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A provision in the project management plan to mitigate cost and/or schedule risk. Often used with a modifier (e.g., management reserve, contingency reserve) to provide further detail on what types of risk are meant to be mitigated. The specific meaning of the modified term varies by application area.
Industry:Business services
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.
Industry:Business services
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.
Industry:Business services
A systematic way of reaching an intended outcome. Philosophically, change is what project management is all about.
Industry:Business services
An analytical technique to determine the essential features and relationships of component s in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project.
Industry:Business services
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.
Industry:Business services
A deliverable -oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. It organizes and defines the total scope of the project. Each descending level represents an increasingly detailed definition of the project work. The WBS is decomposed into work packages. The deliverable orientation of the hierarchy includes both internal and external deliverables. See also work package.
Industry:Business services
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. See also lag. A negative lead is equivalent to a positive lag.
Industry:Business services
A written order, signed by the owner or his representative, of a contractual status requiring performance by the contractor without negotiation of any sort.
Industry:Business services
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.
Industry:Business services
