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..

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Value Engineering (VE)
Value engineering is a creative approach used to optimise life cycle costs, save time, increase profits, improve quality, expand market share, solve problems, and/or use resources more effectively. (PMI)
Virtual Team
The word "virtual" refers to workspace that, for the most part, is created through communication that is not face-to-face: e-mail, voice mail, telephone, videoconferencing. The Virtual Team is often established when Team Members are separated by geography and time zones, making face-to-face contact expensive and limited.
Virtual Team Room
See Electronic Team Room
Vision
An explicit statement of the future desired state that a team or Business wants to achieve over the longer term, 3-5 years.
Voice of the Customer (VOC)
Process whereby stakeholders describe their needs and ideas about the project.

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