Chap 2 Key Terms 2 Flashcards
Capitial Budget
Monetary outlet for relatively large sums of money invested over multiple years
Constraint Triangle
Depiction of the concept of triple constraint in project management, consisting of time, cost, and scope.
Cost Center
Accounting configuration for expenditures that do not generate income
Decision package
A proposal or plan that outlines project expenditures, outputs, and alternatives, which receive funding in order of priority.
Evergreen Contract
A contract without a set expiration date.
Grid Work
Distribution cycle work performed within a specified geographic boundary.
Key Performance Indicator (KPI)
Contractual target against which a contractor is evaluated. It can include unit price components (e.g. cost per tree, acre or mile), as well as elements, such as work quality, customer satisfaction, reliability, safety certifications, or other factors.
Lump-sum Contract
Contractual strategy where vendors submit a single price for a set amount of work (e.g. project or the entire account for a specified period of time).
Operating and Maintenance Budget (or just Operating Budget)
Budgets that finance day-to-day activities, including salaries, rent, utilities and supplies.
Performance-based Contract
Results-oriented method of providing a service that focuses on the outputs, quality, or outcomes, including the achievement of specific, measurable performance standards and requirements. These contracts may include both monetary and non-monetary incentives and disincentives.
Predictive Maintenance
Type of preventative maintenance performed continuously or at intervals, using field data to diagnose and monitor a condition or system.
SMART goals
In project management, a means of setting and evaluating goals using the elements of the acronym, Specific, Measurable, Achievable, Relevant, Timely.
Time and Material contract
Method of providing a service in which all costs –including labor, equipment, supplies, overheads, and operating profit –are passed on to the contracting agency, usually on an hourly basis.
Triple constraint
In project management, a concept showing the interrelation of the resources of time, cost, and scope, often depicted in a constraint triangle.
Unit Price contract
Method of providing a service or product where an agreed-upon amount is paid for each designated amount, or unit, of work completed. In vegetation management, units can be trees, portion of trees, miles of line, spans, or others as agreed upon by all parties involved.
