Early Start Date (ES). In the critical path method, the earliest possible point in time on which the uncompleted portions of a schedule activity (or the project) can start, based on the schedule network logic, the data date, and any schedule constraints. Early start dates can change as the project progresses and as changes are made to the project management plan.
Earned Value (EV). The value of work performed expressed in terms of the approved budget assigned to that work for a schedule activity or work breakdown structure component. Also referred to as the budgeted cost of work performed (BCWP).
Earned Value Management (EVM). A management methodology for integrating scope, schedule, and resources, and for objectively measuring project performance and progress. Performance is measured by determining the budgeted cost of work performed (i.e., earned value) and comparing it to the actual cost of work performed (i.e., actual cost).
Earned Value Technique (EVT) ¡Technique]. A specific technique for measuring the performance of work and used to establish the performance measurement baseline (PMB).
Effort. The number of labor units required to complete a schedule activity or work breakdown structure component. Usually expressed as staff hours, staff days, or staff weeks. Contrast with duration.
Enterprise Environmental Factors [Output/Input]. Any or all external environmental factors and internal organizational environmental factors that surround or influence the project's success.These factors are from any or all of the enterprises involved in the project, and include organizational culture and structure, infrastructure, existing resources, commercial databases, market conditions, and project management software.
Estimate [Output/Input]. A quantitative assessment of the likely amount or outcome. Usually applied to project costs, resources, effort, and durations and is usually preceded by a modifier (i.e., preliminary, conceptual, feasibility, order-of-magnitude, definitive), it should always include some indication of accuracy (e.g., ± x percent). See also budget and cost.
Estimate Activity Durations [Process]. The process of approximating the number of work periods needed to complete individual activities with estimated resources.
Estimate Activity Resources [Process]. The process of estimating the type and quantities of material, people, equipment or supplies required to perform each activity.
Estimate at Completion (EAC) [Output/Input]. The expected total cost of a schedule activity, a work breakdown structure component, or the project when the defined scope of work will be completed .The EAC may be calculated based on performance to date or estimated by the project team based on other factors, in which case it is often referred to as the latest revised estimate. See also earned value technique and estimate to complete.
Estimate Costs [Process]. The process of developing an approximation of the monetary resources needed to complete project activities.
Estimate to Complete (ETC) [Output/Input]. The expected cost needed to complete all the remaining work for a schedule activity, work breakdown structure component, or the project. See also earned value technique and estimate at completion.
Execute. Directing, managing, performing, and accomplishing the project work, providing the deliverables, and providing work performance information.
Executing Processes [Process Group],Those processes performed to complete the work defined in the project management plan to satisfy the project objectives.
Expected Monetary Value (EMV) Analysis. A statistical technique that calculates the average outcome when the future includes scenarios that may or may not happen. A common use of this technique is within decision tree analysis.
Expert Judgment [Technique]. Judgment provided based upon expertise in an application area, knowledge area, discipline, industry, etc. as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training.
Failure Mode and Effect Analysis (FMEA) [Technique]. An analytical procedure in which each potential failure mode in every component of a product is analyzed to determine its effect on the reliability of that component and, by itself or in combination with other possible failure modes, on the reliability of the product or system and on the required function of the component; or the examination of a product (at the system and/or lower levels) for all ways that a failure may occur. For each potential failure, an estimate is made of its effect on the total system and of its impact. In addition, a review is undertaken of the action planned to minimize the probability of failure and to minimize its effects.
Fast Tracking [Technique], A specific project schedule compression technique that changes network logic to overlap phases that would normally be done in sequence, such as the design phase and construction phase, or to perform schedule activities in parallel. See also crashing and schedule compression.
Finish Date. A point in time associated with a schedule activity's completion. Usually qualified by one of the following: actual, planned, estimated, scheduled, early, late, baseline, target, or current.
Finish-to-Finish (FF). The logical relationship where completion of work of the successor activity cannot finish until the completion of work of the predecessor activity. See also logical relationship.
Finish-to-Start (FS). The logical relationship where initiation of work of the successor activity depends upon the completion of work of the predecessor activity. See also logical relationship.
Firm-Fixed-Price (FFP) Contract. A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller's costs.
Fixed-Price-Incentive-Fee (FPIF) Contract. A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meeis defined performance criteria.
Float. Also called slack. See total float and free float.
Flowcharting [Technique]. The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.
Forecast. An estimate or prediction of conditions and events in the project's future based on information and knowledge available at the time of the forecast. The information is based on the project's past performance and expected future performance, and includes information that could impact the project in the future, such as estimate at completion and estimate to complete.
Forward Pass. The calculation of the early start and early finish dates for the uncompleted portions of all network activities. See also schedule network analysis and backward pass.
Free Float. The amount of time that a schedule activity can be delayed without delaying the early start date of any immediately following schedule activities. See also total float.
Functional Manager. Someone with management authority over an organizational unit within a functional organization. The manager of any group that actually makes a product or performs a service. Sometimes called a line manager.
Functional Organization. A hierarchical organization where each employee has one clear superior, and staff are grouped by areas of specialization and managed by a person with expertise in that area.
Gantt Chart. [Tool ] A graphic display of schedule-related information. In the typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the chart, dates are shown across the top, and activity durations are shown as date-placed horizontal bars.
Grade. A category or rank used to distinguish items that have the same functional use (e.g., "hammer"), but do not share the same requirements for quality (e.g., different hammers may need to withstand different amounts of force).
Hammock Activity. See summary activity.
Historical Information. Documents and data on prior projects including project files, records, correspondence, closed contracts, and closed projects.
Human Resource Plan. A document describing how roles and responsibilities, reporting relationships, and staffing management will be addressed and structured for the project. It is contained in or is a subsidiary plan of the project.
Identify Risks [Process]. The process of determining which risks may affect the project and documenting their characteristics.
Identify Stakeholders [Process]. The process of identifying all people or organizations impacted by the project, and documenting relevant information regarding their interests, involvement, and impact on project success.
Imposed Date. A fixed date imposed on a schedule activity or schedule milestone, usually in the form of a "start no earlier than" and "finish no later than" date.
Influence Diagram [Tool]. A graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.
Initiating Processes [Process Group]. Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.
Input [Process Input]. Any item, whether internal or external to the project that is required by a process before that process proceeds. May be an output from a predecessor process.
Inspection [Technique]. Examining or measuring to verify whether an activity, component, product, result, or service conforms to specified requirements.
Invitation for Bid (IFB). Generally, this term is equivalent to request for proposal. However, in some application areas, it may have a narrower or more specific meaning.
Issue. A point or matter in question or in dispute, or a point or matter that is not settled and is under discussion or over which there are opposing views or disagreements.
Lag [Technique]. A modification of a logical relationship that directs a delay in the successor activity. For example, in a finish-to-start dependency with a ten-day lag, the successor activity cannot start until ten days after the predecessor activity has finished. See also lead.
Late Finish Date (LF). In the critical path method, the latest possible point in time that a schedule activity may be completed based upon the schedule network logic, the project completion date, and any constraints assigned to the schedule activities without violating a schedule constraint or delaying the project completion date. The late finish dates are determined during the backward pass calculation of the project schedule network.
Late Start Date (LS). In the critical path method, the latest possible point in time that a schedule activity may begin based upon the schedule network logic, the project completion date, and any constraints assigned to the schedule activities without violating a schedule constraint or delaying the project completion date. The late start dates are determined during the backward pass calculation of the project schedule network.
Lead ¡Technique], A modification of a logical relationship that allows an acceleration of the successor activity. For example, in a finish-to-start dependency with a ten-day lead, the successor activity can start ten days before the predecessor activity has finished. A negative lead is equivalent to a positive lag. See also lag.
Lessons Learned [Output/Input]. The learning gained from the process of performing the project. Lessons learned may be identified at any point. Also considered a project record, to be included in the lessons learned knowledge base.
Lessons Learned Knowledge Base. A store of historical information and lessons learned about both the outcomes of previous project selection decisions and previous project performance.
Leveling. See resource leveling.
Log. A document used to record and describe or denote selected items identified during execution of a process or activity. Usually used with a modifier, such as issue, quality control, action, or defect.
Logical Relationship. A dependency between two project schedule activities, or between a project schedule activity and a schedule milestone. The four possible types of logical relationships are: Finish-to-Start; Finish-to-Finish; Start-to-Start; and Start-to-Finish. See also precedence relationship.
Manage Project Team [Process]. The process of tracking team member performance, providing feedback, resolving issues, and managing changes to optimize project performance.
Manage Stakeholder Expectations [Process]. The process of communicating and working with stakeholders to meet their needs and addressing issues as they occur.
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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.