Glossary Pt. 2 Flashcards
Time and Material Contract (T&M)
Time and Material Contract (T&M) 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. ;
Time-Scaled Schedule Network Diagram
Time-Scaled Schedule Network Diagram Any project schedule network diagram drawn in such a way that the positioning and length of the schedule activity represents its duration. Essentially; it is a bar chart that includes schedule network logic
To-Complete Performance Index (TCPI)
To-Complete Performance Index (TCPI) A measure of the cost performance that is required to be achieved with the remaining resources in order to meet a specified management goal; expressed as the ratio of the cost to finish the outstanding work to the remaining budget
Tolerance
Tolerance The quantified description of acceptable variation for a quality requirement.
Tool
Tool Something tangible; such as a template or software program; used in performing an activity to produce a product or result.
Tornado Diagram
Tornado Diagram A special type of bar chart used in sensitivity analysis for comparing the relative importance of the variables.
Total Float
Total Float The amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint.
Tree Diagram
Tree Diagram A systematic diagram of a decomposition hierarchy used to visualize as parent-to-child relationships a systematic set of rules.
Trend Analysis
Trend Analysis An analytical technique that uses mathematical models to forecast future outcomes based on historical results. It is a method of determining the variance from a baseline of a budget; cost; schedule; or scope parameter by using prior progress reporting periods’ data and projecting how much that parameter’s variance from baseline might be at some future point in the project if no changes are made in executing the project. ;
Trigger Condition
Trigger Condition An event or situation that indicates that a risk is about to occur.
Unanimity
Unanimity Agreement by everyone in the group on a single course of action.
Validate Scope
Validate Scope The process of formalizing acceptance of the completed project deliverables.
Validation
Validation The assurance that a product; service; or system meets the needs of the customer and other identified stakeholders. It often involves acceptance and suitability with external customers. Contrast with verification.
Value Engineering
Value Engineering An approach used to optimize project life cycle costs; save time; increase profits; improve quality; expand market share; solve problems; and/or use resources more effectively.
Variance Analysis
Variance Analysis A technique for determining the cause and degree of difference between the baseline and actual performance.
Variance at Completion (VAC)
Variance at Completion (VAC) A projection of the amount of budget deficit or surplus; expressed as the difference between the budget at completion and the estimate at completion
Variance
Variance A quantifiable deviation; departure; or divergence away from a known baseline or expected value.
Variation
Variation An actual condition that is different from the expected condition that is contained in the baseline plan.
Velocity
Velocity A measure of a team’s productivity rate at which the deliverables are produced; validated; and accepted within a predefined interval. Velocity is a capacity planning approach frequently used to forecast future project work.
Verification
Verification The evaluation of whether or not a product; service; or system complies with a regulation; requirement; specification; or imposed condition. It is often an internal process. Contrast with validation. ;
Verified Deliverables
Verified Deliverables Completed project deliverables that have been checked and confirmed for correctness through the Control Quality process.
Voice of the Customer
Voice of the Customer A planning technique used to provide products; services; and results that truly reflect customer requirements by translating those customer requirements into the appropriate technical requirements for each phase of project product development.
WBS Dictionary
WBS Dictionary A document that provides detailed deliverable; activity; and scheduling information about each component in the work breakdown structure.
Weighted Milestone Method
Weighted Milestone Method An earned value method that divides a work package into measurable segments; each ending with an observable milestone; and then assigns a weighted value to the achievement of each milestone.
What-If Scenario Analysis
What-If Scenario Analysis The process of evaluating scenarios in order to predict their effect on project objectives.
Work Authorization System
Work Authorization System A subsystem of the overall project management system. It is a collection of formal documented procedures that defines how project work will be authorized (committed) to ensure that the work is done by the identified organization; at the right time; and in the proper sequence. It includes the steps; documents; tracking system; and defined approval levels needed to issue work authorizations. ;
Work Authorization
Work Authorization A permission and direction; typically written; to begin work on a specific schedule activity or work package or control account. It is a method for sanctioning project work to ensure that the work is done by the identified organization; at the right time; and in the proper sequence.
Work Breakdown Structure (WBS)
Work Breakdown Structure (WBS) A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
Work Breakdown Structure Component
Work Breakdown Structure Component An entry in the work breakdown structure that can be at any level.
Work Package
Work Package The work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated and managed.
Work Performance Data
Work Performance Data The raw observations and measurements identified during activities being performed to carry out the project work.
Work Performance Information
Work Performance Information The performance data collected from various controlling processes; analyzed in context and integrated based on relationships across areas
Work Performance Reports
Work Performance Reports The physical or electronic representation of work performance information compiled in project documents; intended to generate decisions; actions; or awareness ;
Workaround
Workaround A response to a threat that has occurred; for which a prior response had not been planned or was not effective
