Project Management Definitions – Part 14
This is also known as an activity, an individual step performed to reach a project’s goals
Technical performance measurement
A performance measurement technique that compares technical accomplishments during project execution to the project management plan’s schedule of planned technical achievements.
It may use key technical parameters of the product produced by the project as a quality metric. Be achieved metric values are part of the work performance information
An estimating method of accounts for uncertainty by averaging the optimistic, pessimistic, and most likely estimates. A three-point Estimates may be modified by averaging the one optimistic, one pessimistic, and for most likely estimates
A cost, time, quality, technical, or resource value used as a parameter, and which may be included in product specifications. Crossing the threshold should trigger some action, such as generating an exception report
A condition or situation unfavourable to the project, a negative set of circumstances, a negative set of events, a risk that will have a negative impact on a project objective if it occurs, or a possibility for negative changes.
Time and material (T&M) contract
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 a 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
Timescale 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
The area of a Gantt chart that displays units of time. When the timescale is placed against those units of time, task bars graphically represent the timing of tasks
To complete performance index (TCPI)
The calculated projection of cost performance that must be achieved on the remaining work to meet a specified management goal, such as the budget at completion or the estimate at completion. It is the ratio of remaining work to the funds remaining
The total amount of time that a schedule activity may be delayed from its early start date without delaying the project finish date, or violating a schedule constraint.
Calculated using the critical path method technique and determining the difference between the early finish dates and late finish dates. This is also known as free float
Recording the actual progress of work completed and the cost approved for projects task
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 the budget, cost, schedule, or scope parameter by using prior progress reporting periods’ data and projecting how much that parameters variance from baseline might be at some future point in the project if no changes are made in executing the project.
Triggers indications that the risk has occurred or is about to occur. Triggers may be discovered in the risk identification process and watched in the risk monitoring and control process. Triggers are sometimes called risk symptoms or warning signs.