Glossary of Terms
This glossary contains definitions used by the Project Change Frame® and other methodologies supported by Lindsay McKenna Limited.
A number of definitions are taken from the Project Management Book of Knowledge (PMBOK®) from the Project Managment Institute. These are denoted by having (PMI) at the end of the definition..
- See Budget At Completion.
- Backward Pass
- The calculation of late finish and start dates for the uncompleted portions of all network activities. Determined by working backwards through the network logic from the project's end date. THe end date amy be calculated by a forward pass or set by the customer or sponsor. (PMI)
- Bar Chart
- In project scheduling, a graphical representation of activities within a project over time. The duration of each activity is shown as the bar, the ends of which correspond to the start and end date of the activity. Also known as a Gantt Chart.
- The original approved plan plus or minus approved scope changes. (PMI)
- Baseline Plan
- The original project plan, against which progress is tracked during a project.
- Is the process where an organisation will compare its processes, products, performance against other organisations. These other organisations can be in the same or other industries. (PMI)
- Qualitative and quantitative improvements that occur as a direct result of achievement of the Project Goal and how the project was managed. Benefits can include: cost savings, increased profit, enhanced customer satisfaction, securing competitive advantage, increased employee morale and so on.
- Benefits, Indeterminate
- Benefits which are difficult to measure financially but must be estimated nevertheless.
- Benefits, Intangible
- Benefits which are important outcomes of the implemented action(s), but for which no financial assessment can be reasonably made (examples: better skilled workforce, increased corporate reputation or recognition, increased quality, better decision-making ability).
- Benefits, Tangible
- Benefits which can be measured or closely approximated (e.g., increased revenue, cost savings).
- Bottom-Up Budgeting
- Costs are built up from the lowest level of activity upwards. This approach should result in -/+ 10% accuracy. See also Top-Down Budgeting and Early Estimating.
- A technique for generating ideas in a group.
- See Project Brief.
- The amount of money allocated to complete the project.
- Budgeting - Bottom-up
- Costs are built up from the lowest level of activity upwards. This approach should result in -/+ 10% accuracy.
- Budgeting - Top-down
- Budgets are created by using parametric relationships. A monetary value is placed on an individual unit (product, service, materials). Thereafter, an estimate of the number of units required is then converted to currency by multiplying the quantity of units by the unit price. This approach to budgets can achieve -/+ 20% accuracy.
- Budget At Completion (BAC)
- The sum of the total budgets for a project. (PMI)
- Burning Platform
- Unless people are faced with a compelling reason to change, they will
hold on to the status quo with tenacity, whether the status
quo is perceived as positive or negative.
A "Burning Platform" communication offers a compelling reason to relinquish the status quo, so compelling that people are prepared to "jump" into the transition process.
- Business Benefits
- See Benefits
- Business Leaders
- Accountable, as a team, for determining the right portfolio of projects to achieve the Business or Functional goals; responsible for communicating and aligning business strategy to projects.
- Business Project-Portfolio
- Includes all projects which have a significant impact on delivery of the overall Business visions, goals and strategies. The breadth of the Project-Portfolio can be at the level of one Business Unit within a country, a region, or globally.