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 Estimate at Completion.
- Early Estimating
- Often referred to as 'on the back of an envelope' to describe the rough and often casual nature of the work. An estimate that, in the absence of data derived from the project, may be based on the estimator's experience on similar projects, previous purchase of the cost items, and assumptions about the current project. Such estimates can achieve +/- 40% accuracy. See also Top Down Budgeting and Bottom Up Budgeting.
- Early Finish Date (EF)
- In the critical path method, the earliest possible date in which the uncompleted portions of an activity or project can complete based on the network logic and any schedule constraints. Can change as the project progresses and changes are made to the project plan. (PMI)
- Early Start Date (ES)
- In the critical path method, the earliest possible date in which the uncompleted portions of an activity or project can start based on the network logic and any schedule constraints. Can change as the project progresses and changes are made to the project plan. (PMI)
- Earned Value (EV)
- The physical work accomplished plus the authorised budget for this work.(PMI)
- The sum of the approved cost estimates (may include overhead allocation for activities or portions of activities completed during a given period, usually from the beginning of the project until now. (PMI)
- Earned Value Analysis
- A method of calculating the 'Earned Value' of a project, a hybrid measure of the monetary value of the work performed and accomplished at a point in time.
- Earned Value Management (EVM)
- A method for integrating scope, schedule, and resources, and for measuring project performance. It compares the amount of work that was planned, versus actual earned, versus actual spent, to determine if cost and schedule performance are as planned. (PMI)
- See Early Finish Date.
- The actual time required to complete an activity.
- Electronic Team Room/ Virtual Team Room
- Software applications and tools that enhance communication, collaboration, and co-ordination amongst teams of people who are not physically together.
- Giving or delegating power or authority to, giving ability to: enabling or permitting.
- End User
- A Stakeholder who will be directly and personally affected by the Project changes.
- Entry Criteria
- Criteria used to facilitate a comprehensive review of a Project
Proposal across multiple dimensions, such as finance, strategic
value and people impact, to determine its fitness to enter a Project-Portfolio.
A scoring system is often associated with these criteria, to support comparisons between proposals.
- A software application on the Web that provides teams with the ability to share documents and information, discuss ideas, capture knowledge and learning, track issues, etc.
- See Early Start Date.
- Essence of Project Management
- Real involvement of multifunctional project teams, involved Stakeholders, and a constant obsession with achieving the Project Goal.
- An assessment of the likely quantitative result. Usually applied to project costs and durations and should always include some indication of accuracy (e.g. +/- percent). Usually used with a modifier (e.g. preliminary, conceptual, feasibility). (PMI)
- Estimate at Completion (EAC)
- The expected total cost of an activity, a group of activities, or the project when the defined scope has been completed. Most techniques for forecasting EAC include some adjustment od the original cost estimate based on project performance to date. EAC=Actuals-to-date+ETC. (PMI)
- Estimate to Complete (ETC)
- The expected additional cost needed to complete an activity, a group
of activities or the project. Most techniques for calculating ETC include
some adjustment to the original cost estimate based on performances
ETC = EAC - AC. (PMI)
- See Earned Value.
- See Earned Value Management.
- The start or end point of an activity.
- A network diagramming technique in which events are represented by boxes (or nodes) connected by arrows to show the sequence in which events are to occur. (PMI)
- Executing Process Group
- Pulls together people and other resources to carry o0ut the project management plan for the project. (PMI)
- Expected Monetary Value
- The product of an event's probability of occurrence and the gain or loss that will result. Expected Monetary Value = Money at Risk x Probability. For example there is a 50% probability it will rain and the rain will result in a loss of $100, the expected monetary value of the rain event is $50 (.5 * $100). (PMI)
- External Customer
- Someone who formally requests you, the Supplier, to carry out some work for them, and pays you for this. Both parties enter into a Customer-Supplier relationship, which is likely to be formalised and regulated through contracts and agreements. (See also Customer).