10 Terms
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Project management
Referring to the discipline of planning, organizing, securing and managing resources to bring about the successful completion of specific project objectives.
Industry: Business services
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Project management
Prime contractor
Business services; Project management
(1) Any contractor having a contract directly with the owner.
Contract management plan
Business services; Project management
The document that describes how a specific contract will be administered, and can include items such as required documentation delivery and performance requirements. A contract management plan can be ...
Role
Business services; Project management
A defined function to be performed by a project team member, such as testing, filing, inspecting, and coding.
Probability
Business services; Project management
The likelihood of occurrence. In the context of project risk, a measure of the likelihood of a risk occurring.
Contract overrun
Business services; Project management
The cost deficit after determining the difference between the original contract price and the final completed cost, including all adjustments by approved change order.
Root cause analysis
Business services; Project management
An analytical technique used to determine the basic underlying reason that causes a variance or a defect or a risk. A root cause may underlie more than one variance or defect or risk.
Probability and impact matrix
Business services; Project management
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.
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