Contingency time See reserve time

continuous improvement Continuous improvement involves everyone in the organization watching for ways to improve quality, whether incrementally or by incorporating new ideas into the process. This involves taking measurements, improving processes by making them repeatable and systemized, reducing variations in production or performance, reducing defects, and improving cycle times. TQM and Six Sigma are examples of continuous improvement. The Kaizen approach is a quality technique from Japan (Kaizen means continuous improvement in Japanese).

contract This is a legally binding agreement between two or more parties used to acquire products or services. Contracts can be made between two or more parties, and money is typically exchanged for goods or services. They are enforceable by law and require an offer and an acceptance.

contract change control system This describes the processes needed to make contract changes and is a tool and technique of the Administer Procurements process.

contract statement of work (SOW) This is a detailed, concise description of the work of the project included with the contract. Either the buyer or the seller can write this. See also statement of work.

control accounts A control account is where factors such as actual cost, schedule, and scope can be measured using earned value performance measures. Control accounts are assigned to various levels of the WBS.

control chart This is a tool and technique of the Perform Quality Control process that measures the results of processes over time and displays them in graph form. Control charts measure variances to determine whether process variances are in control or out of control.

Control Costs This process manages the changes to project costs using the cost change control system.

Control Schedule This process involves documenting and managing changes to the project schedule.

Control Scope This process involves documenting and managing changes to project scope. Any modification to the agreed-upon WBS is considered a scope change. Changes in product scope will require changes to the project scope. See also product scope and project scope.

corrective actions This is when you take action to align the anticipated future project outcomes with the project plan.

cost of quality (COQ) This is the total cost to produce the product or service of the project according to the quality standards.

cost performance baseline This is the authorized time-phased budget for the project using the budget at completion earned value management formula. Cost performance baselines represented as S curves.

cost performance index (CPI) This is an earned value analysis technique that is used to calculate cost performance efficiencies: CPI = EV / AC.

cost plus fee (CPF) Cost plus fee contracts reimburse the seller for all allowable costs and include a fee that's calculated as a percentage of total costs. This is also called a cost plus percentage of cost contract (CPCC).

cost plus fixed fee (CPFF) Cost plus fixed fee contracts charge back all allowable project costs to the seller and include a fixed fee upon completion of the contract.

cost plus incentive fee (CPIF) This type of contract charges the allowable costs associated with producing the goods or services of the project to the buyer and includes an incentive for exceeding the performance criteria laid out in the contract.

Project Management Made Easy

Project Management Made Easy

What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

Get My Free Ebook

Post a comment