- Industry: Government
- Number of terms: 5883
- Number of blossaries: 0
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A project management technique for determining how much time a project needs before it is completed. Each activity is assigned a best, worst, and most probable time estimate. These are used to determine the average completion time, which is used to figure the critical path and completion time for the project.
Industry:Business services
A Cost Risk Assessment is a highly structured approach to incorporate consideration of uncertainty in project modelling and management. It is applied to the work product for a project at any stage in the project evolution from the early conceptual or planning studies, through design and eventual construction.
Industry:Business services
A measure of schedule performance on a project. It is the algebraic difference between the earned value (EV) and the planned value (PV). SV = EV minus PV. See also earned value management.
Industry:Business services
The management of a series of related projects designed to accomplish broad goals, to which the individual projects contribute, which are typically executed over an extended period of time (i.e., a biennium).
Industry:Business services
A type of contract involving payment (reimbursement) by the buyer to the seller for the seller’s actual cost, plus a fee typically representing seller’s profit. Costs are usually classified as direct costs or indirect costs. Direct costs are costs incurred for the exclusive benefit of the project, such as salaries of full-time project staff. Indirect costs (also called overhead, and general and administrative costs) are costs allocated to the project by the performing organisation as a cost of doing business, such as salaries of management indirectly involved in the project, and the cost of electric utilities for the office. Indirect costs are usually calculated as a percentage of direct costs. 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.
Industry:Business services
The point in time that work was scheduled to finish on a schedule activity. The scheduled finish date is normally within the range of dates delimited by the early finish date and the late finish date. It may reflect resource levelling of scarce resources. Sometimes called planned finish date.
Industry:Business services
The centralised management of a particular programme or programmes such that corporate benefit is realised by the sharing of resources, methodologies, tools, and techniques, and related high-level project management focus. See also project management office.
Industry:Business services
A measurement of cost performance on a project. It is the algebraic difference between the earned value (EV) and actual cost (AC). CV = EV minus AC. A positive value indicates a favourable condition and a negative value indicates an unfavourable condition.
Industry:Business services
The point in time that work was scheduled to start on a schedule activity. The scheduled start date is normally within the range of dates delimited by the early start date and the late start date. It may reflect resource levelling of scarce resources. Sometimes called planned start date.
Industry:Business services
A meeting dedicated essentially to contractor progress during the construction phase.
Industry:Business services
