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The technique of identifying early and late start dates, as well as early and late finish dates, for the uncompleted portions of project schedule activities. See also critical path method, critical chain method, what-if analysis, and resource leveling.
Industry:Business services
A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. Programs may include elements of related work outside the scope of the discrete projects in the program.
Industry:Business services
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria.
Industry:Business services
A measure of schedule efficiency on a project. It is the ratio of earned value (EV) to planned value (PV). The SPI = EV divided by PV. An SPI equal to or greater than one indicates a favorable condition, and a value of less than one indicates an unfavorable condition. See also earned value management.
Industry:Business services
A project management technique for determining how much time a project needs before it is completed. Each activity is assigned a best, worst, and most probable time estimate. These are used to determine the average completion time, which is used to figure the critical path and completion time for the project.
Industry:Business services
A Cost Risk Assessment is a highly structured approach to incorporate consideration of uncertainty in project modeling and management. It is applied to the work product for a project at any stage in the project evolution from the early conceptual or planning studies, through design and eventual construction.
Industry:Business services
A measure of schedule performance on a project. It is the algebraic difference between the earned value (EV) and the planned value (PV). SV = EV minus PV. See also earned value management.
Industry:Business services
The management of a series of related projects designed to accomplish broad goals, to which the individual projects contribute, which are typically executed over an extended period of time (i.e., a biennium).
Industry:Business services
A type of contract involving payment (reimbursement) by the buyer to the seller for the seller’s actual cost, plus a fee typically representing seller’s profit. Costs are usually classified as direct costs or indirect costs. Direct costs are costs incurred for the exclusive benefit of the project, such as salaries of full-time project staff. Indirect costs (also called overhead, and general and administrative costs) are costs allocated to the project by the performing organization as a cost of doing business, such as salaries of management indirectly involved in the project, and the cost of electric utilities for the office. Indirect costs are usually calculated as a percentage of direct costs. Cost-reimbursable contracts often include incentive clauses where, if the seller meets or exceeds selected project objectives, such as schedule targets or total cost, then the seller receives from the buyer an incentive or bonus payment.
Industry:Business services
The point in time that work was scheduled to finish on a schedule activity. The scheduled finish date is normally within the range of dates delimited by the early finish date and the late finish date. It may reflect resource leveling of scarce resources. Sometimes called planned finish date.
Industry:Business services
