These terms were primarily developed from the Glossary of Terms of the Association for Project Management and are used with their permission.

Abstract Resource

Imaginary resource introduced so that its availability and activity requirement gives an extra means of control. (For example, two jobs not being worked upon simultaneously in order to obviate an accident hazard)

Acceptance

The formal process of accepting delivery of a product or a deliverable.

Acceptance Criteria

Performance requirements and essential conditions that have to be achieved before project deliverables are accepted.

Acceptance Test

Formal, pre-defined test conducted to determine the compliance of the deliverable item(s) with the acceptance criteria.

Accrued Costs

Costs that are earmarked for the project and for which payment is due, but has not been made.

Acquisition Strategy

Determining the most appropriate means of procuring the component parts or services of a project

Activity

Task, job, operation or process consuming time and possibly other resources. (The smallest self-contained unit of work used to define the logic of a project. In general, activities share the following characteristics: a definite duration, logic relationships to other activities in a project, use resources such as people, materials or facilities, and have an associated cost. They should be defined in terms of start and end dates and the person or organization responsible for their completion.)

Activity Definition

Identifies the specific activities that must be performed in order to produce project deliverables.

Activity Duration

Activity duration specifies the length of time (hours, days, weeks, months) that it takes to complete an activity.

Activity File

A file containing all data related to the definition of activities on a particular project.

Activity ID

A unique code identifying each activity in a project.

Activity-on-Arrow Network

Arrow diagram, Network in which the arrows symbolize the activities.

Activity on Node Network

Precedence diagram, a network in which the nodes symbolize the activities.

Activity Status

The state of completion of an activity. A planned activity has not yet started. A started activity is in progress. A finished activity is complete.

Actual Cost

Incurred costs that are charged to the project budget and for which payment has been made, or accrued.

Actual Cost of Work Performed (ACWP)

Cumulative cost of work accrued on the project in a specific period or up to a specific stage. Note: for some purposes cost may be measured in labor hours rather than money.

Actual Dates

Actual dates are entered as the project progresses. These are the dates that activities really started and finished as opposed to planned or projected dates.

Actual Direct Costs

Those costs specifically identified with a contract or project. See also Direct Costs.

Actual Finish

Date on which an activity was completed.

Actual Start

Date on which an activity was started.

Adjourning

The last stage of team building where the team disbands

Advanced Material Release

A document used by organizations to initiate the purchase of long-lead-time or time-critical materials prior to the final release of a design.

AND Relationship

Logical relationship between two or more activities that converge on or diverge from an event. Note: The AND relationship indicates that every one of the activities has to be undertaken.

Approval

The term used when an individual accepts a deliverable as fit for purpose so that the project can continue.

Approval to Proceed

Approval given to the project at initiation or prior to the beginning of the next stage.

Arrow

Directed connecting line between two nodes in a network.  Note 1: It symbolizes an activity in 'activity-on-arrow' Note 2: It symbolizes a dependency relationship in 'activity-on-node'

Arrow Diagram

See 'activity-on-arrow network'.

Arrow Diagram Method

One of two conventions used to represent an activity in a project. Also known as Activity-on-Arrow or i/j method.

As-Late-As-Possible (ALAP)

An activity for which the early start date is set late as possible without delaying the early dates of any successor.

Associated Revenue

That part of a project cost that is of a revenue nature and therefore charged as incurred to the profit and loss account. Note: Associated revenue differs from the capital element of the project in that the capital element is taken as an asset to the balance sheet and depreciated over future accounting periods.

As-Soon-As-Possible (ASAP)

An activity for which the early start date is set to be as soon as possible. This is the default activity type in most project management systems.

Assumptions

Statements taken for granted or truth.

Audit

Systematic retrospective examination of the whole, or part, of a project or function to measure conformance with predetermined standards. Note: Audit is usually qualified, for example financial audit, quality audit, design audit, project audit, and health and safety audit.

Authorization

The decision that triggers the allocation of funding needed to carry on the project

Authorized Un-priced Work

Any scope change for which authorization to proceed has been given, but for which the estimated costs are not yet settled.

Authorized Work

The effort which has been defined, plus that work for which authorization has been given, but for which defined contract costs have not been agreed upon.

Automatic Decision Event

Decision event where the decision depends only on the outcome of the preceding activities and that can be programmed or made automatic.

Backward Pass

Procedure whereby the latest event times or the latest finish and start times for the activities of a network are calculated.

Balanced Matrix

An organizational matrix where functions and projects have the same priority.

Bar Chart

Chart on which activities and their durations are represented by lines drawn to a common time scale. Note 1: A Gantt chart is a specific type of bar chart and should not be used as a synonym for bar chart Note 2: See also ‘cascade chart’.

Baseline

Reference levels against which the project is monitored and controlled.

Baseline Cost

The amount of money an activity was intended to cost when the schedule was baselined

Baseline Dates

Original planned start and finished dates for an activity. Used to compare with current planned dates to determine any delays. Also used to calculate budgeted cost of work scheduled for earned-valued analysis.

Baseline Review

A customer review conducted to determine that a contractor is continuing to use the previously accepted performance system and is properly implementing a baseline on the contract or option under review.

Baseline Schedule

The baseline schedule is a fixed project schedule. It is the standard by which project performance is measured. The current schedule is copied into the baseline schedule which remains frozen until it is reset. Resetting the baseline is done when the scope of the project has been changed significantly, for example after a negotiated change. At that point, the original or current baseline becomes invalid and should not be compared with the current schedule.

Benefits

The enhanced efficiency, economy and effectiveness of future business or other operations to be delivered by a project or program.

Benefits Framework

An outline of the expected benefits of the project or program, the business operations affected and current and target performance measures.

Benefits Management

Combined with project or program management, Benefits Management is the process for planning, managing, delivering and measuring the project or program benefits.

Benefits Management Plan

Specifies who is responsible for achieving the benefits set out in the benefit profiles and how achievement of the benefits is to be measured, managed and monitored.

Bid

A tender, quotation or any offer to enter into a contract

Bid Analysis

An analysis of bids or tenders.

Bottom Up Cost Estimating

This is the method of making estimates for every activity in the work breakdown structure and summarizing them to provide a total project cost estimate.

Brainstorming

The unstructured generation of ideas by a group of people.

Branching Logic

Conditional logic. Alternative paths in a probabilistic network.

Breakdown Structure

A hierarchical structure by which project elements are broken down, or decomposed. See also Product Breakdown Structure (PBS), Organizational Breakdown Structure (OBS) and Work Breakdown Structure (WBS).

Budget

Quantification of resources needed to achieve a task by a set time, within which the task owners are required to work. Note: A budget consists of a financial and/or quantitative statement, prepared and approved prior to a defined period, for the purpose of attaining a given objective for that period.  (The planned cost for an activity or project.)

Budgetary Control

System of creating budgets, monitoring progress and taking appropriate action to achieve budgeted performance. Note: A budget should provide the information necessary to enable approval, authorization and policy-making bodies to assess a project proposal and reach a rational decision.

Budget Cost

The cost anticipated at the start of a project.

Budget at Completion (BAC)

The sum total of the time-phased budgets.

Budgeted Cost of Work Performed (BCWP)

The planned cost of work completed to date. BCWP is also the "earned value" of work completed to date.

Budgeted Cost of Work Scheduled (BCWS)

The planned cost of work that should have been achieved according to the project baseline dates

Budget Element

Budget elements are the same as resources -- the people, materials, or other entities needed to do the work Budget elements can be validated against a Resource Breakdown Structure (RBS). They are typically assigned to 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 secure resources.

Budgeting

Time phased financial requirements.

Budget Unit

The budget unit is the base unit for the calculation. For example, the Engineer budget element might have a budget unit of hours. Since budget units are user defined, they can be any appropriate unit of measure. For example, a budget unit might be hours, pounds sterling, linear meters, or tons.

Burden

Overhead expenses distributed over appropriate direct labor and/or material base.

Business Case

Information necessary to enable approval, authorization and policy making bodies to assess a project proposal and reach a reasoned decision

Calendars

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 (Monday through Friday for example), but may have other calendars as well. Each calendar can be customized with its own holidays and extra work days. Resources and activities can be attached to any of the calendars that are defined.

Capital Cost

The carrying cost in a balance sheet of acquiring an asset and bringing it to the condition where it is capable of performing its intended function over a future series of periods. Note:  See also 'revenue cost'.

Capital Employed

Amount of investment in an organization or project, normally the sum of fixed and current assets, less current liabilities at a particular date.

Cascade Chart

Bar chart on which the vertical order of activities is such that each activity is dependent only on activities higher in the list.

Cash Flow

Cash receipts and payments in a specified period

Cash Flow, Net

Difference between cash received and payments made during a specific period.

Champion

An end user representative often seconded into a project team. Someone who acts as an advocate for a proposal or project

Change Log

A record of all project changes, proposed, authorized or rejected.

Change Management

The formal process through which changes to the project plan are approved and introduced.

Change Control

Process that ensures potential changes to the deliverables of a project or the sequence of work in a project, are recorded, evaluated, authorized and managed.

Change Control Board

A formally constituted group of stakeholders responsible for approving or rejecting changes to the project baselines.

Change Request

A request needed to obtain formal approval for changes to the scope, design, methods, costs or planned aspects of a project. Change requests may arise through changes in the business or issues in the project. Change requests should be logged, assessed and agreed on before a change to the project can be made.

Child Activity

Subordinate task belonging to a 'parent' task existing at a higher level in the Work Breakdown Structure.

Client

The party to a contract who commissions the work and pays for it on completion.

Close Out

The completion of work on a project.

Closure

The formal end point of a project, either because it has been completed or because it has been terminated early.

Code of Accounts

Any numbering system, usually based on corporate code of accounts of the primary performing organization, used to monitor project costs by category.

Commissioning

Advancement of an installation from the stage of static completion to full working order and achievement of the specified operational requirements.

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.

Communication

The transmission of information so that the recipient understands clearly what the sender intends.

Communications Planning

Determining project stakeholders’ communication and information needs.

Completion Date

The date calculated by which the project could finish following careful estimating.

Compound Risk

A risk made up of a number of inter-related risks.

Conception Phase

The phase that triggers and captures new ideas or opportunities and identifies potential candidates for further development in the feasibility phase

Concurrent Engineering

The systematic approach to the simultaneous, integrated design of products and their related processes, such as manufacturing, testing and supporting.

Configuration

Functional and physical characteristics of a product as defined in technical documents and achieved in the product. Note: In a project this should contain all items that can be identified as being relevant to the project and that should only be modified after authorization by the relevant manager. (Includes documentation)

Configuration Audit

A check to ensure that all deliverable items on a project conform with one another and to the current specification. It ensures that relevant quality assurance procedures have been implemented and that there is consistency throughout project documentation.

Configuration Control

A system through which changes may be made to configuration items

Configuration Identification

Identifies uniquely all items within the configuration

Configuration Item

A part a of configuration that has a set function and is designated for configuration management. It identifies uniquely all items within the configuration

Configuration Management

Technical and administrative activities concerned with the creation, maintenance and controlled change of configuration throughout the life of the product. Note: See BS EN ISO 10007 for guidance on configuration management, including specialist terminology.

Configuration Status Accounting

Records and reports the current status and history of all changes to the configuration. Provides a complete record of what happened to the configuration to date

Conflict Management

The ability to manage conflict creatively and effectively

Constraints

Applicable restrictions that will affect the scope of the project or the sequence of project activities.

Consumable Resource

A type of resource that only remains available until consumed (for example, a material).

Contingency

A Contingency is the planned allotment of time and cost or other resources for unforeseeable elements with a project.

Contingency Plan

Mitigation plan. Alternative course(s) of action devised to cope with project risks. Note: See risk plan

Contingency Planning

The development of a management plan that uses alternative strategies to minimize or negate the adverse effects of a risk, should it occur.

Contract

A mutually binding agreement in which the contractor is obligated to provide services or products and the buyer is obligated to provide payment for them.  Contracts fall into three main categories: fixed price, cost reimbursable or unit price but may contain elements from each.

Contract Budget Base

The negotiated contract cost value plus the estimated value of authorized but un-priced work.

Contract Close-out

Settlement of a contract

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 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 authorized, un-priced changes. The contract target cost equals the value of the budget at completion plus management or contingency reserve.

Contract Target Price

The negotiated estimated costs plus profit or fee.

Control

Control is the process of developing targets and plans; measuring actual performance, comparing it against planned performance, analyzing the differences and taking effective action to correct the situation.

Control Charts

Control charts display the results, over time, of a process. They are used to determine if the process is in need of adjustment

Coordination

Coordination is the act of ensuring that work carried out by different organizations and in different places fits together effectively. It involves technical matters, time, content and cost in order to achieve the project objectives effectively.

Co-coordinated Matrix

An organizational structure where the project leader reports to the functional manager and doesn’t have authority over team members from other departments

Corrective Action

Changes made to bring future project performance back into line with the plan.

Cost Account

A cost account defines what work is to be performed who will perform it and who is to pay for it. Cost accounts are the focal point for the integration of scope, cost, and schedule. Another term for Cost Account is Control Account.

Cost Account Manager

A member of a functional organization responsible for cost account performance, and for the management of resources to accomplish such tasks.

Cost Benefit Analysis

An analysis of the relationship between the costs of undertaking a task or project, initial and recurrent, and the benefits likely to arise from the changed situation, initially and recurrently.  Note: The hard, tangible, readily measurable benefits may sometimes be accompanied by soft benefits which may be real but difficult to isolate, measure and value. (Allows comparison of the returns from alternative forms of investment.)

Cost Breakdown Structure

Hierarchical breakdown of a project into cost elements.

Cost Budgeting

Allocating cost estimates to individual project components.

Cost Centre

Location, person, activity or project in respect of which costs may be ascertained and related to cost units.

Cost Code

Unique identity for a specified element of work.  (Code assigned to activities that allow costs to be consolidated according to the elements of a code structure.)

Cost Control Point

The point within a program at which costs are entered and controlled. Frequently, the cost control point for a project is either the cost account or the work package.

Cost Control System

Any system of keeping costs within the bounds of budgets or standards based upon work actually performed.

Cost Curve

A graph plotted against a horizontal time scale and cumulative cost vertical scale.

Cost Element

A unit of costs to perform a task or to acquire an item. The cost estimated may be a single value or a range of values.

Cost Estimating

The process of predicting the costs of a project.

Cost Incurred

Costs identified through the use of the accrued method of accounting or costs actually paid. Costs include direct labor, direct materials, and all allowable indirect costs.

Cost Management

The effective financial control of the project through evaluating, estimating, budgeting, monitoring, analyzing, forecasting and reporting the cost information.

Cost Overrun

The amount by which a contractor exceeds or expects to exceed the estimated costs, and/or the final limitations (the ceiling) of a contract.

Cost Performance Index (CPI)

A measure, expressed as a percentage or other ratio of actual cost to budget plan.  (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 management.

Cost Plan

A budget which shows the amounts and expected dates of incurring costs on the project or on a contract

Cost Plus Fixed Fee Contract

A type of contract where the buyer reimburses the seller for the seller’s allowable costs plus a fixed fee.

Cost Plus Incentive Fee Contract (CPIFC)

A type of Contract where the buyer reimburses the seller for the seller's allowable costs and the seller earns a profit if defined criteria are met.

Cost Reimbursement Type Contracts

A category of contracts based on payments to a contractor for allowable estimated costs, normally requiring only a "best efforts" performance standard from the contractor. Risk for all growth over the estimated value rests with the project owner.

Cost/Schedule Planning and Control Specification (C/SPCS)

The United States Air Force initiative in the mid-1960's which later resulted in the C/SCSC.

Cost –Time Resource sheet (CTR)

A document that describes each major element in the WBS, including a Statement of Work (SOW) describing the work content, resources required, the time frame of the work element and a cost estimate.

Cost Variance

The difference (positive or negative) between the actual expenditure and the planned/budgeted expenditure

Credited Resource

Resource that is created by an activity or event and can then be used by the project.

Critical Activity

An activity is termed critical when it has zero or negative float.

Criticality Index

Used in risk analysis, the criticality index represents the percentage of simulation trails that resulted in the activity being placed on the critical path.

Critical Path

Sequence of activities through a project network from start to finish, the sum of whose durations determines the overall project duration. Note: There may be more than one such path.  The path through a series of activities, taking into account interdependencies, in which the late completion of activities will have an impact on the project end date or delay a key milestone.

Critical Path Analysis

Procedure for calculating the critical path and floats in a network.

Critical Path Method (CPM)

A technique used to predict project duration by analyzing which sequence of activities has the least amount of scheduling flexibility. The Critical Path Method is a modeling process that defines all the project's critical activities that must be completed on time. The start and finish dates of activities in the project are calculated in two passes. The first pass calculates early start and finish dates from the earliest start date forward. The second pass calculates the late start and finish activities from the latest finish date backwards. The difference between the pairs of start and finish dates for each task is the float or slack time for the task (see Float). Slack is the amount of time a task can be delayed without delaying the project completion date. By experimenting with different logical sequences and /or durations the optimal project schedule can be determined.

Critical Performance Indicator

A critical factor against which aspects of project performance may be assessed

Critical Success Factor

A factor considered to be most conducive to the achievement of a successful project

Customer

Any person, who defines needs or wants, justifies or pays for part or the entire project, or evaluates or uses the results. Could be the project promoter, client, owner or employer

Cut-off Date

The ending date of a reporting period.

Dangle

An activity or network which has either no predecessors or no successors. If neither, it is referred to as an isolated activity.

Decision Event

State in the progress of a project when a decision is required before the start of any succeeding activity. Note The decision determines which of a number of alternative paths is to be followed. 

Delaying Resource

In resource scheduling, inadequate availability of one or more resources may require that the completion of an activity be delayed beyond the date on which it could otherwise be completed. The delaying resource is the first resource on an activity that causes the activity to be delayed.

Delegation

The practice of getting others to perform work effectively which one chooses not to do oneself. The process by which authority and responsibility is distributed from Project Manager to subordinates.

Deliberate Decision Event

Decision event where the decision is made as a result of the outcomes of the preceding activities and possibly other information but it cannot be made automatically

Deliverables

End products of a project or the measurable results of intermediate activities within the project organization Note: Deliverables may be in the form of hardware, software, services, processes, documents or any combination thereof.

Delphi Technique

A process where a consensus view is reached by consultation with experts. Often used as an estimating technique.

Dependency

Precedence relationship. Restriction that one activity has to precede, either in part or in total, another activity.  Dependencies are relationships between products or tasks. For example, one product may be made up of several other ‘dependent’ products or a task may not begin until a ‘dependent’ task is complete. See also logical relationship.

Dependency Arrow

A link arrow used in an activity on node network to represent the interrelationships of activities in a project

Design Authority

The person or organization with overall design responsibility for the products of the project

Design and Development Phase

The time period in which production process and facility and production processes are developed and designed.

Deterministic Network

Network containing paths, all of which have to be followed and whose durations are fixed. Note: Deterministic network is a term used to distinguish traditional networking from probabilistic networking 

Direct Costs

Costs that are specifically attributable to an activity or group of activities without apportionment. (Direct costs are best contrasted with indirect costs that cannot be identified to a specific project.)

Discounted Cash Flow (DCF)

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.

Discrete Milestone

A milestone that has a definite scheduled occurrence in time.  Logical link that may require time but no other resource.

Dummy activity in activity on arrow network

An activity representing no actual work to be done but required for reasons of logic or nomenclature. Note: There are three uses for a dummy activity in 'activity-on-arrow network' a) logic, b) time delay and c) uniqueness.

Duration

Duration is the length of time needed to complete an activity.

Duration Compression

Often resulting in an increase in cost, duration compression is the shortening of a project schedule without reducing the project scope.

Earliest Feasible Date

The earliest date on which the activity could be scheduled to start based on the scheduled dates of all its predecessors, but in the absence of any resource constraints on the activity itself. This date is calculated by resource scheduling.

Early Dates

Calculated in the forward pass of time analysis, early dates are the earliest dates on which an activity can start and finish.

Early Finish

Earliest Finish Time*

Earliest Finish Time

Earliest possible time by which an activity can finish within the logical and imposed constraints of the network.  (The Early Finish date is defined as the earliest calculated date on which an activity can end. It is based on the activity's Early Start which depends on the finish of predecessor activities and the activity's duration)

Early Start Time

Earliest possible time by which an activity can start within the logical and imposed constraints of the network.

Earned Hours

The time in standard hours credited as a result of the completion of a given task or a group of tasks.

Earned Value

The value of the useful work done at any given point in a project.  Note: The budget may be expressed in cost or labor hours.

Earned Value Analysis

Analysis of project progress where the actual money, hours (or other measure) budgeted and spent is compared to the value of the work achieved.

Earned Value Cost Control

The quantification of the overall progress of a project in financial terms so as to provide a realistic yardstick against which to compare the actual cost to date.

Earned Value Management

Earned Value Analysis

Earned Value Analysis

Technique for assessing whether the earned value in relation to the amount of work completed, is ahead, on, or behind plan.

Effort

The number of labor units necessary to complete the work. Effort is usually expressed in staff-hours, staff-days or staff-weeks and should not be confused with duration.

Effort-Driven Activity

An activity whose duration is governed by resource usage and availability. The resource requiring the greatest time to complete the specified amount of work on the activity will determine its duration.

Effort Remaining

The estimate of effort remaining to complete an activity.

Elapsed Time

Elapsed time is the total number of calendar days (excluding non-work days such as weekends or holidays) that is needed to complete an activity. It gives a realistic view of how long an activity is scheduled to take for completion.

End Activity

An activity with no logical successors.

End Event (of a project)

Event with preceding, but no succeeding activities. Note: There may be more than one end event.

Environmental Factoring

Use of data relating to an external factor (such as the weather) to modify or bias the value of parameters concerned.

Equivalent Activity

Activity that is equivalent, in the probabilistic sense, to any combination of series and parallel activities.

Estimate

A quantified assessment of the resources required to complete part or all of a project. The prediction of the quantitative result. It is usually applied to project costs, resources and durations.

Estimate At Completion (EAC)

A value expressed in either money and /or hours, to represent the projected final costs of work when completed. The EAC is calculated as ETC + ACWP.

Estimate To Complete (ETC)

The value expressed in either money or hours developed to represent the cost of the work required to complete a task.

Estimating

The act of combining the results of post project reviews, metrics, consultation and informed assessment to arrive at time and resource requirements for an activity.

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 Report

Focused report drawing attention to instances where planned and actual results are expected to be, or are already, significantly different. Note: An exception report is usually triggered when actual values are expected to cross a predetermined threshold that is set with reference to the project plan The actual values may be trending better or worse than plan.

Exclusive OR Relationship

Logical relationship indicating that only one of the possible activities can be undertaken.

Execution phase

The phase of a project in which work towards direct achievement of the project’s objectives and the production of the project’s deliverables occurs. Sometimes called the implementation phase

Expenditure

A charge against available funds, evidenced by a voucher, claim, or other documents. Expenditures represent the actual payment of funds.

Exceptions

Exceptions are occurrences that cause deviation from a plan, such as issues, change requests and risks. Exceptions can also refer to items where the cost variance and schedule variance exceed predefined thresholds.

External Constraint

A constraint from outside the project network.

Fast–Tracking

Reducing the duration of a project usually by overlapping phases or activities that were originally planned to be done sequentially.  (The process of reducing the number of sequential relationships and replacing them typically with parallel relationships (usually to achieve shorter overall durations but often with increased risk)).

Fallback Plan

A plan for an alternative course of action that can be adopted to overcome the consequences of a risk, should it occur (including carrying out any advance activities that may be required to render the plan practical)

Feasibility Phase

The project phase that demonstrates that the client's requirement can be achieved and identifies and evaluates the options to determine the one preferred solution

Feasibility Study

Analysis to determine if a course of action is possible within the terms of reference of the project.

Feasible schedule

Any schedule capable of implementation within the externally determined constraints of time and/or resource limits.

Final Report

Post-implementation report. Normally a retrospective report that formally closes the project having handed over the project deliverables for operational use Note: The report should draw attention to experiences that may be of benefit to future projects and may form part of the accountability of the project team

Finish Date

The actual or estimated time associated with an activity’s completion.

Finishing Activity

A finishing activity is the last activity that must be completed before a project can be considered finished. This activity is not a predecessor to any other activity -- it has no successors.

Finish-To-Finish Lag

The finish-to-finish lag is the minimum amount of time that must pass between the finish of one activity and the finish of its successor(s)

Finish-To-Start Lag

The finish-to-start lag is the minimum amount of time that must pass between the finish of one activity and the start of its successor(s). The default finish-to-start lag is zero.

Firm Fixed Price Contract

A contract where the buyer pays a set amount to the seller regardless of that seller’s cost to complete the contract.

Fixed Date

A calendar date (associated with a plan) that cannot be moved or changed during the schedule.

Fixed-Duration Scheduling

A scheduling method in which, regardless of the number of resources assigned to the task, the duration remains the same.

Fixed Finish

See Imposed Finish.

Fixed Price Contracts

A generic category of contracts based on the establishment of firm legal commitments to complete the required work. A performing contractor is legally obligated to finish the job, no matter how much it costs to complete. Risks of all cost growth rest on the performing contractor.

Fixed Start

See Imposed Start.

Float

Time available for an activity or path in addition to its planned duration.  (Float is the amount of time that an activity can slip past its earliest completion date without delaying the rest of the project. The calculation depends on the float type. See start float, finish float, free float, positive float, and negative float)

Forecast At Completion

Scheduled cost for a task.

Forecast Final Cost

See Estimate at Completion.

Forward Pass

A procedure whereby the earliest event times or the earliest start and finish times for the activities of a network are calculated.

Free Float

Time by which an activity may be delayed or extended without affecting the start of any succeeding activity. Note: free float can never be negative.

Functional Organization

Management structure where specific functions of an organization are grouped into specialist departments providing dedicated services. Note: Examples of functional organization are finance, marketing and design departments.

Functional Specification

A document specifying in some detail the functions that are required of a system and the constraints that will apply

Functional Manager

The person responsible for the business and technical management of a functional group.

Functional Matrix

An organization type where the project has a team leader in each functional department and the products are passed from one team to the next.

Functional Organization

A functional management structure where specific functions of a business are grouped into specialist departments that provide a dedicated service to the whole of the organization e.g. accounts department, production department, drawing office.

Funding Profile

An estimate of funding requirements over time.

Gantt Chart

Particular type of bar chart showing planned activity against time.  Note: 'Gantt Chart', although named for a particular type of bar chart, is in current usage as a name for bar charts in general. (A Gantt chart is a time-phased graphic display of activity durations. Activities are listed with other tabular information on the left side with time intervals over the bars. Activity durations are shown in the form of horizontal bars.)

Goal

A one-sentence definition of specifically what will be accomplished, while incorporating an event signifying completion.

Hammock

Activity, joining two specified points, that span two or more activities. Note: Its duration is initially unspecified and is only determined by the durations of the specified activities. Note: Hammocks are usually used to collect time-dependent information, e.g. overheads. (A group of activities, milestones, or other hammocks aggregated together for analysis or reporting purposes. Sometimes used to describe an activity such as management support that has no duration of its own but derives one from the time difference between the two points to which it is connected)

Hand-over

The formal process of transferring responsibility for and ownership of the products of a project to the operator or owner

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 at different levels of detail, from summary down to working levels, showing the relationships between those networks 

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.

Holiday

An otherwise valid working day that has been designated as exempt from work.

Host Organization

Organization that provides the administrative and logistical support for the project.

Hypercritical Activities

Activities on the critical path with negative float.

Impact

The assessment of the adverse effects of an occurring risk.

Impact Analysis

Assessing the merits of pursuing a particular course of action.

Implementation Phase

The project phase that develops the chosen solution into a completed deliverable. (Note: Realization is the internationally accepted and preferred term for implementation)

Imposed Date

Point in time determined by circumstances outside the network. Note: A symbol is inserted immediately above the event concerned on activity on arrow networks or adjacent and connected to the appropriate corner of the node on activity on node networks

Imposed Finish

A finished date imposed on an activity by external constraints.

Imposed Start

A start date imposed on an activity by external constraints.

Inclusive OR relationship

Logical relationship indicating that at least one but not necessarily all of the activities have to be undertaken

INCOTERMS

A set of international terms defining conditions for delivery and shipping of equipment and materials

Incurred Costs

Sum of actual and committed costs, whether invoiced/paid or not, at a specified time

Indirect Cost

Costs associated with a project that cannot be directly attributed to an activity or group of activities.  (Resources expended which are not directly identified to any specific contract, project, product or service, such as overheads and general administration)

In-house Project

A project commissioned and carried out entirely within a single organization

Initiation

Committing the organization to begin a project.

In Progress

An activity that has been started, but not yet completed.

Integrated Logistics Support

Disciplined approach to activities necessary to  a) cause support considerations to be integrated into product design  b) develop support arrangements that are consistently related to design and to each other and  c) provide the necessary support at the beginning and during customer use at optimum cost.

Integration

The process of bringing people, activities and other things together to perform effectively.

Internal Rate of Return (IRR)

Discount rate at which the net present value of a future cash flow is zero. Note: IRR is a special case of the ‘discounted cash flow’ procedures.

Inverted Matrix

A project oriented organization structure that employs permanent specialists to support projects

Issue

An immediate problem requiring resolution

Key Events

Major events the achievement of which that are deemed to be critical to the execution of the project

Key Performance Indicators

Measurable indicators that will be used to report progress that is chosen to reflect the critical success factors of the project.

Labor Rate Variances

Difference between planned labor rates and actual labor rates.

Ladder

Device for representing a set of overlapping activities in a network diagram. Note: The start and finish of each succeeding activity are linked only to the start and finish of the preceding activity by lead and lag activities, which consume only time.

Lag

a) In a network diagram, the minimum necessary lapse of time between the finish of one activity and the finish of an overlapping activity b) delay incurred between two specified activities

Late Dates

Calculated in the backward pass of time analysis, late dates are the latest dates by which an activity can be allowed to start or finish.

Latest Event Time

Latest time by which an event has to occur within the logical and imposed constraints of the network, without affecting the total project duration

Late Event Date

Calculated from backward pass, it is the latest date an event can occur.

Latest Finish Time

The latest possible time by which an activity has to finish within the logical activity and imposed constraints of the network, without affecting the total project duration

Latest Start Time

Latest possible time by which an activity has to start within the logical and imposed constraints of the network, without affecting the total project duration

Lead

In a network diagram, the minimum necessary lapse of time between the start of one activity and the start of an overlapping activity

Lead Contractor

The contractor who has responsibility for overall project management and quality assurance

Leadership

Getting others to follow

Letter of Intent

A letter indicating an intent to sign a contract, usually so that work can commence prior to signing that contract.

Leveling

See Resource Leveling.

Life Cycle

A sequence of defined stages over the full duration of a project

Life-Cycle Costing

When evaluating alternatives, Life-Cycle Costing is the concept of including acquisition, operating and disposal costs.

Likelihood

Assessment of the probability that a risk will occur.

Line Manager

The manager of any group that makes a product or performs a service.

Linked Bar Chart

A bar chart that shows the dependency links between activities

Logic

See Network Logic.

Logic Diagram

A diagram that displays the logical relationships between project activities

Logical Relationship

A logical relationship is based on the dependency between two project activities or between a project activity and a milestone.

Loop

An error in a network which results in a later activity imposing a logical restraint on an earlier activity

Management by Project

A term used to describe normal management processes that are being project managed.

Management Development

All aspects of staff planning, recruitment, development, training and assessment.

Management Reserve

A central contingency pool. Sum of money held as an overall contingency to cover the cost impact of some unexpected event occurring. Note: This is self-insurance

Master Network

Network showing the complete project, from which more detailed networks are derived

Master Schedule

A high level summary project schedule that identifies major activities and milestones.

Material

Property which may be incorporated into or attached to an end item to be delivered under a contract or which may be consumed or expended in the performance of a contract. It includes, but is not limited to raw and processed material, parts, components, assemblies, fuels and lubricants, and small tools and supplies which may be consumed in normal use in the performance of a contract.

Matrix Organization

An organizational structure where the Project Manager and the Functional Managers share the responsibility of assigning priorities and for directing the work.

Methodology

A documented process for management of projects that contains procedures, definitions and roles and responsibilities.

Mid-Stage Assessment

An assessment in the middle of a project that can be held for several reasons:  1) at the request of the project board; 2) to authorize work on the next stage before current one is completed; 3) to allow for a formal review in the middle of a long project; or 4) to review exception plans.

Milestone

A key event. An event selected for its importance in the project. Note: Milestones are commonly used in relation to progress. (A milestone is often chosen to represent the start of a new phase or completion of a major deliverable. They are used to monitor progress at summary level. Milestones are activities of zero duration) 

Milestone Plan

A plan containing only milestones which highlight key points of the project.

Milestone Schedule

A schedule that identifies the major milestones. See also Master Schedule.

Mission Statement

Brief summary, approximately one or two sentences, that sums up the background, purposes and benefits of the project.

Mitigation

Working to reduce risk by lowering its chances of occurring or by reducing its effect if it occurs.

Mobilization

The bringing together of project personnel and securing equipment and facilities. Carried out during project start-up phases

Monitoring

Monitoring is the recording, analyzing and reporting of project performance as compared to the plan.

Monte Carlo Simulation

A technique used to estimate the likely range of outcomes from a complex process by simulating the process under randomly selected conditions a large number of times.

Multi-Project

A project consisting of multiple subprojects.

Multi-Project Analysis

Multi-project analysis is used to analyze the impact and interaction of activities and resources whose progress affects the progress of a group of projects or for projects with shared resources or both. Multi-project analysis can also be used for composite reporting on projects having no dependencies or resources in common. 

Multi-Project Management

Managing multiple projects that are interconnected either logically or by shared resources.

Multi-project Scheduling

Use of the techniques of resource allocation to schedule more than one project concurrently

Near-Critical Activity

A low total float activity.

Negative Total Float

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

Negotiated Contract Cost

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 Contract Target Cost.

Negotiation

The art of satisfying needs by reaching agreement or compromise with other parties.

Net Present Value

Aggregate of future net cash flows discounted back to a common base date, usually the present

Network

A pictorial presentation of project data 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, or logic diagram.

Network Analysis

Method used for calculating a project's critical path and activity times and floats. Note: See also critical path analysis, project network techniques.

Network Interface

Activity or event common to two or more network diagrams

Network Logic

The collection of activity dependencies that make up a project network.

Network Path

A series of connected activities in a project network.

Nodes

Points in a network at which arrows start and finish

Non-recurring Costs

Expenditures against specific tasks that are expected to occur only once on a given project.

Non-splittable Activity

An activity that, once started, has to be completed to plan without interruption. Note: Resources should not be diverted from a non-splittable activity to another activity

Not Earlier Than

A restriction on an activity that indicates that it may not start or end earlier than a specified date.

Not Later Than

A restriction on an activity that indicates that it may not start or end later than a specified date.

Objectives

Predetermined results toward which effort is directed.

Operation Phase

Period when the completed deliverable is used and maintained in service for its intended purpose

Opportunity

The opposite of a risk. The chance to enhance the project benefits

Order of Magnitude Estimate

An estimate carried out to give very approximate indication of likely out-turn costs.

Organization Design

The design of the most appropriate organizational design for a project.

Organizational Breakdown Structure (OBS)

Hierarchical way in which the organization may be divided into management levels and groups, for planning and control purposes