the project team to perform the work. Project Quality Management includes the processes and activities of the performing organization that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which it was undertaken. A plan defining the key quality criteria, quality control and audit processes to be applied to project management and specialist work in the PRINCE2 project. It will be part of the text in the Project Initiation Document. A collection of all approved management, specialist and quality products and other material, which is necessary to provide an auditable record of the project. NB This does not include working files. A calendar of project evaluation review dates, meetings and issues of reports set against project week numbers or dates. Risks which are concerned with stopping the successful completion of the project. Typically these risks include personal, technical, cost, schedule, resource, operational support, quality and supplier issues. Project Risk Management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project. The roles and responsibilities of those involved in the project; for example, the sponsor and the project manager. The planned dates for performing schedule activities and the planned dates for meeting schedule milestones. Any schematic display of the logical relationships among the project schedule activities. Always drawn from left to right to reflect project work chronology. The work that must be performed to deliver a product, service, or result with the specified features and functions. Project Scope Management includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. The narrative description of the project scope, including major deliverables, project assumptions, project constraints, and a description of work, that provides a documented basis for making future project decisions and for confirming or developing a common understanding of project scope among the stakeholders. The individual or body for whom the project is undertaken and who is the primary risk taker. The sponsor owns the business case and is ultimately responsible for the project and for delivering the benefits. The creation of the project team and making it effective. Advice to the host location that the project is about to start and requesting any required project support services. A report on the status of accomplishments and any variances to spending and schedule plans. The satisfaction of stakeholder needs measured by the success criteria as defined and agreed at the start of the project. Individuals with expertise in particular aspects of project support such as scheduling, budgeting and cost management or reporting. A group set up to provide certain administrative services to the Project Manager. Often the group provides its services to many projects in parallel. A set of individuals, groups and/or organisations responsible to the project manager for working towards a common purpose. A documented list of project team members, their project roles, and communication information. Project Time Management includes the processes required to manage the timely completion of a project. Changes to cost or schedule that are within the current work plan or scope. Any organizational structure in which the project manager has full authority to assign priorities, apply resources, and direct the work of persons assigned to the project. Provisions can be distinguished from other liabilities such as trade payables and accruals because there is uncertainty about the timing or amount of the future expenditure required in settlement. By contrast: accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees (for example, amounts relating to accrued vacation pay). Although it is sometimes necessary to estimate the amount or timing of accruals, the uncertainty is generally much less than for provisions.
Attention: In IFRS, but not US GAAP, a provision is a present obligation which satisfies the rest of the definition of a liability, even if the amount of the obligation has to be estimated.
Provision is a temporary accounting title. It basically refers to expense. Example: If one of the expenses is for the month of April and still not paid so to close that expense in that specific month, we prepare one temporary accounting title (provision) for that particular expense. While in the opening of that new month if that expense is paid, we reverse that provision in terms of recording expense and closing the provision title.Manage Project Team [Process]
Manage Stakeholder Expectations [Process]
Management by Exception
Management Reserve (MR)
Master Network
Master Schedule [Tool]
Material
Matrix Organisation
Maturity Level
Method
Methodology
Milestone
Milestone Schedule [Tool]
Mission Statement
Monitor
Monitor and Control Project Work [Process]
Monitor and Control Risks [Process]
Monitoring and Controlling Processes [Process Group]
Monte Carlo Analysis
Monte Carlo Simulation
Multi-Project Management
Near-Critical Activity
Negative (toal) Float
Negotiated Contract cost
Net Present Value (NPV)
Network Diagram
Network Analysis
Network Logic
Network Path
Node
Non-recurring Costs
Non-specific Risk Provision (NSRP)
Non-splittable Activity
Not earlier than
Not later than
Objective
Off-Specification
Operational Management
Opportunity
Order of Magnitude Estimate
Organisational Breakdown Structure (OBS) [Tool]
Organisational Process Assets [Output/Input]
Organisational Roles
Organisation Chart
Organisation Structure
Original Budget
Original Duration
Other Direct Costs (ODC)
Outcome
Output [Process Output]
Outturn Cost
Overhead
Overhead Rate
Overrun
Owner
Parallel Activities
Parametric Estimating [Technique]
Pareto Chart [Tool]
Path Convergence
Path Divergence
Payment
Peer review
Percentage of Completion Method
Percent Complete
Perform Integrated Change Control [Process]
Performance
Performance Appraisal
Performance Management
Performance Measurement
Performance Measurement Techniques
Performance Measurement Baseline
Performance Reports [Output/Input]
Performing Organisation
Perform Qualitative Analysis [Process]
Perform Quality Assurance [Process]
Perform Quality Control [Process]
Perform Quantitative Analysis [Process]
Phase
Phase Gate
Plan
Plan Communications [Process]
Plan Procurements [Process]
Plan Quality [Process]
Plan Risk Management [Process]
Plan Risk Responses [Process]
Planned Activity
Planned cost
Planned Value (PV)
Planning Package
Planning Processes [Process Group]
Portfolio
Portfolio Balancing
Portfolio Management [Technique]
Portfolio Prioritisation Process
Post-implementation review
Post-project Review
Practice
Precedence Diagramming Method (PDM) [Technique]
Precedence Relationship
Predecessor
Predecessor Activity
Preventive Action
PRINCE2
PRINCE2 Project
Prioritisation
Proactive Risk Response
Probabilistic Network
Probability
Probability and Impact Matrix [Tool]
Problem
Procedures
Procedures Manual
Process
Procurement
Procurement Documents [Output/Input]
Procurement Management Plan [Output/Input]
Producer
Product
Product Based Planning
Product Breakdown Structure (PBS)
Product Checklist
Product Description
Product Flow Diagram
Product Life Cycle
Product Scope
Product Scope Description
Productivity Factor
Profile of Expenditure
Program
Program Benefits Review
Program Director
Program Evaluation and Review Technique (PERT)
Program Governance
Program Management
Program Management Office
Program Manager
Program Support Office
Progress
Progressive Elaboration [Technique]
Progress Payments
Progress Report
Project
Project accounting
Project Appraisal
Project Assurance
Project Baseline
Project Board
Project Brief
Project Budget
Project Calendar
Project Charter [Output/Input]
Project Closure Notification
Project Closure Recommendation
Project Communications Management [Knowledge Area]
Project Control System
Project Cost Management [Knowledge Area]
Project Director
Project Evaluation Review
Project File
Project Financing and Funding
Project Human Resource Management [Knowledge Area]
Project Initiation
Project Initiation Document (PID)
Project Integration Management [Knowledge Area]
Project Issue
Project Life Cycle
Project Log
Project Management
Project Management Body of Knowledge
Project Management Information System (PMIS) [Tool]
Project Management Knowledge Area
Project Management Maturity
Project Management Office (PMO)
Project Management Plan (PMP) [Output/Input]
Project Management Process Group
Project Management Software
Project Management System [Tool]
Project Management Team
Project Manager (PM)
Project Mandate
Project Objectives
Project Office
Project Organisation Chart [Output/Input]
Project Organisation (Structure)
Project Phase
Project Plan
Project Procurement Management [Knowledge Area]
Project Quality Management [Knowledge Area]
Project Quality Plan
Project Records
Project Review Calendar
Project Risk
Project Risk Management [Knowledge Area]
Project Roles and Responsibilities
Project Schedule [Output/Input]
Project Schedule Network Diagram [Output/Input]
Project Scope
Project Scope Management [Knowledge Area]
Project Scope Statement [Output/Input]
Project Sponsor
Project start-up
Project Start-up Notification
Project Status Report
Project Success
Project Support Experts
Project Support Office
Project Team
Project Team Directory
Project Time Management [Knowledge Area]
Project Variance
Projected Organisation
Provision