- Industry: Government
- Number of terms: 5883
- Number of blossaries: 0
- Company Profile:
An analytical technique that uses three cost or duration estimates to represent the optimistic, most likely, and pessimistic scenarios. This technique is applied to improve the accuracy of the estimates of cost or duration when the underlying activity or cost component is uncertain.
Industry:Business services
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.
Industry:Business services
A subset of project management that includes the processes required to ensure timely completion of the project. It consists of activity definition, activity sequencing, activity duration estimating, schedule development, and schedule control.
Industry:Business services
Time available to complete non-critical activities or work items without affecting total project duration.
Industry:Business services
A cost, time, quality, technical, or resource value used as a parameter, and which may be included in product specifications. Crossing the threshold should trigger some action, such as generating an exception report.
Industry:Business services
The point in time that work actually ended on a schedule activity. (Note: In some application areas, the activity is considered "finished" when work is "substantially complete.")
Industry:Business services
The picturing of the project’s deliverable as the solution of the stated need or problem. A “word picture” describing the Project Vision.
Industry:Business services
The total amount of time that a schedule activity may be delayed from its early start date without delaying the project finish date, or violating a schedule constraint. Calculated using the critical path method technique and determining the difference between the early finish dates and late finish dates.
Industry:Business services
A type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts. Time and material contracts resemble cost-reimbursable-type arrangements in that they have no definitive end, because the full value of the arrangement is not defined at the time of the award. Thus, time and material contracts can grow in contract value as if they were cost-reimbursable-type arrangements. Conversely, time and material arrangements can also resemble fixed-price arrangements. For example, the unit rates are preset by the buyer and seller, when both parties agree on the rates for the category of senior engineers.
Industry:Business services
The point in time that work actually started on a schedule activity.
Industry:Business services
