- Industry: Government
- Number of terms: 5883
- Number of blossaries: 0
- Company Profile:
A collection of logically-related project activities, usually culminating in the completion of a major deliverable. Project phases (also called phases) are mainly completed sequentially, but can overlap in some project situations. Phases can be subdivided into subphases and then components; this hierarchy, if the project or portions of the project are divided into phasess, is contained in the work breakdown structure. A project phase is a component of a project life cycle. A project phase is not a project management process group.
Industry:Business services
An assessment of the adverse effect of the risk occurring. Used in risk analysis as one part of the assessment of a risk, the other being likelihood.
Industry:Business services
A subset of project management that includes the processes required to ensure that the project will satisfy the needs for which it was undertaken. It consists of quality planning, quality assurance, and quality control.
Industry:Business services
Risk Management is the systematic process of identifying, analyzing, and responding to project risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of events adverse to project objectives. It includes the processes of risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control.
Industry:Business services
The action of the owner accepting the work from the contractor when the owner deems the work completed in accordance with the contract requirements. The owner when making the final payment to the contractor confirms final acceptance.
Industry:Business services
An integrated set of regularly interacting or interdependent components created to accomplish a defined objective, with defined and maintained relationships among its components, and the whole producing or operating better than the simple sum of its components. Systems may be either physically process-based or management process based, or more commonly a combination of both. Systems for project management are composed of project management processes, techniques, methodologies, and tools operated by the project management team.
Industry:Business services
Factors that may cause a failure to meet the project’s objectives. Risks may be associated with opportunities. Risk is the product of the probability of an event occurring, times its impact if it did. Risks exist as a consequence of uncertainty.
Industry:Business services
A final site review of the project by the contractor, owner, or owner’s authorized representative prior to issuing the final certificate for payment.
Industry:Business services
The last payment from the owner to the contractor of the entire unpaid balance of the contract sum, as adjusted by any approved change orders.
Industry:Business services
