AACEi :
In earned value, a technique to earn budget based on assignment of budget equally across two accounting months. Budget is earned at 50% when started, and the remainder at completion. This technique is limited to work package less than two months in duration.

AACEi :
Conduct by the owner or its agent (either in a directed or constructive manner) in which a contractor is required to complete performance of a contracted scope of work earlier than scheduled. A directed acceleration occurs when the owner formally directs such acceleration completion. A constructive acceleration generally occurs when a contractor is entitled to an excusable delay; the contractor requests a time extension from the owner; the owner declines to grant a time extension or grants one in an untimely manner; the owner or its agent either expressly orders completion within the original performance period or implies in a clear manner that timely completion within the original performance period is expected; and the contractor gives notice to the owner or its agent that the contractor considers this action an acceleration order.

AACEi :
(1) The formal process of accepting delivery of a product or a deliverable.
(2) The act of taking custody based on satisfactory verification.
(3) The act of an authorized representative, for itself or as agent for another, assumes ownership of existing identified supplies tendered or approves specific services rendered as partial or complete  performance of the contract.
(4) In TCM risk management, a response strategy for both threats and opportunities.

APM :
A response to a threat where no course of action is taken.

PCI :
(1) The formal process of accepting delivery of a product or a deliverable.
(2) The act of taking custody based on satisfactory verification.
(3) The act of an authorized representative, for itself or as agent for another, assumes ownership of existing identified supplies tendered or approves specific services rendered as partial or complete performance of the contract.
(4) In TCM risk management, a response strategy for both threats and opportunities.

AACEi :
Implicit or explicit specifications that must be achieved for a product or service to be acceptable within the terms of the contract or agreement seeking its delivery.

APM :
The requirements and essential conditions that have to be achieved before a deliverable is accepted.

PMI :
A set of conditions that is required to be met before deliverables are accepted.

PMI :
Products, results, or capabilities produced by a project and validated by the project customer or sponsors as meeting their specified acceptance criteria.

AACEi :
The formal action by the owner accepting the work (or a specified part thereof), following written notice from the engineer that the work (or specified part thereof) has been completed and is acceptable subject to the provisions of the contract regarding acceptance.

AACEi :
Risks that are identified, but for which no other risk response is taken in the risk treatment process (e.g., avoid, reduce, transfer).

AACEi :
The right of the contractor to ingress and egress, and to occupy the work site as required to reasonably perform the work described in the contract documents. An example of denial of access to the work would be on the segment of a sewer installation project where no easements or work limits are indicated, but the contractor is ordered, after contract award, to conduct operations within a narrow work corridor necessitating different or unanticipated construction methods (e.g., use of sheeting).

AACEi :
System used to assign summary numbers to elements of the work breakdown and account numbers to individual work packages.

AACEi :
An alphanumeric identification of a work package. An account number may be assigned to one or more activities. Syn.: Shop Order Number.

AACEi :
Answerable, but not necessarily charged personally with doing the work. Accountability cannot be delegated but it can be shared.

APM :
The process of collecting and communicating financial information to meet legal requirements, business management requirements, plus internal and external stakeholders’ needs.

AACEi :
The value of goods and services rendered on which payment has not yet been made.

AACEi :
The value of goods shipped or services rendered to a customer on which payment has not yet been received. Usually includes an allowance for bad debts.

AACEi :
In earned value management, the actual costs that are recorded for goods and/or material received or services rendered before payment. For example, subcontractor service for a safety inspection for a specific piece of equipment in the month of January which was validated as completed may be recorded by accrual based on an estimated cost. However, the accruals originally recorded in January for the cost of this activity are adjusted after a final cost is determined.

PMI :
Within the quality management system, accuracy is an assessment of correctness.

AACEi :
An expression of an estimate’s predicted closeness to final actual costs or time. Typically expressed as high/low percentages by which actual results will be over and under the estimate along with the confidence interval these percentages represent. Syn.: Range of Accuracy.

PMI :
The process of confirming human resource availability and obtaining the team necessary to complete project activities.

PMI :
Obtaining human and material resources necessary to perform project activities. Acquisition implies a cost of resources, and is not necessarily financial.

AACEi :
A measure taken or implemented that is intended to influence the course of the project.

AACEi :
Something agreed to be done as a meeting outcome and usually recorded in meeting minutes.

AACEi :
In TCM risk management, the party charged with implementing a risk response.

AACEi :
A plan that describes what needs to be done and by when. Project plans are action plans.

AACEi :
An operation or process consuming time and possibly resources (with the exception of dummy activities). An activity is an element of work that must be performed in order to complete a project. An activity consumes time, and may have resources associated with it. Activities must be measurable and controllable. An activity may include one or more tasks.

APM :
1. A task, job, operation or process consuming time and possibly other resources.
2. The smallest self-contained unit of work in a project.

PMI :
A distinct, scheduled portion of work performed during the course of a project.

PCI :
The smallest self-contained unit of work used to define the logic of a project. In general, activities share the following characteristics: a definite duration, logic relationships to other activities in a project, use resources such as people, materials or facilities, and have an associated cost.

AACEi :
Schedule-related characteristics and designations that uniquely describe a network activity. Attributes can include early and late start and finish dates; identification codes; resource assignments; predecessor and successor activities; and any other information that places the activity into accurate context of its place in the activity network.

PMI :
Multiple attributes associated with each schedule activity that can be included within the activity list. Activity attributes include activity codes, predecessor activities, successor activities, logical relationships, leads and lags, resource requirements, imposed dates, constraints, and assumptions.

AACEi :
A rectangle representing an activity on the bar chart. Its length is scaled according to the time scale.

AACEi :
In computer scheduling, calendar that defines the working and non-working patterns applicable to an activity. The activity calendar is normally overridden by the project calendar.

AACEi :
Alphanumeric designation system, with code(s) assigned to an activity to group or categorize its properties. Coding is used for detail and summary reporting purposes.

PMI :
One or more numerical or text values that identify characteristics of the work or in some way categorize the schedule activity that allows filtering and ordering of activities within reports.

AACEi :
The monetary amount expended to complete an activity. Depending upon the cost model and job cost system used, Activity cost may or may not include indirect costs (jobsite and home office) as well as direct costs.

PMI :
Activity Cost Estimate: The projected cost of the schedule activity that includes the cost for all resources required to perform and complete the activity, including all cost types and cost components.

AACEi :
Process of identifying specific activities that must be performed to produce project deliverables.

PMI :
Define Activity: The process of identifying and documenting the specific actions to be performed to produce the project deliverables.

AACEi :
A unique activity name and word description, which generally defines the work to be accomplished which easily identifies an activity to any recipient of the schedule.

AACEi :
(1) Length of time from start to finish of an activity, estimated or actual, in working or calendar time units.
(2) Best estimate of continuous time (hours, days, weeks, and months) needed to complete the work involved in an activity. This takes into consideration the nature of the work, and the resources needed to complete the task. Baseline activity duration development can become very complex when productivity impacts and nonstandard production rates must be utilized to meet the constraints of the project.

APM :
The length of time that it takes to complete an activity.

PMI :
The time in calendar units between the start and finish of a schedule activity.

PCI :
Activity duration specifies the length of time (hours, days, weeks, months) that it takes to complete an activity. This information is optional in the data entry of an activity. Work flow (predecessor relationships) can be defined before durations are assigned. Activities with zero durations are considered milestones (milestone value of 1 to 94) or hammocks (milestone value of 95 to 99).

AACEi :
Estimation of the number of work periods that will be needed to complete the activity.

PMI :
A quantitative assessment of the likely amount or outcome for the duration of an activity.

PCI :
A file containing all data related to the definition of activities on a particular project.

AACEi :
Syn.: Activity Code; Activity Number.

PMI :
A short, unique numeric or text identification assigned to each schedule activity to differentiate that project activity from other activities. Typically unique within any one project schedule network diagram.

PCI :
Activity Id: A unique code identifying each activity in a project.

AACEi :
A table of scheduled activities listing their respective descriptions, unique identification codes, sufficiently detailed scopes, and predecessor and successor activities, so that the project team can readily discern the work of each activity and the project as a whole.

PMI :
A documented tabulation of schedule activities that shows the activity description, activity identifier, and a sufficiently detailed scope of work description so project team members understand what work is to be performed.

PMI :
Project schedule network diagram: A graphical representation of the logical relationships among the project schedule activities.

AACEi :
Syn.: Activity Code; Activity Identifier.

AACEi :
An activity network format. Schedule activities are represented by arrows and nodes are represented by circles. AOA networks require the use of “dummy” activities to properly model work flow.

AACEi :
An activity network format. Schedule activities are represented by boxes or bars and relationships are represented by arrows. Pure AON networks rely solely on finish-to-start relationships and do not employ the use of activity lags to model work flow.

APM :
A network diagram where the activities are represented by the nodes.

PCI :
A network where activities are represented by a box or a node linked by dependencies.

AACEi :
Activity relationships determine how activities relate to one another and establish schedule logic.

PMI :
The types and quantities of resources required for each activity in a work package.

AACEi :
The process of identifying and documenting dependencies among schedule activities.

AACEi :
Information about the performance of an activity that is used to update schedule progress. Typical status information includes actual start and finish dates, percent complete, and remaining duration. This is information used to update the critical path method calculations periodically.

PCI :
The state of completion of an activity. A planned activity has not yet started. A started activity is in progress. A finished activity is complete.

AACEi :
Time information generated through the critical path method calculation that identifies the start and finish times for each activity in the network.

AACEi :
The latest allowable end time minus earliest allowable end time. The activity slack is always greater than or equal to the slack of the activity ending event.

AACEi :
Dictates calendar used in scheduling software for schedule calculations. Typical activity types are: independent, task, hammock, WBS, and milestone.

AACEi :
(1) An extraordinary interruption by a natural cause, as a flood or earthquake, or the usual course of events that experience, foresight or care cannot reasonably foresee or prevent.
(2) An event in nature over which neither the owner nor the contractor has any control.

AACEi :
A comparison of the observable work done at a given time with the work planned up to that time.

APM :
Actual Progress: A measure of the work that has been completed for comparison with the baseline.

AACEi :
The calendar date on which an activity was completed.

AACEi :
Syn.: Actual Cost Of Work Performed.(ACWP).

PMI :
The realized cost incurred for the work performed on an activity during a specific time period.

PCI :
The cost actually incurred.

AACEi :
(1) The actual expenditures incurred by a program or project.
(2) The direct costs actually incurred and the direct costs actually recorded and assigned in accomplishing the work performed. These costs should reconcile with the contractor's incurred cost ledgers when they are audited by the client.
(3) In earned value management, a measure of the actual cost of the work performed as of a data date.

APM :
The costs that have been charged to the budget and for which payment has been made, or accrued.

PCI :
The actual cost derived from the employed accounting system. Also called ACWP. The sum of costs actually incurred in accomplishing the work performed.

PCI :
Actual dates are entered as the project progresses. These are the dates that activities really started and finished as opposed to planned or projected dates.

PCI :
Those costs specifically identified with a contract or project, based upon the contractor’s cost identification and accumulation system.

AACEi :
Date when work on an activity is substantially complete. Activity substantial completion is when only minor or remedial work remains and successor activities may proceed without hindrance from the predecessor’s remaining work. It is not necessarily the last day work will be performed on that activity. The remaining duration of this activity is zero.

PCI :
Date on which an activity was completed.

AACEi :
Date when work on an activity actually started with intention of completing activity within the planned duration. The actual start date is not necessarily the first date work was performed on that activity. Interim starts and stops for an activity may show the need for splitting the activity into component parts.

PCI :
Date on which an activity was started.

AACEi :
The number of whole project time increments from project inception through time now (data date).

AACEi :
Schedule information that shows what has actually occurred. For example, the actual start date for a task is the day on which the task actually started, and its actual cost is the expenditures incurred spent up to the present

PMI :
Actual Duration: The time in calendar units between the actual start date of the schedule activity and either the data date of the project schedule if the schedule activity is in progress or the actual finish date if the schedule activity is complete.

PMI :
A project life cycle, also known as change-driven or agile methods, that is intended to facilitate change and require a high degree of ongoing stakeholder involvement. Adaptive life cycles are also iterative and incremental, but differ in that iterations are very rapid (usually 2–4 weeks in length) and are fixed in time and resources.

AACEi :
Written or graphic instruments issued prior to the date for opening of bids which may interpret or modify the bidding documents by additions, deletions, clarification, or corrections.

PMI :
A set of tools used to define the quality requirements and to plan effective quality management activities. They include, but are not limited to: brainstorming, force field analysis, nominal group techniques and quality management and control tools.

AACEi :
The compound rate of interest that, when used to discount the terminal values of costs and benefits of a project over a given study period, will make the costs equal the benefits when cash flows are reinvested at a specified rate. [1]

PMI :
A technique used to find ways to bring project activities that are behind into alignment with plan during project execution.

AACEi :
Syn.: Arrow Diagramming Method (ADM).

PCI :
Non-hierarchical project that uses the arrow-diagramming method.

AACEi :
Syn.: General & Administrative Costs (G&A).

PCI :
A document used by organizations to initiate the purchase of long-lead-time or time-critical materials prior to the final release of a design.

AACEi :
Normal weather events that negatively affect the productivity of workers and/or which may affect a project’s critical path or consume float. What deems weather as being adverse is defined differently for each project depending on several factors, including location of a project, the project scope, and even the terms of union construction worker labor agreements. The definition of adverse weather cannot be standardized for all projects or locations, but represents conditions that should be expected during project execution that may impact work progress.

PMI :
The process of calling public attention to a project or effort.

PMI :
A group creativity technique that allows large numbers of ideas to be classified into groups for review and analysis.

AACEi :
A person authorized to represent another (the principal) in some capacity. The agent can only act within this capacity or "scope of authority" to bind the principal. Agency agreements can be oral or in writing.

AACEi :
A collection of items arbitrarily brought together as associated variables for analytical or comparative purposes.

APM :
A family of development methodologies where requirements and solutions are developed iteratively and incrementally throughout the life cycle.

AACEi :
The written agreement between the owner and the contractor covering the work to be performed; other contract documents are attached to the agreement and made a part thereof as provided therein.

PMI :
Any document or communication that defines the initial intentions of a project. This can take the form of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, email, etc.

AACEi :
Requirements allocated to lower level system elements controlled by formal change control.

AACEi :
Requirements apportioned to the elements of a system by applying applicable knowledge and experience. Determination of allocated requirements is not as scientifically rigorous as determination of derived requirements.

AACEi :
1) In planning and scheduling, the process of distributing or assigning work on an activity to specific resources.
2) In cost estimating and budgeting, the process of distributing or assigning cost of an item or activity (often an overhead or indirect cost) to specific cost or budget accounts.

AACEi :
1) For estimating, resources included in estimates to cover the cost of known but undefined requirements for an individual activity, work item, account or sub-account.
2) For scheduling, dummy activities and/or time included in existing activities in a schedule to cover the time for known, but undefined requirements for a particular work task, activity, account or subaccount.

PMI :
A technique used to evaluate identified options in order to select which options or approaches to use to execute and perform the work of the project.

AACEi :
Any procedure or combination of procedures used to resolve issues in controversy without the need to resort to litigation. ADR typically includes assisted settlement negotiations, conciliation, facilitation, mediation, fact-finding, mini-trials, and arbitration.

PMI :
A technique used to evaluate identified options in order to select which options or approaches to use to execute and perform the work of the project.

PCI :
A resource that may be substituted as the requirement for an activity if the requested resource is not available.

AACEi :
An uncertainty in the meaning of provisions of a contract, document or specification. Mere disagreement about the meaning of a provision does not indicate an ambiguity. There must be genuine uncertainty of meaning based on logical interpretation of the language used in the contract. Generally, ambiguities in contracts are construed against the drafter of the agreement.

AACEi :
A modification of the contract by a subsequent agreement. This does not change the entire existing contract but does alter the terms of the affected provisions or requirements.

AACEi :
(1) As applied to a capitalized asset, the distribution of the initial cost by periodic charges to operations as in depreciation. Most properly applies to assets with indefinite life.
(2) The reduction of a debt by either periodic or irregular payments.
(3) A plan to pay off a financial obligation according to some prearranged schedule.

AACEi :
The logic path determined by transferring the calculated critical path of the collapsed as-built onto the analogous logic path on the as-built schedule. The analogous critical path allows the analyst to reconcile the total difference in completion date between the collapsed state and the as-built state with the sum of the extracted delays, whole or in part, lying on the analogous path.

APM :
An estimating technique based on the comparison with, and factoring from, the cost of similar, previous work.

PMI :
A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.

AACEi :
The examination of a complex whole and the separation and identification of its constituent parts and their relationships.

AACEi :
Comparison of actual cost/schedule performance to that planned. This comparison includes identification of “potential change notices” and their cause. Derives from the monitoring of project expenditures, progress and performance. Requires application of independent review and creative thought processes to come up with a comprehensive understanding of how, why, and where project accounts are headed. Analysis should result in corrective action to offset/minimize any potential overruns and maximize any potential under runs.

AACEi :
Syn.: Analyst-Induced Risk; Iatrogenic Risk.

AACEi :
Syn.: Analyst-Caused Risk; Iatrogenic Risk.

APM :
An estimating technique that uses detailed specifications to estimate time and cost for each product or activity.

PMI :
Various techniques used to evaluate, analyze, or forecast potential outcomes based on possible variations of project or environmental variables and their relationships with other variables.

AACEi :
Logical relationship between two or more activities that converges on or diverges from an event. The “and” relationship indicates that every one of the activities has to be undertaken.

AACEi :
A uniform annual amount equivalent to the project costs or benefits taking into account the time value of money throughout the study period. Syn.: Annual Worth; Equivalent Uniform Annual Value.

AACEi :
Syn.: Annual Value; Equivalent Uniform Annual Value.

AACEi :
Those costs that are incurred in a regular pattern each year.

AACEi :
(1) An amount of money payable to a beneficiary at regular intervals for a prescribed period of time out of a fund reserved for that purpose.
(2) A series of equal payments occurring at equal periods of time.
 

AACEi :
A specific refusal by the contractor to perform within the terms of the contract documents before performance is due; or a clear indication that the contractor is unable or unwilling to perform. Syn.: Repudiation.

AACEi :
Projects sharing specialized components that logically segregate work by product or production technology or by user.

PMI :
A category of projects that have common components significant in such projects, but are not needed or present in all projects. Application areas are usually defined in terms of either the product (i.e., by similar technologies or production methods) or the type of customer (i.e., internal versus external, government versus commercial) or industry sector (i.e., utilities, automotive, aerospace, information technologies, etc.). Application areas can overlap.

AACEi :
The form furnished by the owner or the engineer which is to be used by the contractor in requesting progress or final payments and which shall contain an affidavit, if required, in the general or supplementary conditions. The application for payment includes all supporting documentation as required by the contract documents.

PMI :
A technique that is used to adjust the amount of time between predecessor and successor activities.

AACEi :
(1) An earned value technique that status is assessed consistent with a base task(s). The earned value percent complete of the base effort is used to status the apportioned effort work package. Apportioned effort is technically related and time-phased proportionally to the base until designated.
(2) Effort that cannot be readily measured or divided into discrete work packages, but its performance can be measured in proportion to other measureable efforts.

PMI :
An activity where effort is allotted proportionately across certain discrete efforts and not divisible into discrete efforts. [Note: Apportioned effort is one of three earned value management (EVM) types of activities used to measure work performance.]

AACEi :
To accept as technically satisfactory by person or persons in authority. The approval may still require confirmation by someone else at a higher level of authority for legal or commercial considerations.

PMI :
A change request that has been processed through the integrated change control process and approved.

PMI :
A review of the change requests to verify that these were implemented as approved.

PCI :
An EVM system that has been accepted by a customer, typically documented by an advance agreement or imilar document. Approval may be found at a single geographic location or in multiple locations. Multiple approved systems may also reside within a single geographic location.

PCI :
Approval by the project board at initiation or prior to the beginning of the next stage.

AACEi :
A method for the resolution of disputes by an informal tribunal in which a neutral person or persons with specialized knowledge in the field in question renders a decision on the dispute. An arbitrator may grant any award which is deemed to be just and equitable after having afforded each party full and equal opportunity for the presentation of the case. Arbitration does not strictly follow the rules of evidence and discovery procedures found in litigation. Arbitration may be conducted under the auspices of an organization (e.g., the American Arbitration Association) which is available as a vehicle for conducting arbitration.

PCI :
A function of some computer programs that allows versions of a plan to be archived.

AACEi :
The graphic representation of activities in ADM network. One arrow represents one activity. The tail of the arrow represents the start of the activity. The head of arrow represents the finish. The arrow is not  a vector quantity and is not drawn to scale. A solid line is used for actual activities and a dashed line for dummies. It is uniquely defined by two events.

AACEi :
A network (logic diagram) on which the activities are represented by arrows between event nodes.

AACEi :
A method of constructing a logical network of activities using arrows to represent the activities and connecting those head-to-tail. This diagramming method shows the sequence, predecessor and successor relationships of the activities. Syn.: ADM.

PCI :
One of two conventions used to represent an activity in a project. Also known as Activity-on-Arrow or i/j method.

AACEi :
A piece of information that is produced, modified, or used by a process, defines an area of responsibility, and is subject to version control. An artifact can be a model, a model element, or a document. A document can enclose other documents.

AACEi :
Historical project record showing actual start and finish dates for work performed. Generally, shows logic used in the sequence of construction, along with actual start and finish dates.

AACEi :
An activity for which the scheduling application sets the early dates as late as possible without delaying the early dates of any successor.

AACEi :
Syn.: Data Date; Update Date.

AACEi :
The plan or baseline schedule the contractor developed to estimate/bid/contract to perform the work. The as-planned schedule incorporates planned production rates, work calendars, resource availability, logic ties, constraints and activity durations to meet contract requirements and contractor needs or desires.

AACEi :
An activity for which the scheduling application sets the early dates to be as soon as possible. This is the default activity type in most project management systems.

AACEi :
That value entered on the official assessor's records as the value of the property applicable in determining the amount of taxes to be assessed against that property.

AACEi :
Anything owned that has a monetary value, e.g., property, both real and personal, including notes, accounts and accrued earnings or revenues receivable and cash or its equivalent. Assets may be subdivided into current, fixed, etc. Property: real, i.e. physical; or intangible, i.e. knowledge, systems, or practices. Assets are created through the investment of resources in projects.

PMI :
A factor in the planning process that is considered to be true, real, or certain, without proof or demonstration.

PMI :
A technique that explores the accuracy of assumptions and identifies risks to the project from inaccuracy, inconsistency, or incompleteness of assumptions.

AACEi :
In the context of asset or project planning, a characteristic or property which is appraised in terms of whether it does or does not exist, (e.g., go or not-go) with respect to a given requirement.

PMI :
Method of measuring quality that consists of noting the presence (or absence) of some characteristic (attribute) in each of the units under consideration. After each unit is inspected, the decision is made to accept a lot, reject it, or inspect another unit.

AACEi :
In the context of asset or project performance assessment, a formal, independent examination with intent to verify conformance with established requirements through surveillance and inspection. They may be either internal or external.

AACEi :
(1) Power of influence, either granted to or developed by individuals, that leads to others doing what those individuals direct.
(2) Formal conferment of such influence through an instrument such as a project charter.

PMI :
The right to apply project resources, expend funds, make decisions, or give approvals.

AACEi :
Give final approval; a person who can authorize something is vested with authority to give final endorsement and which requires no further approval or agreement.

PCI :
Any scope changed for which authorization to proceed has been given, but for which the estimated costs are not yet settled.

AACEi :
An effort that has been approved by higher authority and may or may not be definitive.

PCI :
The effort which has been defined, plus that work for which authorization has been given, but for which defined contract costs have not been agreed upon.

AACEi :
The conversion, by an interest rate and present worth technique, of all capital and operating costs to a series of equivalent equal annual costs. As a system for comparing proposal investments, it requires assumption of a specific minimum acceptable interest rate.

AACEi :
A method of computing required return on investment based on the average book value of the asset during its life or during a specified study period.

AACEi :
In TCM risk management, a response strategy for threats that involves eliminating either the probability or impact.

APM :
A response to a threat that eliminates its probability or impact on the project.

AACEi :
Risk response strategy that eliminates the threat or opportunity of a specific risk event, usually by eliminating its potential cause.

PMI :
Risk Avoidance: A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.

AACEi : 
Cost of corrective action taken by the purchaser, chargeable to supplier by contract terms. 

PMI :
A listing of product requirements and deliverables to be completed, written as stories, and prioritized by the business to manage and organize the project’s work.

AACEi : 
Supporting documents for an estimate or schedule including detailed calculations, descriptions of data sources, and comments on the quality of the data.

AACEi : 
Network schedule calculation that determines the latest each activity in the network may start (LS) and finish (LF) and still maintain the minimum overall duration of the project as calculated by the forward pass. It counts backward toward the beginning of the schedule to determine the last possible start and finish dates for each activity that will not delay project completion.

PMI :
A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date.

PCI :
A procedure within time analysis to calculate the late start and late finish dates of all activities in a project.

APM :
A phase in the portfolio life cycle where the component projects and programmes are balanced in terms of risk, resource usage, cash flow and impact across the business.

PCI :
An organizational matrix where functions and projects have the same priority.

AACEi :
Graphic representation of a project that includes the activities that makes up the project and placed on a time scale. Bar charts are time scaled, show activity number, description, duration, start and finish dates, and an overall sequencing of the flow of work. Bar charts do not generally include the logic ties between activities. 

PMI :
A graphic display of schedule-related information. In the typical bar chart, schedule activities or work breakdown structure components are listed down the left side of the chart, dates are shown across the top, and activity durations are shown as date-placed horizontal bars. 

PCI :
A view of project data that uses horizontal bars on a time scale to depict activity information. Frequently called a Gantt chart.

AACEi :
Syn.: Base Estimate; Base Schedule.

AACEi :
Syn.:Base Time

PCI :
Original planned start and finished dates for an activity. Used to compare with current planned dates to determine any delays. Also used to calculate budgeted cost of work scheduled for earned-valued analysis.

AACEi :
Estimate excluding escalation, foreign currency exchange, contingency and management reserves. Syn.: Point Estimate ; Single Point Estimate.

AACEi :
Period for which prices serve as a reference for current period prices; in other words, the period for which an index is defined as 100 (if expressed in percentage form) or as 1 (if expressed in ratio form).

AACEi :
Cost index value for a specific month or an average of several months that is used as a basis for calculating escalation.

AACEi : 
Schedule excluding risks (i.e., excluding contingency).

AACEi : 
The date to which all future and past benefits and costs are converted when a present value method is used (usually the beginning of the study period). Syn.: Base Date.

AACEi :
(1) In project control, the reference plans in which cost, schedule, scope and other project performance criteria are documented and against which performance measures are assessed and changes noted.
(2) The budget and schedule that represent approved scope of work and work plan. Identifiable plans, defined by databases approved by project management and client management, to achieve selected project objectives. It becomes basis for measuring progress and performance and is baseline for identifying cost and schedule deviations. Syn.: Control Baseline.
(3) In earned value management systems, the general term to refer to the contractual baseline. See contract budget baseline and performance measurement baseline for the typical earned value management (EVM) definitions of the different baseline levels within the EVM baseline plan.

APM :
The reference levels against which a project, programme or portfolio is monitored and controlled.

PMI :
The approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison.

PCI :
A copy of the project schedule for a particular time (usually before the project is started) that can be used for comparison with the current schedule.

PCI :
A customer review conducted to determine with a limited sampling that a contractor is continuing to use the previously accepted performance system and is properly implementing a baseline on the contract or option under review.

AACEi :
(1) A fixed project schedule that is the standard by which project performance is measured. The current schedule is copied into the baseline schedule that remains frozen until it is reset. Resetting the baseline is done when the scope of the project has been changed significantly, for example after a negotiated change. At that point, the original or current baseline becomes invalid and should not be compared with the current schedule.
(2) Version of schedule that reflects all formally authorized scope and schedule changes.

PCI :
The baseline schedule is a fixed project schedule. It is the standard by which project performance is measured. The current schedule is copied into the baseline.

AACEi :
Written documentation that describes how an estimate, schedule, or other plan component was developed and defines the information used in support of development. A basis document commonly includes, but is not limited to, a description of the scope included, methodologies used, references and defining deliverables used, assumptions and exclusions made, clarifications, adjustments, and some indication of the level of uncertainty.

PMI :
Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.

PCI :
Operations performed by the computer without the need for any user intervention.

AACEi :
Comprises one or more geographic boundaries, imaginary or real, enclosing a plant or unit being engineered and/or erected, established for the purpose of providing a means of specifically identifying certain portions of the plant, related groups of equipment, or associated facilities. It generally refers to the processing area and includes all the process equipment, and excludes such other facilities as storage, utilities, administration buildings, or auxiliary facilities. The scope included within a battery limit must be well-defined so that all personnel will clearly understand it. On drawings, this is often referred to in the phrase: inside/outside battery limits or ISBL/OSBL.

AACEi :
A node at which no activities end, but one or more activities begin.

AACEi :
An event that signifies the beginning of an activity. Syn.: Preceding Event; Predecessor Event; Starting Event. 

AACEi :
The event that signifies the beginning of a network (or subnet).

AACEi :
A measurement and analysis process that compares practices, processes, and relevant measures to those of a selected basis of comparison (i.e., the benchmark) with the goal of improving performance. The comparison basis includes internal or external competitive or best practices, processes or measures. Examples of measures include estimated costs, actual costs, schedule durations, resource quantities, etc.

PMI :
Bench-marking is the comparison of actual or planned practices, such as processes and operations, to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

AACEi :
Use of a building, structure, or facility by the owner for its intended purpose (functionally complete), although other contract work, nonessential to the function of the occupied section, remains to be completed.

APM :
The quantifiable and measurable improvement resulting from completion of deliverables that is perceived as positive by a stakeholder. It will normally have a tangible value, expressed in monetary terms that will justify the investment.

PCI :
The enhanced efficiency, economy and effectiveness of future business operations to be delivered by a program.

AACEi : 
A method of evaluating projects or investments by comparing the present value or annual value of expected benefits to the present value or annual value of expected costs.

PCI :
An outline of the expected benefits of the program, the business operations affected and current and target performance measures.

APM :
The identification, definition, planning, tracking and realisation of business benefits.

PCI :
Combined with program management, Benefits Management is the process for planning, managing, delivering and measuring the program benefits.

PCI :
Specifies who is responsible for achieving the benefits set out in the benefit profiles and how achievement of the benefits is to be measured, managed and monitored. The Benefits Management Plan is part of the program definition.

PCI :
Located in the program definition, the Benefits Profiles describe the planned benefits to be realized by the program. The benefits profile also states where, when and how they are to be realized.

APM :
The practice of ensuring that benefits are derived from outputs and outcomes.

AACEi :
Benefits divided by costs, where both are discounted to a present value or equivalent uniform annual value.

AACEi :
Practical techniques gained from experience that have been shown to produce best results.

AACEi :
Lack of objectivity based on the enterprise’s or individual's position or perspective. Systematic and predictable relationships between a person's opinion or statement and his/her underlying knowledge or circumstances. Note: There may be "System Biases" as well as "Individual Biases".

AACEi :
To submit a price for services; a proposition either verbal or written, for doing work and for supplying materials and/or equipment.

AACEi :
Syn.: Bond, Bid.

AACEi : 
Security is provided in connection with the submittal of a bid to guarantee that the bidder, if awarded or offered the contract, will execute the contract and perform the work. The requirements for the bid security are usually designated in a specific section of the bidding documents. The bid security is payable to the owner (usually around 5% of the total bid price) in the form of either a certified or bank check or a bid bond issued by a surety satisfactory to the owner. The bid security of the successful bidder is usually retained until the bidder has executed the agreement and furnished the required contract security, whereupon the bid security is returned. Bid security of the other bidders is returned after the bid opening.

AACEi :
The individual, partnership, or corporation, or combination thereof, acting directly or through an authorized representative, formally submitting a bid directly to the owner, as distinct from a sub-bidder, who submits a bid to a bidder.

PMI :
The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement. Also known as contractor conferences, vendor conferences, or pre-bid conferences.

AACEi :
The advertisement for bids, instructions to bidders, information available to bidders, bid form with all attachments, and proposed contract documents (including all addenda issued prior to receipt of bids).

AACEi :
The advertisement for bids, instructions to bidders, supplementary instructions and all attachments therein, information to bidders and all attachments therein, and bid form and all attachments therein.

AACEi :
(1) Set of physical elements required to build a project.
(2) Hierarchical view of the physical assemblies, subassemblies, and components needed to fabricate a manufacturing product. 
(3) Descriptive and quantitative list of materials, supplies, parts, and components required to produce a designated complete end item of materials, assembly, or subassembly.

AACEi :
Descriptive and quantitative list of materials, supplies, parts, and components required to produce a designated complete end item of materials, assembly, or subassembly. Typically includes a description of the associated “method of measurement”.

AACEi :
An effort by a prime contractor to reduce the prices quoted by subcontractors and/or suppliers, by providing the bid price to other subcontractors or suppliers in an attempt to get the other subcontractors or suppliers to underbid the original price quoted. The reverse of this situation is when subcontractors try to get a better price out of a prime contractor. This is known as bid peddling.

APM :
A document defining and describing what a programme is designed to achieve in terms of the business and operational vision.

APM :
A body that provides sponsorship to a project, programme or portfolio. The board will represent financial, provider and user interests.

AACEi : 
A bond that guarantees the bidder will enter into a contract on the basis of the bid.

AACEi :
A bond that is executed in connection with a contract and which secures the payment of all persons supplying labor and material in the prosecution of the work provided for in the contract.

AACEi :
A bond that is executed in connection with a contract and which secures or guarantees the completion, performance and fulfillment of all the work, undertakings, covenants, terms, conditions, and agreements contained in the contract.

AACEi :
Instruments of security furnished by the contractor and/or surety in accordance with the contract documents. The term contract security refers to the payment bond, performance bond and those other instruments of security   
required in the contract documents.

AACEi :
(1) Current investment value on the books calculated as original value less depreciated accruals.
(2) New asset value for accounting use.
(3) The value of an outstanding share of stock of a corporation at any one time, determined by the number of shares of that class outstanding.

AACEi :
Ambiguous term that in TCM cost estimating or risk management typically refers to the total overall cost or profit of a project or program. In TCM decision analysis, may refer to a stakeholder’s threshold or decision making criterion beyond which a decision not-to-proceed, approve, or accept will be made.

APM :
An estimating technique that uses detailed specifications to estimate time and cost for each product or activity.

PMI :
"A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure (WBS)."

PCI :
This is the method of making estimates for every activity in the work breakdown structure and summarizing them to provide a total project cost estimate.

AACEi :
Process in which a group of people, selected for their creativity and knowledge, are brought together to seek solutions to particular problems or simply to find better ways of meeting objectives. Suggestions, however outlandish, are encouraged and pursued during a creativity session. From this, many ideas, some entirely new, are brought forward for analysis and ranking.

PMI :
"A general data gathering and creativity technique that can be used to identify risks, ideas, or solutions to issues by using a group of team members or subject matter experts.

PCI :
The unstructured generation of ideas by a group of people.

AACEi :
Failure, by either the owner or the contractor, without legal excuse, to perform any work or duty owed to the other person.

AACEi :
A hierarchical structure by which project elements are broken down, or decomposed.

APM :
A hierarchical structure by which project elements are broken down, or decomposed. Examples include: Cost Breakdown Structure (CBS), Organisational Breakdown Structure (OBS), Product Breakdown Structure (PBS), and Work Breakdown Structure (WBS).

AACEi :
A graphic representation of the relation between total income and total costs for various levels of production and sales indicating areas of profit and loss.

AACEi :
(1) In business operations, the rate of operations output, or sales at which income is sufficient to equal operating costs or operating cost plus additional obligations that may be specified.
(2) The operating condition, such as output, at which two alternatives are equal in economy.
(3) The percentage of capacity operation of a manufacturing plant at which income will just cover expenses.

AACEi :
Jobsite schedule, generally in bar chart form, used to communicate day-to-day activities to all working levels on the project as directed by construction manager. Detail information with regard to equipment use, bulk material requirements, and craft skills distribution, as well as the work to be accomplished, forms content of schedule. Issued on a weekly basis with a two to three-week look ahead from the issue date.

APM :
The output of the concept phase of a project or programme.

AACEi :
The summation of time phased costs at any Work Breakdown Structure (WBS) level. In earned value management according to the ANSI EIA 748 standard, all levels have BAC including work packages, planning packages, summary planning packages, Performance Management Baseline (PMB), Management Reserve (MR), Undistributed Budget (UB), and Contract Budget Baseline (CBB).

PMI :
The sum of all budgets established for the work to be performed.

PCI :
The sum total of the time-phased budget.

PCI :
Budget elements are the same as resources -- the people, materials, or other entities needed to do the work of the program. For example, Engineer, Technician, Travel, and Pipe can all be budget elements. These budget elements can be validated against a Resource Breakdown Structure (RBS). Budget elements are typically assigned to a work package, but can also be defined at the cost account level.

AACEi :
An estimate generally prepared to form the basis for authorization and/or appropriation of funds.

PCI :
The budget unit is the base unit for the calculation. For example, the Engineer budget element might have a budget unit of hours. Since budget units are user defined, they can be any appropriate unit of measure. For example, a budget unit might be hours, dollars, linear feet, or tons.

AACEi :
Syn.: Earned Value (EV).

PCI :
A measure used to quantify the overall progress of the investment in monetary terms. BCWP is calculated by applying a performance measurement factor to the planned cost. (By comparing BCWP with ACWP, it is possible to determine if the investment is under or over budget.) Another term for BCWP is ""Earned Value.""

AACEi :
Syn.: Planned Value (PV).

PCI :
The sum of the budgets for all planned work scheduled to be accomplished within a given time period. This term is often used to designate the cumulative to-date budget.

AACEi :
A process used to allocate the estimated cost of resources into cost accounts (i.e., the cost budget) against which cost performance will be measured and assessed. Budgeting often considers time-phasing in relation to a schedule and/or time-based financial requirements and constraints.

APM :
Budgeting and cost control: The estimation of costs, the setting of an agreed budget, and management of actual and forecast costs against that budget.

PCI :
Time phased financial requirements.

AACEi :
 A planned allocation of resources. The planned cost of needed materials is usually subdivided into quantity required and unit cost. The planned cost of labor is usually subdivided into the workhours required and the wage rate (plus fringe benefits and taxes).

PMI :
The approved estimate for the project or any work breakdown structure component or any schedule activity.

PCI :
The planned cost for an activity or project.

APM :
A term used in critical chain for the centralised management of contingencies.

PMI :
A provision in the project management plan to mitigate cost and/or schedule risk. Often used with a modifier (e.g., management reserve, contingency reserve) to provide further detail on what types of risk are meant to be mitigated.

AACEi :
Material bought in lots. These items can be purchased from a standard catalog description and are bought in quantity for distribution as required. Examples are pipe (non-spooled), conduit, fittings, and wire.

AACEi :
(1) In construction, the cost of maintaining an office with staff other than operating personnel. Also includes federal, state and local taxes, fringe benefits and other union contract obligations. In manufacturing, burden sometimes denotes overhead.
(2) In earned value, this is a broad term that refers to all non-direct costs including overheads, general & administrative, and cost of money as applicable. The common characteristic of a burden is the cost is expressed as a rate on top of the direct costs.

PCI :
Overhead expenses distributed over appropriate direct labor and/or material base.

AACEi :
The necessity of proving the facts in a dispute on an issue raised between the owner and the contractor. In a claim situation, the burden of proof is always on the person filing the claim. This is true whether the contractor is claiming against the owner, or the owner is making a claim against the contractor.

AACEi :
Rate at which resources such as funds or man-hours are or were being expended on a project.

PCI :
Ensuring that actual costs and elapsed time is in line with plan costs and schedule times and that the business case remains available.

PCI :
A person in the project assurance team who is responsible for planning, monitoring and reporting on all business assurance aspects of a project.

AACEi :
Defines a project’s or other investment’s justification for business decision making purposes. Depending upon the business’ decision making criteria, it typically includes an outline of objectives, deliverables, time, cost, technical, safety, quality and other attributes in respect to how the project or investment addresses the objectives and requirements of the business. May include information on project risks (either threats or opportunities), competitive impact, resource requirements, organizational impacts, key performance indicators (particularly profitability) and critical success factors.

APM :
Provides justification for undertaking a project or programme. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution.

PMI :
A documented economic feasibility study used to establish validity of the benefits of a selected
component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

PCI :
A document used to justify the commitment of resources to a project.

APM :
The role responsible for benefits management from identification through to realisation.

AACEi :
The determination of financial, production and sales goals of a business organization; and the identification of resources, methods, and procedures required to achieve the established objectives within specified budgets and timetables.

APM :
The assessment of risk to business objectives rather than risk to achieving project, programme or portfolio objectives.

PMI :
A concept that is unique to each organization and includes tangible and intangible elements. Through the effective use of project, program, and portfolio management disciplines, organizations will possess the ability to employ reliable, established processes to meet enterprise objectives and obtain greater business value from their investments.

APM :
An organisation’s normal day-to-day operations.

PMI :
The acquirer of products, services, or results for an organization.

AACEi :
A modeling process that defines all critical activities and individual activity scheduling data. The process applied in most scheduling software calculates the start and finish dates of activities in two passes. The first pass calculates early start and finish dates from the earliest start date forward. The second pass calculates the late start and finish activities from the latest finish date backwards. The difference between the pairs of start and finish dates for each task is the float or slack time for the task.

AACEi :
Defined work periods and holidays that determine when project activities may be scheduled. Multiple calendars may be used for different activities, which allows for more accurate modeling of the project work plan. E.g., 5-day work week calendar vs. 7-day work week.

PCI :
A project calendar lists time intervals in which activities or resources can or cannot be scheduled. A project usually has one default calendar for the normal work week (Monday through Friday for example), but may have other calendars as well. Each calendar can be customized with its own holidays and extra work days. Resources and activities can be attached to any of the calendars that are defined.

AACEi :
Span of the calendar from calendar start through end date. The calendar start date is unit number one. The calendar range is usually expressed in years.

AACEi :
The date assigned to the first unit of the defined calendar; the first day of the schedule.

AACEi :
The smallest common/standard unit of time used in a particular calendar for scheduling an activity or a project. Calendar units are generally in hours, days, or weeks, but can also be shifts or even minutes.

PCI :
A file containing calendar information for one or more calendars.

AACEi :
In cost estimating, an exponential factor used in the capacity factor estimating method. Syn.: Capacity Utilization Factor; Scaling Factor.

AACEi :
In cost estimating, an exponential factor used in the capacity factor estimating method. Syn.: Capacity Utilization Factor; Scaling Factor.

AACEi :
Syn.: Capacity Factor; Scaling Factor.

AACEi :
A systematic procedure for classifying, evaluating, and ranking proposed capital expenditures for the purpose of comparison and selection, combined with the analysis of the financing requirements.

AACEi :
A project in which the cost of the end result or product is capitalized (i.e., cost will be depreciated). The product is usually a physical asset such as property, real estate or infrastructure, but may include other assets that are depreciable.

AACEi :
(1) Charging periodically to operations amounts that will ultimately equal the amount of capital expenditure.
(2) The replacement of the original cost of an asset plus interest.
(3) The process of regaining the net investment in a project by means of revenue in excess of the costs from the project. (Usually implies amortization of principal plus interest on the diminishing, unrecovered balance.)

AACEi :
A factor used to calculate the sum of money required at the end of each of a series of periods to regain the net investment of a project plus the compounded interest on the unrecovered balance.

AACEi :
Syn.: Direct Costs.

AACEi :
The total original value of physical facilities which are not carried as a current expense on the books of account and for which depreciation is allowed by the Federal Government. It includes plant equipment, building, furniture and fixtures, and transportation equipment used directly in the production of a product or service. It includes all costs incident to getting the property in place and in operating condition, including legal costs, purchased patents, and paid-up licenses. Land, which is not depreciable, is often included. Characteristically it cannot be converted readily into cash.

AACEi :
Syn.: Indirect Costs.

AACEi :
Capital associated with process facilities inside battery limits.

AACEi :
The fixed capital requirements to:
1) Maintain the competitive position of a project throughout its commercial life by improving product quality, related services, safety, or economy; or,
2) Required to replace facilities which wear out before the end of the project life.

AACEi :
Sum of fixed and working capital.

AACEi :
Capital invested in technology or markets new at least to the particular organization.

AACEi :
The funds in addition to fixed capital and land investment which a company must contribute to the project (excluding startup expense) to get the project started and meet subsequent obligations as they come due. Working capital includes inventories, cash and accounts receivable minus accounts payable. Characteristically, these funds can be converted readily into cash. Working capital is normally assumed recovered at the end of the project.

AACEi :
(1) The present worth of a uniform series of periodic costs that continue for an indefinitely long time (hypothetically infinite).
(2) The value at the purchase date of the asset of all expenditures to be made in reference to this asset over an indefinite period of time. This cost can also be regarded as the sum of capital which, if invested in a fund earning a stipulated interest rate, will be sufficient to provide for all payments required to maintain the asset in perpetual service.

AACEi :
A planning technique in which team members interact to create a project strategy, tactical approach, and resulting network by locating and interconnecting task cards using walls as the work space. The wall data are transferred into a computer model for scheduling, critical path analysis and iteration.

PCI :
A breakdown of the project budget. Case numbers can be subdivided only twice to produce three levels: Case, Sub-Case, and Sub-Sub-Case.

AACEi :
Total cost excluding capital and depreciation spent on a regular basis over a period of time, usually one year. Cash costs consist of manufacturing cost and other expenses such as transportation cost, selling expense, research and development cost or corporate administrative expense.

AACEi :
The net flow of funds into or out of a project. The sum, in any time period, of all cash receipts, expenses, and investments. Also called cash proceeds or cash generated. The stream of monetary values—costs and benefits—resulting from a project investment.

AACEi :
The planning of project expenditures relative to income or authorized funding in such a way as to minimize the carrying cost of the financing for the project or keep within the constraints of a time-phased budget. This maybe achieved by accelerating or delaying some activities, but at the risk of ineffective performance, late completion and consequent increased cost.

AACEi :
Inflow and outflow of funds within a project. A time-based record of income and expenditures, often presented graphically.

AACEi :
Ratio of average depreciation plus average profit, to total fixed and working capital, for a year of capacity sales. Under certain limited conditions, this figure closely approximates that calculated by profitability index techniques where it is defined as the difference, in any time period, between revenues and all cash expenses, including taxes.

APM :
A phase in the portfolio life cycle where the component projects and programmes may be grouped according to shared characteristics.

AACEi :
An explanation or description of the facts and circumstances that produce a result, the cause and effect for which the contractor claims entitlement to compensation from the owner under the contract.

PMI :
A decomposition technique that helps trace an sirable effect back to its root cause.

AACEi :
Syn.: Risk Drivers.

PMI :
property of the central limit theorem predicting that the data observations in a distribution will tend to group around a central location. The three typical measures of central tendency are the mean, median, and mode."

AACEi :
Unquestionable. Free of doubt. No risk involved.

AACEi :
A series of elements joined together in sequence, such as a logical series of activities or occurrences.

AACEi :
Alteration or variation to a scope of work and/or the schedule for completing the work.

AACEi :
(1) Process of accepting or rejecting changes to the project's baselines. Lack of change control is one of the most common causes of scope creep.
(2) Process of implementing procedures that ensure that proposed changes are properly assessed and, if approved, incorporated into the project plan. Uncontrolled changes are one of the most common causes of delay and failure.
(3) Risk abatement process of accepting or rejecting changes to the project's baselines, based on predetermined criteria or "trigger points.”

APM :
The process through which all requests to change the baseline scope of a project, programme or portfolio are captured, evaluated and then approved, rejected or deferred.

PMI :
A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.

PMI :
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.

PCI :
A formally constituted group of stakeholders responsible for approving or rejecting changes to the project baselines.

PMI :
A set of procedures that describes how modifications to the project deliverables and documentation are managed and controlled.

PMI :
Manual or automated tools to assist with change and/or configuration management. At a minimum, the tools should support the activities of the CCB.

AACEi :
Records of changes proposed, accepted and rejected.

APM :
Change Register: A record of all proposed changes to scope.

APM :
A point after which no further changes to scope will be considered.

AACEi :
A change in the defined deliverables or resources used to provide them. Syn.: Scope Change.

AACEi :
A change in the order of work initially specified or planned by the contractor. If this change is ordered by the owner and results in additional cost to the contractor, the contractor may be entitled to recovery under the changes clause.

PMI :
A comprehensive list of changes made during the project. This typically includes dates of the change and impacts in terms of time, cost, and risk.

AACEi :
The formal process through which changes to the project plan are identified, assessed, reviewed, approved and introduced.

APM :
Change management is a structured approach to moving an organisation from the current state to the desired future state.

AACEi :
The form that is used by the owner to communicate a change in scope or baseline to the contract.

PMI :
Requested Change: A formally documented change request that is submitted for approval to the integrated change control process.

AACEi :
A document requesting and/or authorizing a scope and/or baseline change or correction.
1) From the owner’s perspective, it is an agreement between the project team and higher authority approving a change in the project control baseline.
2) From a contractor’s perspective, it is an agreement between the owner and the contractor to compensate for a change in scope or other conditions of a contract. It must be approved by both the client and the contractor before it becomes a legal change to the contract.

APM :
A request to obtain formal approval for changes to the scope of work.

PMI :
A formal proposal to modify any document, deliverable, or baseline.

PCI :
Change requests may arise through changes in the business or issues in the project. Change requests should be logged, assessed and agreed on before a commitment to the project can be made. Changes may be needed to the scope, design, methods or planned aspects of a project.

AACEi :
Work that is beyond the scope of that specified in the contract and consequently unauthorized. The basic tests for a cardinal change are whether the type of work was within the contemplation of the parties when they entered into the contract and whether the job as modified is still the same basic job.

AACEi :
An act or failure to act by the owner or the engineer that is not a directed change, but which has the effect of requiring the contractor to accomplish work different from that required by the existing contract documents.

AACEi :
Syn.: Modification, Unilateral.

AACEi :
Syn.: Differing Site Conditions.

AACEi :
Syn.: Code of Accounts(COA).

PCI :
Any numbering system, usually based on corporate chart of accounts of the primary performing organization, used to monitor project costs by category.

PMI :
Project Charter: A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

PMI :
A tally sheet that can be used as a checklist when gathering data.

AACEi :
A lower-level element in a hierarchical structure.

AACEi :
Subordinate task belonging to a 'parent' task existing at a higher level in the work breakdown structure.

PCI :
List of prioritized project work areas for a given case number and fiscal year as part of a Dept. of Energy (DOE) Defense programs (DP) Sector Project Data Document (PDD).

AACEi :
A demand or assertion of rights by one party against another for damages sustained under the terms of a legally binding contract. Damages might include money, time, or other compensation to make the claimant whole.

PMI :
A request, demand, or assertion of rights by a seller against a buyer, or vice versa, for consideration,compensation, or payment under the terms of a legally binding contract, such as for a disputed change.

PMI :
The process of processing, adjudicating, and communicating contract claims.

AACEi :
(1) Party to a contract who commissions the work. On capital projects, may also be referred to as the “owner”.
(2) Customer, principal, owner, promoter, buyer, or end user of the product or service created by the project.

PMI :
The process of completing each project procurement.

PMI :
Project contracts or other procurement agreements that have been formally acknowledged by the proper authorizing agent as being finalized and signed off.

AACEi :
The completion of project work. The phase at the end of a project lifecycle just before the operations begins.

APM :
Closure: The formal end point of a project or programme, either because it has been completed or because it has been terminated early.

PMI :
Close Project or Phase: The process of finalizing all activities across all of the Project Management Process Groups to formally complete a project or phase.

PCI :
The completion of work on a project.

PMI :
Those processes performed to finalize all activities across all Process Groups to formally close a project or phase.

AACEi :
A referencing system typically applied to the elements of work and cost breakdown structures.

PCI :
A file used in reporting that contains information associated with codes entered on an activity record.

AACEi :
A systematic coding structure for organizing and managing scope, asset, cost, resource, work, and schedule activity information. A COA is essentially an index to facilitate finding, sorting, compiling, summarizing, or otherwise managing information that the code is tied to. A complete code of accounts includes definitions of the content of each account. Syn.:Chart Of Accounts.

PMI :
A numbering system used to uniquely identify each component of the work breakdown structure (WBS).

AACEi :
The process of applying a code.

APM :
Negotiation that seeks to create a ‘win-win’ scenario where all parties involved get part or all of what they were looking for from the negotiation.

PMI :
An organizational placement strategy where the project team members are physically located close to one another in order to improve communication, working relationships, and productivity.

AACEi :
Activities performed to substantiate the capabilities of individual units and systems to function as designed. May include performance tests on mechanical equipment, water washing, flushing and drying of equipment and piping, control systems operability checks, checking of safety and fire protection devices, and operation of systems on inert fluids. Commissioning normally follows mechanical completion and ends with initial operation or startup.

AACEi :
The sum of all financial obligations made, including incurred costs and expenditures as well as obligations, which will not be performed until later.

PCI :
A binding financial obligation typically in the form of a purchase order. If commitments are entered as a budget, a forecast using the method Retain EAC can show the open commitments.

AACEi :
A cost which has not yet been paid, but an agreement, such as a purchase order or contract, has been made that the cost will be incurred.

APM :
Committed expenditure: Costs that have not yet been paid but cannot be cancelled.

PCI :
Costs that will still be incurred even if the project is terminated.

AACEi :
In price index nomenclature, a good and sometimes a service.

APM :
The means by which information or instructions are exchanged.Successful communication occurs when the received meaning is the same as the transmitted meaning.

PCI :
The transmission of information so that the recipient understands what the sender intends.

PMI :
Restrictions on the content, timing, audience, or individual who will deliver a communication usually stemming from specific legislation or regulation, technology, or organizational policies.

PMI :
A component of the project, program, or portfolio management plan that describes how, when, and by whom information about the project will be administered and disseminated.

PMI :
A systematic procedure, technique, or process used to transfer information among project stakeholders.

PMI :
A description, analogy or schematic used to represent how the communication process will be performed for the project.

PMI :
An analytical technique to determine the information needs of the project stakeholders through interviews, workshops, study of lessons learned from previous projects, etc.

PMI :
Specific tools, systems, computer programs, etc., used to transfer information among project stakeholders.

PCI :
Determining project stakeholders’ communication and information needs.

APM :
Groups of people who share a concern or passion for an aspect of P3 management and develop expertise through regular interaction.

AACEi :
Term used primarily to refer to a business first party, the purpose of which is to supply a product or service. In a capital project, typically refers to the contractor who is performing services for an owner or client.

APM :
An estimating technique based on the comparison with, and factoring from, the cost of similar, previous work.

APM :
The combined knowledge, skill and behaviour that a person needs to perform properly in a job or work role.

APM :
A set of competences and competencies that may be used to define a role.

APM :
A personal attribute of an individual.

AACEi :
An activity with an actual completion date and remaining duration of zero. An activity that is finished, ended and/or concluded in accordance with requirements.

AACEi :
When the entire work has been performed to the requirements of the contract, except for those items arising from the provisions of warranty, and is so certified.

AACEi :
The calculated date for completion derived from estimating, planning and risk evaluation taking into account contingencies for identified risks.

PCI :
The date calculated by which the project could finish following careful estimating.

APM :
Complexity relates to the degree of interaction of all the elements that comprise P3 management and is dependent on such factors as the level of risk, range of stakeholders and degree of innovation.

PMI :
A general concept of conforming to a rule, standard, law, or requirement such that the assessment of compliance results in a binomial result stated as “compliant” or “noncompliant."

AACEi :
An index which measures the price change of a range or group of commodities.

AACEi :
The future worth of a sum invested (or loaned) at compound interest.

AACEi :
(1) The function of interest rate and time that determines the compound amount from a stated initial sum.
(2) A factor which when multiplied by the single sum or uniform series of payments will give the future worth at compound interest of such single sum or series.

AACEi :
(1) The type of interest that is periodically added to the amount of investment (or loan) so that subsequent interest is based on the cumulative amount.
(2) The interest charges under the condition that interest is charged on any previous interest earned in any time period, as well as on the principal.

AACEi :
Syn.: Risk (Impact) Compounding.

PCI :
A risk made up of a number of inter-related risks.

AACEi :
The time interval between dates at which interest is paid and added to the amount of an investment or loan. Designates frequency of compounding.

AACEi :
(1) A compound interest situation in which the compounding period is zero and the number of periods infinitely great. A mathematical concept that is practical for dealing with frequent compounding and small interest rates.
(2) A mathematical procedure for evaluating compound interest factors based on a continuous interest function rather than discrete interest periods.

AACEi :
A document describing the concept selected for development and the results of investigating alternative system concepts. It is used to derive the system specifications and the statement of work. Syn.: System Concept Document.

AACEi :
First phase of a project in which need is examined, alternatives are assessed, the goals and objectives of the project are established and a sponsor is identified.

APM :
Concept is the first phase in the project or programme life cycle. During this phase the need, opportunity or problem is confirmed, the overall feasibility of the work is considered and a preferred solution identified.

AACEi :
An estimate generally prepared based on very limited information.

AACEi :
Similar to a proposal schedule except it is usually time-scaled and developed from the abstract or conceptual design of the project. Used primarily to give the client a general idea of the project scope and on overview of activities.

AACEi :
In TCM risk management, something that worries stakeholders because it may give rise to a risk event or condition.

AACEi :
The method of counting concurrent delay events based purely on contemporaneous occurrence without regard to CPM principles.

AACEi :
Independent activities that may be, or are performed at the same time (fully or partially).

AACEi :
(1) Two or more delays that take place or overlap during the same period, either of which occurring alone would have affected the ultimate completion date. In practice, it can be difficult to apportion damages when the concurrent delays are due to the owner and contractor respectively.
(2) Concurrent delays occur when there are two or more independent causes of delay during the same time period. The “same” time period from which concurrency is measured, however, is not always literally within the exact period of time. For delays to be considered concurrent, most courts do not require that the period of concurrent delay precisely match. The period of “concurrency” of the delays can be related by circumstances, even though the circumstances may not have occurred during exactly the same time of period. [10]
(3) True concurrent delay is the occurrence of two or more delay events at the same time, one an employer risk event, the other a contractor risk event and the effects of which are felt at the same time. The term ‘concurrent delay’ is often used to describe the situation where two or more delay events arise at different times, but the effects of them are felt (in whole or in part) at the same time. To avoid confusion, this is more correctly termed the ‘concurrent effect’ of sequential delay events. [12]
(4) Concurrent delay occurs when both the owner and contractor delay the project or when either party delays the project during an excusable but non-compensable delay (e.g., abnormal weather). The delays need not occur simultaneously but can be on two parallel critical path chains.
(5) The condition where another delay-activity independent of the subject delay is affecting the ultimate completion of the chain of activities.

PCI :
The systematic approach to the simultaneous, integrated design of products and their related processes, such as manufacturing, testing and supporting.

AACEi :
Any specific identifiable circumstance that might affect the outcome of the project.

AACEi :
Schedule analysis that allows for changes in schedule logic and/or durations depending on the occurrence of risk events or conditions.

AACEi :
Risk that occurs under certain conditions or is accepted provided that certain conditions are met.

PMI :
The process of obtaining seller responses, selecting a seller, and awarding a contract.

AACEi :
The probability that a result will be within a range.

AACEi :
The probability:
1) That results will be equal to or more favorable than the amount estimated or quoted; or
2) That the decision made will achieve the desired results; or
3) That the stated conclusion is true. Note: Confidence level may also be expressed as "equal to or less favorable". If that is the case, it should so be noted. Without such a note, the definition shown is assumed.

AACEi :
A collection of an item's descriptive and governing characteristics, which can be expressed:
1) In functional terms, i.e. what performance the item is expected to achieve; and
2) In physical terms, i.e. what the item should look like and consist of when it is completed.

APM :
Functional and physical characteristics of a product as defined in its specification.

PCI :
The technical description needed to build, test, accept, operate install, maintain and support a system.

AACEi :
A system of procedures that monitors emerging project scope against the scope baseline. Requires documentation and management approval on any change to the baseline.

PCI :
A part a of configuration that has a set function and is designated for configuration management.

PCI :
Responsible for administering configuration management. The configuration librarian may be on a project team or have system responsibilities rather than project responsibilities.

AACEi :
Technical and administrative activities concerned with the creation, maintenance and controlled change of configuration throughout the life of the product. Configuration management is an integral part of life-cycle management.

APM :
Configuration management encompasses the administrative activities concerned with the creation, maintenance, controlled change and quality control of the scope of work.

PMI :
A subsystem of the overall project management system. It is a collection of formal documented procedures used to apply technical and administrative direction and surveillance to:identify and document the functional and physical characteristics of a product, result, service, or component; control any changes to such characteristics; record and report each change and its implementation status; and support the audit of the products, results, or components to verify conformance to requirements. It includes the documentation, tracking systems, and defined approval levels necessary for authorizing and controlling changes."

PCI :
The process of defining the configuration items in a system, controlling the release and change of those items throughout the project, recording and reporting the status of configuration items, and verifying the completeness of configuration items.

AACEi :
Two or more parties having differing interests or perspectives that require resolution to achieve project goals. The state that exists when two groups have goals that will affect each other differently.

AACEi : 
Statements or meanings in the contract documents (including drawings and specifications) that cannot be reconciled by reasonable interpretation on the part of the contractor and which may require the owner to provide an interpretation between alternatives. 

AACEi :
Handling of conflicts between project participants or groups in order to create optimal project results.

APM :
The process of identifying and addressing differences that, if left unresolved, could affect objectives.

PMI :
Handling, controlling, and guiding a conflictual situation to achieve a resolution.

PCI :
The ability to manage conflict effectively.

PMI :
Within the quality management system, conformance is a general concept of delivering results that fall within the limits that define acceptable variation for a quality requirement.

PMI :
In the cost of quality framework, conformance work is done to compensate for imperfections that prevent organizations from completing planned activities correctly as essential first-time work. Conformance work consists of actions that are related to prevention and inspection.

AACEi :
An acknowledgement by a surety that its bond, given in connection with a contract, continues to apply to the contract as modified; or, at the end of a contract, permission from the surety to release all retainage to the contractor.

AACEi :
In risk management, the impact or effect of a risk event or condition. Syn.: Effect; Impact.

AACEi :
A set of goods and services with quantities fixed in relation to a given time period, used for computing composite price indexes.

AACEi :
A price index which measures price changes by comparing the expenditures necessary to provide the same set of goods and services at different points in time.

AACEi :
Dollars of uniform purchasing power exclusive of general inflation or deflation. Constant dollars are tied to a reference year. Syn.: Real Dollars.

AACEi :
A composite price index which measures price changes by comparing the expenditures necessary to provide substantially equivalent sets of goods and services at different points in time.

AACEi :
(1) In planning and scheduling, any external factor that affects when an activity can be scheduled. A restriction imposed on the start, finish or duration of an activity. The external factor may be resources, such as labor, cost or equipment, or, it can be a physical event that must be completed prior to the activity being restrained. Constraints are used to reflect project requirements more accurately. Examples of date constraints are: Start-no-earlier-than, finish-no-later-than, mandatory start, and as-late-as-possible.
(2) In decision and risk management, something that limits the potential achievement of objectives.

PMI :
A limiting factor that affects the execution of a project, program, portfolio, or process.

PCI :
Applicable restrictions that will affect the scope of the project.

AACEi :
Syn.: Plug Date.

AACEi :
(1) A system (process) for achieving optimum integration of construction knowledge in the construction process, balancing various project and environmental constraints to achieve maximization of project goals and performance.
(2) Derived from early detailed construction planning that allows engineering and procurement to be scheduled to support construction in accordance with the overall optimized project schedule.
(3) The extent to which the design of a structure or system facilitates ease of construction, subject to the overall requirements for the completed form. The optimum use of construction knowledge and experience in planning, engineering, procurement and field operations to achieve the overall objective.

AACEi :
The sum of all costs, direct and indirect, inherent in converting a design plan for material and equipment into a project ready for start-up, but not necessarily in production operation; the sum of field labor, supervision, administration, tools, field office expense, materials, equipment, and subcontracts.

AACEi :
(1) Project management as applied to construction.
(2) A professional service that applies to effective management techniques to the planning, design, and construction of a project from inception to completion for the purpose of controlling time, cost, and quality.

AACEi :
Construction progress is monitored and reported as percent complete. Actual work units completed are measured against the planned work units for each applicable account in the bill of materials or quantities. Usually reported against individual accounts by area and total project, and summarized by area and total project.

AACEi :
A report that informs management of overall construction progress (physical percent complete), costs, performance and manpower at a specific reporting cut-off date. Typically includes major accomplishments, objectives for the upcoming report period, areas of concern, and other pertinent information necessary for management and control.

AACEi :
An owner’s action or inaction, in absence of a specific direction to accelerate, that results in the contractor accelerating its work to maintain scheduled completion date(s). Case law has identified five elements normally required to establish a claim for constructive acceleration and include:
1) An excusable delay must exist;
2) Timely notice of the delay and a proper request for a time extension must have been given;
3) The time extension must have been postponed or refused;
4) Owner must have ordered (either by coercion, direction or some other manner) the project completed within its original performance period; and
5) Contractor must actually accelerate its performance, thereby incurring excess costs.

AACEi :
An owner's action or inaction that impacts the contractor's working conditions and constitutes an unauthorized modification of contract intent.

AACEi :
An act or omission by the owner or its agent, which in fact delays completion of the work.

AACEi :
A type of resource that remains available until consumed (for example, a material).

APM :
A type or resource that only remains available until consumed (for example a material).

AACEi :
Supplies and materials used up during construction. Includes utilities, fuels and lubricants, welding supplies, worker's supplies, medical supplies, etc.

AACEi :
A measure of time-to-time fluctuations in the price of a quantitatively constant market basket of goods and services, selected as representative of a special level of living.

APM :
A collective term for the governance and setting of a project, programme or portfolio.

PMI :
A visual depiction of the product scope showing a business system (process, equipment, computer system, etc.), and how people and other systems (actors) interact with it.

AACEi :
1) In earned value management (based upon the ANSI EIA 748 Standard), an amount held outside the performance measurement baseline for owner level cost reserve for the management of project uncertainties is referred to as contingency.

PMI :
A provision in the project management plan to mitigate cost and/or schedule risk. Often used with a modifier (e.g., management reserve, contingency reserve) to provide further detail on what types of risk are meant to be mitigated.

PMI :
Budget within the cost baseline or performance measurement baseline that is allocated for identified risks that are accepted and for which contingent or mitigating responses are developed.

AACEi :
(1) An amount added to an estimate to allow for items, conditions, or events for which the state, occurrence, or effect is uncertain and that experience shows will likely result, in aggregate, in additional costs. Typically estimated using statistical analysis or judgment based on past asset or project experience.
Contingency usually excludes:
1) Major scope changes such as changes in end product specification, capacities, building sizes, and location of the asset or project;
2) Extraordinary events such as major strikes and natural disasters;
3) Management reserves; and
4) Escalation and currency effects. Some of the items, conditions, or events for which the state, occurrence, and/or effect is uncertain include, but are not limited to, planning and estimating errors and omissions, minor price fluctuations (other than general escalation), design developments and changes within the scope, and variations in market and environmental conditions. Contingency is generally included in most estimates, and is expected to be expended.

APM :
Resource set aside for responding to identified risks.

PMI :
An event or occurrence that could affect the execution of the project that may be accounted for with a reserve.

PCI :
A Contingency is the planned allotment of time and cost for unforeseeable elements with a project. Including contingencies will increase the confidence of the overall project.

AACEi :
A risk response plan made to address identified residual risks if they occur. Syn.: Fallback Plan.

PCI :
The development of a management plan that uses alternative strategies to ensure project success if specified risk events occur.

PMI :
Responses provided which may be used in the event that a specific trigger occurs.

AACEi :
A planned alternative response to a risk that will be taken only in defined circumstances.

AACEi :
Legal agreement between two or more parties, which may be of the types enumerated below:

APM :
An agreement made between two or more parties that creates legally binding obligations between them. The contract sets out those obligations and the actions can be taken if they are not met.

PMI :
A contract is a mutually binding agreement that obligates the seller to provide the specified product or service or result and obligates the buyer to pay for it.

PCI :
A mutually binding agreement in which the contractor is obligated to provide services or products and the buyer is obligated to provide payment for them. Contracts fall into three categories: fixed price, cost reimbursable or unit price.

AACEi :
Reading an entire contract document, instead of reading each clause in the contract in isolation. If a clause is ambiguous and can be interpreted in more than one way, the meaning that conforms to the rest of the document is usually the accepted meaning.

AACEi :
In earned value management according to the ANSI EIA 748 standard, the budget for the project at the total contract level. The CBB reconciles with the project authorization documents from the owner. The CBB plus fee is the total contract value. CBB = Performance Measurement Baseline (PMB) + Management Reserve (MR) unless an Over Target Baseline (OTB) has been implemented.

PCI :
The negotiated contract cost value plus the estimated value of authorized but unpriced work.

AACEi :
An authorized modification to terms of a contract. May involve, but is not limited to:
1) A change in the volume or conditions of the work involved;
2) The number of units to be produced;
3) The quality of the work or units;
4) The time for delivery; and/or
5) The consequent cost involved.

PMI :
The system used to collect, track, adjudicate, and communicate changes to a contract.

PCI :
Settlement of a contract.

AACEi :
The date established in the contract for completion of all or specified portions of the work. This date may be expressed as a calendar date or as a number of days after the date for commencement of the contract time is issued.

PCI :
An element of the contract that specifies the data submittal requirements.

AACEi :
The start, intermediate, or final dates specified in the contract that impact the project schedule.

AACEi :
The agreement, addenda (which pertain to the contract documents), contractor's bid (including documentation accompanying the bid and any post-bid documentation submitted prior to the notice of award) when attached as an exhibit to the agreement, the bonds, the general conditions, the supplementary conditions, the specifications and the drawings as the same are more specifically identified in the agreement, together with all amendments, modifications and supplements issued pursuant to the general conditions on or after the effective date of the agreement.

AACEi :
The management summary schedule that shows the overall plan for the total contract.

PCI :
The Contract Performance Report (CPR) presents the cost and schedule data for the current period as well as in a cumulative format. Costs are organised by WBS element at a level pre-determined by the HHS IT Investment team. Format 5, Variance Narrative, is a problem analysis and variance-oriented report. It provides explanations for cost and schedule variances that have exceeded thresholds. It provides a written explanation as to why the variance occurred, as well as written descriptions on how the contractor plans to resolve the cause of the variance. Examples of the CPR Forms 1-5 are provided in the CPIC guide.

AACEi : 
The conditions, methods, schedule, etc. for carrying out the work of the contract as agreed between the parties at the time of signing the contract.

AACEi :
The monies payable by the owner to the contractor under the contract documents as stated in the agreement.

PCI :
The negotiated costs for the original definite contract and all contractual changes that have been definitized, but excluding the estimated cost of any authorized, unpriced changes. The CTC equals the value of the BAC plus management or contingency reserve.

PCI :
The negotiated estimated costs plus profit or fee.

AACEi :
The date when the contract time commences to run and on which the contractor shall start to perform the contractor's obligations under the contract documents.

PCI :
A customer-prepared breakout or subdivision of a project typically down to level three which subdivides the investment into all its major hardware, software, and service elements, integrates the customer and contractor effort, provides a framework for the planning, control, and reporting.

AACEi :
In cost plus contracts the contractor agrees to furnish to the client services and material at actual cost, plus an agreed upon fee for these services. This type of contract is employed most often when the scope of services to be provided is not well defined.

AACEi :
The client pays costs as defined in the contract document. Burden on reimbursable technical labor cost is considered in this case as part of cost. In addition to the costs and burden, the client also pays a fixed amount as the contractor's "fee".

AACEi :
The client will pay costs defined by contract plus a fixed sum which will cover "non-reimbursable" costs and provide for a fee. This type of contract is used in lieu of a cost plus fixed fee contract where the client wishes to have the contractor assume some of the risk for items which would be reimbursable under a cost plus fixed fee type of contract.

AACEi :
The client will pay all costs as defined in the terms of the contract, plus "burden and fee" at a specified percent of the labor costs which the client is paying for directly. This type of contract generally is used for engineering services. In contracts with some governmental agencies, burden items are included in indirect cost.

AACEi : 
The client pays all costs, plus a percentage for the use of the contractor's organization.

AACEi :
Fixed price types of contract are ones wherein a contractor agrees to furnish services and material at a specified price, possibly with a mutually agreed upon escalation clause. This type of contract is most often employed when the scope of services to be provided is well defined.

AACEi :
A special contractual arrangement usually between a client and a contractor wherein the contractor is guaranteed a bonus, usually a fixed sum of money, for each day the project is completed ahead of a specified schedule and/or below a specified cost, and agrees to pay a similar penalty for each day of completion after the schedule date or over a specified cost up to a specified maximum either way. The penalty situation is sometimes referred to as liquidated damages.

AACEi :
A contractor agrees to perform all services as defined in the contract document guaranteeing that the total cost to the client will not exceed a stipulated maximum figure. Quite often, these types of contracts will contain special share-of-the-saving arrangements to provide incentive to the contractor to minimize costs below the stipulated maximum.

AACEi :
Contractor agrees to perform all services as specified by the contract for a fixed amount. A variation of this type may include a turn-key arrangement where the contractor guarantees quality, quantity and yield on a process plant or other installation.

AACEi :
Contractor will be paid at an agreed upon unit rate for services performed. For example, technical work-hours will be paid for at the unit price agreed upon. Often field work is assigned to a subcontractor by the prime contractor on a unit price basis.

AACEi :
(1) A business entity that enters into contracts to provide goods or services to another party.
(2) A person or organization that undertakes responsibility for the performance of a contract. One that agrees to furnish materials or perform services at a specified price.

AACEi :
(1) Management action, either preplanned to achieve the desired result or taken as a corrective measure prompted by the monitoring process.
(2) To take timely corrective action. Control occurs only if monitoring and forecasting activities indicate an undesirable final result is likely to occur and that a different final result is possible.
(3) Process of comparing actual performance with planned performance, analyzing the differences, and taking the appropriate corrective action.

APM :
Tracking performance against agreed plans and taking the corrective action required to meet defined objectives.

PMI :
Comparing actual performance with planned performance, analyzing variances, assessing trends to effect process improvements, evaluating possible alternatives, and recommending appropriate corrective action as needed.

PCI :
Control is the process of comparing actual performance with planned performance, analyzing the differences, and taking the appropriate corrective action.

AACEi :
A management control point where earned value measurement takes place. It is the place where scope, schedule and budget, are integrated at the organizational level responsible for day to day management of a segment of the project. Syn.: Cost Account.

PMI :
A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.

AACEi :
The single person responsible for management of the scope, schedule, and budget of the control account. The CAM has control either through delegation or supervisory responsibility for all of the staff performing the control account work.

PCI :
A member of the organization responsible for cost account performance, and for the management of resources to accomplish such tasks.

PCI :
Control Account Plans (CAPs) document the underlying work packages and provide the CAM with a source to evaluate his or her BCWS, ACWP, and BCWP (Earned Value) of each for the CAM's Control Accounts.

AACEi :
Control is the process of developing targets and plans; measuring actual performance and comparing it against planned performance and taking the steps to correct the situation. Coordination is the act of ensuring that work is being carried out in different organizations and places to fit together effectively in time, content and cost in order to achieve the project objectives effectively.

PCI :
Control is the process of developing targets and plans; measuring actual performance and comparing it against planned performance and taking the steps to correct the situation. Coordination is the act of ensuring that work is being carried out in different organizations and places to fit together effectively in time, content and cost in order to achieve the project objectives effectively.

AACEi :
Syn.: Baseline.

PMI :
A graphic display of process data over time and against established control limits, which has a centerline that assists in detecting a trend of plotted values toward either control limit.

PCI :
Control charts display the results, over time, of a process. They are used to determine if the process is in need of adjustment.

PMI :
The process of monitoring and controlling communications throughout the entire project life cycle to ensure the information needs of the project stakeholders are met.

AACEi :
The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline.

AACEi :
A major project milestone at which the project client has the opportunity to exercise a ‘go/no-go’ decision upon continuation into the succeeding phase.

PMI :
The area composed of three standard deviations on either side of the centerline or mean of a normal distribution of data plotted on a control chart, which reflects the expected variation in the data. See also specification limits.

PMI :
The process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate.

PMI :
The process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan.

PMI :
The process of monitoring the status of the project and product scope and managing changes to the scope baseline.

PMI :
The process of monitoring overall project stakeholder relationships and adjusting strategies and plans for engaging stakeholders.

AACEi :
An alternate term used in place of ‘as-built critical path’ in order to technically preserve the use of the term critical path to denote only to activity paths identified by float calculation using early and late dates. By definition, as-built activities do not have early and late dates.

AACEi :
In planning and scheduling, the predecessor activity logic tie to an activity, with multiple predecessors, which “controls” or “drives” that activity and establishes it’s latest early finish.

PCI :
The early dates of an activity is controlled either by a target date on the activity or, more normally, by one of the predecessor relationships. In the latter case, the relationship is called the controlling relationship.

PCI :
An organizational structure where the project leader reports to the functional manager and doesn’t have authority over team members from other departments.

AACEi :
The period of time within which the contractor shall promptly, without cost to the owner and in accordance with the owner's written instructions, either correct defective work, or if it has been rejected by the owner, remove it from the site and replace it with non-defective work, pursuant to the general conditions.

PMI :
An intentional activity that realigns the performance of the project work with the project management plan.

PCI :
Changes made to bring future project performance into the plan.

PCI :
Corrective Action Plans are documents that allow Investment Managers to define the strategy that will be employed to improve the performance of their investments.

AACEi :
The measure of the relationship between two or more quantitative elements.

AACEi :
In project control and accounting, it is the amount measured in money, cash expended or liability incurred, in consideration of goods and/or services received. From a total cost management perspective, cost may include any investment of resources in strategic assets including time, monetary, human, and physical resources.

PCI :
Cost can be divided into internal and external expenses. External costs can be controlled by contracts and budgets for each phase of a project and for each deliverable or work product. Internal cost is the cost of project resources.

AACEi : 
Syn.: Control Account (CA).

PCI :
A cost account is usually defined as the intersection of the program's work breakdown structure (WBS) and organizational breakdown structure (OBS). In effect, each cost account defines what work is to be performed and who will perform it. Cost accounts are the focal point for the integration of scope, cost, and schedule. Another term for Cost Account is Control Account.

PCI :
A member of a functional organization responsible for cost account performance, and for the management of resources to accomplish such tasks.

PCI :
The management control unit in which earned value performance measurement takes place.

AACEi :
The historical reporting of actual and/or committed disbursements (costs and expenditures) on a project. Costs are denoted and segregated within cost codes that are defined in a chart of accounts. In project control practice, cost accounting provides the measure of cost commitment and/or expenditure that can be compared to the measure of physical completion (or earned value) of an account.

PMI :
Summing the lower-level cost estimates associated with the various work packages for a given level within the project’s WBS or for a given cost control account.

AACEi :
A historical and/or predictive method of ascertaining for what purpose expenditures on a project were made and utilizing this information to project the cost of a project as well as costs of future projects. The analysis may also include application of escalation, cost differentials between various localities, types of buildings, types of projects, and time of year.

AACEi :
One of the three approaches in the appraisal process. Underlying the theory of the cost approach is the principle of substitution, which suggests that no rational person will pay more for a property than the amount with which he/she can obtain, by purchase of a site and construction of a building without undue delay, a property of equal desirability and utility.

AACEi :
The amount an activity or group of activities will cost when it has been completed. It is the sum of the cost expended to date and the estimated cost to complete.

AACEi :
An action taken in the present designed to decrease costs in the future.

AACEi :
A time-phased budget used to measure and monitor cost performance. It is developed by summing estimated costs by period and is usually displayed in the form of an S-curve.

PMI :
The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.

AACEi :
1) A hierarchical structure that divides budgeted resources into elements of costs, typically labor, materials and other direct costs. The lowest level, when assigned responsibility, typically defines a cost center.
2) Hierarchical breakdown of a project into cost elements or cost categories.

PCI :
A hierarchical structure that rolls budgeted resources into elements of costs, typically labor, materials and other direct costs.

PCI :
Allocating cost estimates to individual project components.

AACEi :
A specifically defined division in a system of classification for estimated and/or expended money for which costs are to be summarized.

AACEi :
The smallest unit of activity or area of responsibility against which costs are accumulated; defined sections in the corporate system, representing units of responsibility as well as accounting units.

AACEi :
Codes allocated to items or activities that allow costs to be consolidated according to the elements of the coding structure.

PCI :
Code assigned to activities that allow costs to be consolidated according to the elements of a code structure.

AACEi :
The application of procedures to monitor expenditures and performance against progress of projects or manufacturing operations; to measure variance from authorized budgets and allow effective action to be taken to achieve minimum costs.

PCI :
The point within a program at which costs are entered and controlled. Frequently, the cost control point for a program is either the cost account or the work package.

AACEi :
Any system of managing costs within the bounds of budgets or standards based upon work actually performed. Cost control is typically performed at designated levels in the work breakdown structure.

PCI :
Any system of keeping costs within the bounds of budgets or standards based upon work actually performed. Cost Control is typically a level in the budget element breakdown structure.

AACEi :
A graph that plots cumulative cost (e.g., planned, expended, incurred, etc) against a time scale.

PCI :
A graph plotted against a horizontal time scale and cumulative cost vertical scale.

AACEi :
Distribution or allocation of overhead (indirect) costs on some logical basis, e.g., the time or cost of all associated direct cost activities.

AACEi :
 In earned value, a basic until of planning such as: labor, travel, material, subcontracts, and other direct costs as applicable.

AACEi :
An engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling.

AACEi :
A compilation of all the probable costs of the elements of a project or effort included within an agreed upon scope.

PMI :
Estimate Costs: The process of developing an approximation of the monetary resources needed to complete project activities.

AACEi :
A compilation of all the probable costs of the elements of a project or effort included within an agreed upon scope.

AACEi : 
Syn.: Cost Eatimate Category; Cost Estimate Classification System; Cost Estimate Type.

AACEi : 
There are numerous characteristics that can be used to categorize project cost estimate types. Some of these characteristics are: level of project definition, end usage of the estimate, estimating methodology, and the effort and time needed to prepare the estimate. AACE recommends that the primary characteristic used to define the classification category is the level of project. The other characteristics are considered secondary.
The level of project definition defines maturity, or the extent and types of input information available to the estimating process. Such inputs include project scope definition, requirements documents, specifications, project plans, drawings, calculations, lessons learned from past projects, reconnaissance data, and other deliverables and information that must be developed to define the project. Each industry will have a typical set of defining deliverables that are used to support the type of estimates used in that industry. The set of deliverables becomes more definitive and complete as the level of project definition (e.g., project engineering) progresses.
For projects, the estimate class designations that follow below are labeled Class 1, 2, 3, 4, and 5. A Class 5 estimate is based upon the lowest level of project definition, and a Class 1 estimate is closest to full project definition and maturity. This “countdown” approach considers that estimating is a process whereby successive estimates are prepared until a final estimate closes the process.

AACEi :
(Typical level of project definition required: 65% to 100% of full project definition.)Class 1 estimates are generally prepared for discrete parts or sections of the total project rather than for the entire project. The parts of the project estimated at this level of detail will typically be used by subcontractors for bids, or by owners for check estimates. The updated estimate is often referred to as the current control estimate and becomes the new baseline for cost/schedule control of the project. Class 1 estimates may be prepared for parts of the project to comprise a fair price estimate or bid check estimate to compare against a contractor’s or vendor’s bid estimate, or to evaluate/dispute claims or change orders.

AACEi : 
(Typical level of project definition required: 30% to 75% of full project definition.)Class 2 estimates are generally prepared to form a detailed control baseline against which all project work is monitored in terms of cost and progress control. For contractors, this class of estimate is often used as the “bid” estimate to establish contract value.

AACEi : 
(Typical level of project definition required: 10% to 40% of full project definition.)Class 3 estimates are generally prepared to form the basis for budget authorization, appropriation, and/or funding. Class 3 estimates are typically prepared to support full project funding requests, and become the first of the project phase “control estimate” against which all actual costs and resources will be monitored for variations to the budget. They are used as the project budget until replaced by more detailed estimates. In many owner organizations, a Class 3 estimate may be the last estimate required and could well form the only basis for cost/schedule control.

AACEi :
(Typical level of project definition required: 1% to 15% of full project definition.)Class 4 estimates are generally prepared based on limited information and subsequently have fairly wide accuracy ranges. They are typically used for project screening, determination of feasibility, concept evaluation, and preliminary (but generally not final) budget approval. Class 4 estimates are prepared for a number of purposes, such as but not limited to, detailed strategic planning, business development, project screening at more developed stages, alternative scheme analysis, confirmation of economic and/or technical feasibility, and preliminary budget approval or approval to proceed to next stage.

AACEi :
(Typical level of project definition required: >0% to 2% of full project definition.)Class 5 estimates are generally prepared based on very limited information, and subsequently have wide accuracy ranges. As such, some companies and organizations have elected to determine that due to the inherent inaccuracies, such estimates cannot be classified in a conventional and systemic manner. Class 5 estimates, due to the requirements of end use, may be prepared within a very limited amount of time and with little effort expended. Class 5 estimates are prepared for any number of strategic business planning purposes, such as but not limited to market studies, assessment of initial viability, evaluation of alternate schemes, project screening, project location studies, evaluation of resource needs and budgeting, long-range capital planning, etc.

AACEi : 
Cost estimate of physical resources needed to perform a specific construction activity which in turn drives an overall unit price. Typically includes labor resources, material resources, equipment resources, subcontractor costs and other costs. It is typically abbreviated Lmeso.

AACEi : 
Syn.: Cost Estimate Category; Cost Estimate Class; Cost Estimate Classification System.

AACEi :
Cost estimating is the predictive process used to quantify, cost, and price the resources required by the scope of an investment option, activity, or project. Cost estimating is a process used to predict uncertain future costs. In that regard, a goal of cost estimating is to minimize the uncertainty of the estimate given the level and quality of scope definition. The outcome of cost estimating ideally includes both an expected cost and a probabilistic cost distribution. As a predictive process, historical reference cost data (where applicable) improve the reliability of cost estimating. Cost estimating, by providing the basis for budgets, also shares a goal with cost control of maximizing the probability of the actual cost outcome being the same as predicted.

PCI :
The process of predicting the costs of a project.

AACEi : 
In estimating, an algorithm or formula that is used to perform the costing operation. CERs show some resource (e.g., cost, quantity, or time) as a function of one or more parameters that quantify scope, execution strategies, or other defining elements. A CER may be formulated in a manner that, in addition to providing the most likely resource value, also provides a probability distribution for the resource value.

AACEi :
Project cost estimators predict the cost of a project for a defined scope, to be completed at a defined location and point of time in the future. Cost estimators assist in the economic evaluation of potential projects by supporting the development of project budgets, project resource requirements, and value engineering. They also support project control by providing input to the cost control baseline. Estimators collect and analyze data on all of the factors that can affect project costs such as: materials, equipment, labor, location, duration of the project, and other project requirements.

PCI :
Costs identified through the use of the accrued method of accounting or costs actually paid. Costs include direct labor, direct materials, and all allowable indirect costs.

AACEi :
A number which relates the cost of an item at a specific time to the corresponding cost at some specified prior time.

AACEi :
In planning and scheduling, assigning an estimated or actual cost to an activity. The estimated cost may be only direct costs, or may include indirect costs. However, the CPM (Critical Path Method) must be developed using only one cost loading method.

PMI :
A component of a project or program management plan that describes how costs will be planned, structured, and controlled.

PCI :
The effective financial control of the project through evaluating, estimating, budgeting, monitoring, analyzing, forecasting and reporting the cost information.

AACEi : 
A term, usually used in capital budgeting, to express as an interest rate percentage the overall estimated cost of investment capital at a given point in time, including both equity and borrowed funds.

AACEi : 
In modern usage, a price index based on a constant utility concept as opposed to a constant basket concept.

AACEi :  
The cost associated with loss of repeat business and/or the loss of business due to required resources and costs.

PCI :
A form of indirect cost incurred by investing capital in facilities employed on government contracts.

AACEi : 
The cost of operations, maintenance, follow-on logistical support, and end item and associated support systems.

AACEi : 
(1) Consists of the sum of those costs associated with:
(a) Cost of quality conformance;
(b) Cost of quality nonconformance; and
(c) Cost of lost business advantage. 
(2) Cost incurred or expended to ensure quality, including those associated with the cost of conformance and nonconformance.

PMI :
A method of determining the costs incurred to ensure quality. Prevention and appraisal costs (cost of conformance) include costs for quality planning, Quality Control (QC), and quality assurance to ensure compliance to requirements (i.e., training, QC systems, etc.). Failure costs (cost of nonconformance) include costs to rework products, components, or processes that are non-compliant, costs of warranty work and waste, and loss of reputation.

PCI :
The cost of Quality Planning, Control, Assurance and Rework.

AACEi : 
The cost associated with the quality management activities of appraisal, training, and prevention.

AACEi :
The cost associated with deviations involving rework and/or the provision of deliverables that are more than required.

PCI :
The amount by which a contractor exceeds or expects to exceed the estimated costs, and/or the final limitations (the ceiling) of a contract.

AACEi : 
The ratio of earned value to actual costs (CPI = BCWP/ACWP). A value greater than 1 indicates that costs are running under budget. A value less than 1 indicates that costs are running over budget. Often used to predict magnitude of a possible cost overrun by dividing it into the original cost estimate (original cost estimate/CPI = projected cost at completion).

PMI :
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.

PCI :
Ratio of work accomplished versus work cost incurred for a specified time period. The CPI is an efficiency rating for work accomplished for resources expended.

AACEi : 
A common report used to report earned value management (EVM) information to an owner.

PCI :
A monthly cost report generated by the performing contractor to reflect cost and schedule status information for management.

PMI :
A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.

PMI :
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) plus a fixed amount of profit (fee).

PCI :
A type of contract where the buyer reimburses the seller for the seller’s allowable costs plus a fixed fee.

PMI :
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.

PCI :
A type of Contract where the buyer reimburses the seller for the seller's allowable costs and the seller earns a profit if defined criteria are met.

PCI :
The low-end cost and schedule report generally imposed on smaller value contracts, not warranting full C/SCSC.

AACEi : 
The amount that an in-progress activity or group of activities will cost to complete.

AACEi : 
The difference between the earned value and actual cost. Cost variance (CV) = budgeted cost of work performed (BCWP)-actual cost of work performed (ACWP). A negative cost variance indicates that the activity(ies) is running over budget.

PMI :
The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.

PCI :
The difference between the budgeted and actual cost of work performed.

PMI :
A financial analysis tool used to determine the benefits provided by a project against its costs.

PCI :
The analysis of the potential costs and benefits of a project to allow comparison of the returns from alternative forms of investment.

PMI :
A type of contract involving payment to the seller for the seller’s actual costs, plus a fee typically representing seller’s profit. 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.

PCI :
A category of contracts based on payments to a contractor for allowable estimated costs, normally requiring only a "best efforts" performance standard from the contractor. Risk for all growth over the estimated value rests with the project owner.

AACEi : 
A standard method of earned value management used on US Government projects. C/SCSC combined time and cost measures to better measure performance in an integrated way. This standard was superseded by a government earned value management system (EVMS) standard.

PCI :
Thirty-five defined standards which have been applied against private contractor management control systems since 1967 in order to insure the government that cost reimbursable and incentive type contracts are managed properly.

PCI :
The United States Air Force initiative in the mid-1960's which later resulted in the C/SCSC.

AACEi :
(1) The application of cost and resources to a quantified scope. 
(2) A process of determining actual costs from actual expenditures. The way costs are estimated and the way money is spent are rarely the same, making it necessary to analyze and redistribute actual expenditures to arrive at cost data that is useful for future estimating purposes.

AACEi : 
Costing in a way that the costs budgeted to an account truly represent all the resources consumed by the activity or item represented in the account.

AACEi : 
Syn.: Critical Path Method (CPM).

AACEi : 
The cost of reducing an activity to its crash duration.

AACEi :
When needing to shorten a network critical path, activities may be 'crashed'. This represents drastic action to reduce the duration of a critical activity and should only taken in exceptional circumstances due to a dramatic increase in resource consumption.

AACEi : 
Action to decrease the duration of an activity or project by increasing the expenditure of resources.

PMI :
A technique used to shorten the schedule duration for the least incremental cost by adding resources.

PCI :
The process of reducing the time it takes to complete an activity by adding resources.

AACEi : 
A set of workers and work equipment designated to perform an activity.

AACEi :
An hour of effort for a crew of workers. For example, if a crew has 2 workers, a crew hour includes 2 labor hours.

AACEi :
Labor cost per crew hour for a given crew. The labor cost may include only wages or wages plus benefits, burdens, and other markups. The labor cost may also include an allowance for the costs of tools and equipment used by the crew -in performance of their work.

PMI :
Standards, rules, or tests on which a judgment or decision can be based or by which a product, service, result, or process can be evaluated.

AACEi : 
An activity on the project’s critical path. A delay to a critical activity causes a corresponding delay in the completion of the project. Although some activities are “critical,” in the dictionary sense, without being on the critical path, this meaning is seldom used in the project context.

PMI :
Critical Path Activity: Any activity on the critical path in a project schedule.

PCI :
An activity is termed critical when it has zero or negative float.

AACEi : 
That set of tasks which determines the overall duration of a project, after considering resource capacity. It is typically regarded as the constraint or leverage point of a project.

APM :
A networking technique that identifies paths through a project based on resource dependencies, as well as technical dependencies.

AACEi :
Differentiated from the critical path method, this project planning and management technique considers resources that constrain the work, not only the precedence of activities. The method determines the longest-duration sequence of resource-constrained activities through a project network—thus, the shortest-possible project duration—the critical chain. Algorithms for application of the method are both deterministic and stochastic. Time buffers are included to protect completion dates and provide adequate solutions, since contingency is removed from durations of individual activities.

PMI :
A schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties.

AACEi : 
A cost element or a profit element which, due to its potential variability, can change the bottom-line, either favorably or unfavorably, by an amount equal to or greater than its critical variance.

AACEi : 
The longest continuous chain of activities  be more than one path) which establishes the minimum overall project duration. A slippage or delay in completion of any activity by one time period will extend final completion correspondingly. The critical path by definition has no “float.”

APM :
A sequence of activities through a network diagram from start to finish, the sum of whose durations determines the overall duration. There may be more than one such path.

PMI :
The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.

PCI :
Series of consecutive activities that represent the longest path through the project.

AACEi :
Procedure for calculating the critical path and floats in a network.

APM :
The procedure for calculating the critical path and floats in a network diagram.

AACEi :
(1) Technique used to predict project duration by analyzing which sequence of activities has least amount of scheduling flexibility. Early dates are figured by a forward pass using a specific start date and late dates are figured by using a backward pass starting from a completion date. 
(2) Network scheduling using activity durations and logic ties between activities to model the plan to execute the work. CPM scheduling is the method of choice for managing projects of long duration, complex technical integration, or the need to coordinate fast or early completion of the work. Syn.: CPM.

PMI :
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.

PCI :
The Critical Path Method (Calculate Schedule) is a modeling process that defines all the project's critical activities which must be completed on time. The Calc tool bar button on the Gantt and PERT (found in most GUI-based PM software) windows calculates the start and finish dates of activities in the project in two passes. The first pass calculates early start and finish dates from the earliest start date forward. The second pass calculates the late start and finish activities from the latest finish date backwards. The difference between the pairs of start and finish dates for each task is the float or slack time for the task (see FLOAT). Slack is the amount of time a task can be delayed without delaying the project completion date. A great advantage of this method is the fine-tuning that can be done to accelerate the project. Shorten various critical path activities, then check the schedule to see how it is affected by the changes. By experimenting in this manner, the optimal project schedule can be determined.
A technique used to predict project duration by analyzing which sequence of activities has the least amount of scheduling flexibility. Early dates are figured by a forward pass using a specific start date and late dates are figured by using a backward starting from a completion date.

AACEi : 
A driving relationship between two critical activities, thus defining which activity influences the final completion of the project.

AACEi : 
Sequence of activities having zero float after resource limits are taken into account in calculating float.

AACEi : 
A process of calculating a critical sequence of activities while taking into account resource limits that reflects an activity's flexibility.

AACEi :
A task that must finish on time for the entire project to finish on time. If a critical task is delayed, the project completion date is also delayed. A critical task has zero slack time. A series of critical tasks make up the project’s critical path.

AACEi : 
A percentage of the bottom-line used to identify critical elements. The percentage is a function of the class of estimate (Class 1 or 2 vs. Class 3, 4, or 5) and the type of bottom-line (cost or profit). If necessary, the percentage can be increased to a maximum of twice its base value in order to reduce the number of qualifying elements to an acceptable number (typically 20 or so) in order to avoid introducing iatrogenic risk.

AACEi : 
A measure of the significance or impact of failure of a product, process, or service to meet established requirements. 

APM :
Used in Monte Carlo analysis, the criticality index represents the percentage of calculations that resulted in the activity being placed on the critical path.

AACEi : 
Describes how often a particular task was on the critical path during the quantitative risk analysis (e.g., Monte Carlo computer simulation). Expressed as a factor between 0 and 1 or as a percentage. Tasks with a high criticality index appear more frequently on the critical path. When combined with the duration sensitivity, it determines the cruciality index.

PCI :
Used in risk analysis, the criticality index represents the percentage of simulation trails that resulted in the activity being placed on the critical path.

AACEi : 
The degree that a change in a risk model element produces a change in the overall outcome (i.e., strong risk drivers have high cruciality). In schedule risk, cruciality of an activity increases with its criticality (i.e., sometimes referred to as the product of sensitivity and criticality).

AACEi : 
Includes products entering the market for the first time which have not been fabricated or manufactured but will be processed before becoming finished goods (e.g., steel scrap, wheat, raw cotton). Syn.: Raw Materials.

AACEi :
a methodology prescribed by the Financial Accounting Board to compute and report financial activities in constant dollars.

AACEi : 
A vertical line in a Gantt chart, resource graph, or other charts with dates on one axis, indicating the current date.

AACEi : 
Dollars of purchasing power in which actual prices are stated, including inflation or deflation. In the absence of inflation or deflation, current dollars equal constant dollars.

AACEi : 
The current estimate of the calendar date when an activity will be completed.

AACEi :
Period for which prices are compared to the base period prices.

AACEi : 
Schedule update, which reflects actual progress to date, plus forecast progress going forward and is accepted/used for monitoring and controlling the work.

AACEi : 
The current estimate of the calendar date when an activity will begin.

AACEi : 
In project control, a report that compares actual progress with planned progress as of the last reporting date.

AACEi : 
An established practice in a particular industry in the general area. It may be used to show the practice to be followed in a particular circumstance.

AACEi :
The ultimate consumer, user, client, beneficiary or second party who will be responsible for acceptance of the project's deliverables.

PMI :
Customer is the person(s) or organization(s) that will pay for the project’s product, service, or result. Customers can be internal or external to the performing organization.

PCI :
Any person who defines needs or wants, justifies or pays for part or the entire project, or evaluates or uses the results.

AACEi : 
Equipment provided to the contractor doing the project by the customer for the project and typically specified in the contract. Also referred to as owner furnished material/equipment (OFM/OFE).

PMI :
Within the quality management system, a state of fulfillment in which the needs of a customer are met or exceeded for the customer’s expected experiences as assessed by the customer at the moment of evaluation.

AACEi : 
The ending date in a reporting period.

APM :
The form of control that deals with routine progress tracking and corrective action using a feedback loop.

AACEi : 
The time duration that it takes to create a deliverable. Includes time for both direct effort on the deliverable and time spent on other activities, projects or processes that intentionally or unintentionally add to the duration.

AACEi :
The amount of work accomplished by a crew in one day (typically 8 hours). This is a special form of production rate.

AACEi :
The increased cost to one party resulting from another party's acts or omissions affecting the contract but not incorporated into a contract modification.

AACEi :
An amount of money stated in the contract as being the liability of a contractor for failure to complete the work by the designated time(s). Liquidated damages ordinarily stop at the point of substantial completion of the project or beneficial occupancy by the owner. Also can apply to contract defined output performance. Syn.: Liqaidated Damages

AACEi :
Syn.: Impact Cost.

AACEi :
An activity in a network that has neither predecessors nor successors.

PCI :
An activity or network which has either no predecessors or no successors. If neither, referred to as an isolated activity.

AACEi :
(1) The date on which the schedule has been updated to reflect actual progress (percent complete, remaining durations, new activities and changed logic, etc. input into schedule) and projects a new completion date.
(2) The calendar date that separates actual (historical) data from scheduled data. Scheduling software uses the data date to base its network calculations.

PMI :
A point in time when the status of the project is recorded.

PMI :
Techniques used to collect, organize, and present data and information.

PCI :
Data Item Description contains the format and content preparation instructions for the data product generated by the specific and discrete task requirements as delineated in the contract.

AACEi :
A fixed date imposed on an activity to force it to start or finish by or on a certain date in a schedule model. A date constraint overrides the logic of the schedule and can, if improperly used, cause unintended results.

AACEi :
Date on which the client agrees to final acceptance of the project. Commitments against the authorized funds usually cease at this time. This is an event.

AACEi :
A method of payment for work not included in the scope of the contract that the construction contractor is obliged to perform at the request or direction of the owner or its agent. Generally, such day work account is paid for on unit-price or cost-plus terms.

AACEi :
A method to convert present-day costs or costs of any point in time to costs at some previous date via applicable indexes.

AACEi :
For earned value, project scope removed with a separate contractual action. It is scope with schedule and budget that is returned to the owner for other uses. The net result is the total project budget is reduced, and the overall duration of the project may also be reduced. Alternately, the amount of project scope removed may be kept in Undistributed Budget/Schedule Margin until returned to the owner.

AACEi :
The opposite of acceleration. A direction, either expressed or implied, to slow down job progress.

AACEi :
A systematic and typically quantitative process for selecting the optimum of two or more alternatives in order to address a problem or opportunity.

AACEi :
Refers to the definition of the components or criteria on which a decision is based. Generally includes defined alternatives, information, and preferences.

AACEi :
Variables in a decision model that influence decision outcomes.

AACEi :
State in the progress of a project when a decision is required before the start of any succeeding activity. The decision determines which of a number of alternative paths is to be followed.

AACEi :
Methods to identify, define, layout or frame the decision to be addressed during the structuring step of decision analysis.

AACEi :
In decision analysis, this refers to the process step for implementing the selected alternative and performing continuous improvement.

AACEi :
A quantitative model that that provides a base methodology that supports objective, consistent and appropriate decision making by an organization considering all agreed model inputs and outputs.

AACEi :
Definitive position of an organization on how investment or project decisions will be made. Establishes the basis for decision models. Provides a basis for consistent and appropriate decision making and defines authority and accountability within the organization.

AACEi :
A generally recognized quality management model for decision analysis. It includes the following elements:
a. Appropriate frame
b. Creative, doable alternatives
c. Meaningful, reliable information
d. Clear values and trade-offs
e. Logically correct reasoning and
f. Commitment to action.

AACEi :
A graphical representation of the decision process. Sequential decisions are drawn in the form of branches of a tree, stemming from an initial decision point and extending all the way to final outcomes. Each path through branches of the tree represents a separate series of decisions and probabilistic events.

PMI :
Decision Tree Analysis : A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.

AACEi :
Simple decisions that assume complete information and no uncertainty connected with the analysis of the decisions.

AACEi :
A decision problem in which the analyst elects to consider several possible futures, the probabilities of which can be estimated.

AACEi :
A decision for which the analyst elects to consider several possible futures, the probabilities of which cannot be estimated.

AACEi :
Method of computing depreciation in which the annual charge is a fixed percentage of the depreciated book value at the beginning of the year to which the depreciation applies. Syn.: Percent On Diminishing Value.

AACEi :
Separation of the scope of work and requirements into smaller, component packages, so that work effort can be more effectively monitored and controlled.

PMI :
A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts.

AACEi :
A deviation of a severity sufficient to require corrective action.

PMI :
An imperfection or deficiency in a project component where that component does not meet its requirements or specifications and needs to be either repaired or replaced.

PMI :
An intentional activity to modify a nonconforming product or product component.

AACEi :
A defect in the work which cannot be observed by reasonable inspection.

AACEi :
A defect in the work which can be observed by reasonable inspection.

AACEi :
An adjective which, when modifying the work, refers to work that is unsatisfactory, faulty or deficient, or does not conform to the contract documents, or does not meet the requirements of any inspection, reference standard, test or approval referred to in the contract documents, or has been damaged prior to the engineer's recommendation of final payment (unless responsibility for the protection thereof has been assumed by the owner at substantial completion in accordance with the contract documents).

AACEi :
Specifications and/or drawings which contain errors, omissions, and/or conflicts, which affect or prevent the contractor's performance of the work.

APM :
The third level of a typical maturity model where processes are documented and standardised.

AACEi :
Process of quantifying performance and interface requirements during system decomposition and elaboration phase of a project.

APM :
The second phase of a project or programme life cycle where requirements are refined, the preferred solution is identified and ways of achieving it are identified.

AACEi :
An early phase in the project life cycle when the scope is defined. Syn.: Development Phase; Front End; Planning Phase.

APM :
Define :The phase of a portfolio life cycle where the projects, programmes and change to business-as-usual required to meet strategic objectives are identified and evaluated.

AACEi :
An estimate generally involving a high degree of deterministic estimating methods. It is generally prepared in great detail.

AACEi :
A persistent decrease in the level of consumer prices, or a persistent increase in the purchasing power of money caused by a decrease in available currency and credit relative to the proportion of available goods and services (i.e., negative inflation).

AACEi :
To cause the work or some portion of the work to start or be completed later than planned or later than scheduled.

AACEi :
(1) Delays that are caused by the owner's actions or inactions. Contractor is entitled to a time extension and damage compensation for extra costs associated with the delay.
(2) If the delay is deemed compensable the party will be entitled to additional compensation for the costs of delay, as well as additional time for contract performance. However, it is possible for a delay to be compensable without extending the contract performance time. Generally speaking, a delay that could have been avoided by due care of one party is compensable to the innocent party suffering injury or damage as a result of the delay’s impact. [10]
(3) A contractor is entitled to recover for delay costs and a time extension provided that three conditions are satisfied: 1) The delay is caused by the owner or is within the owner’s control; 2) The delay results in additional costs to the contractor; and 3) The contractor has not assumed the risk of delay. Because this entitlement is implied in every contract, it does not need to be expressly stated in the contract.

AACEi :
Two or more delays in the same time frame or which have an independent effect on the end date. The owner/engineer and the contractor may each be responsible for delay in completing the work. This may bar either party from assessing damage against the other. This may also refer to two or more delays by the same party during a single time period.

AACEi :
Any delay beyond the control and without the fault or negligence of the contractor or the owner, caused by events or circumstances such as, but not limited to, acts of God or of the public enemy, acts of interveners, acts of government other than the owner, fires, floods, epidemics, quarantine restrictions, freight embargoes, hurricanes, tornadoes, labor disputes, etc. Generally, a delay caused by an excusable delay to another contractor is compensable when the contract documents specifically void recovery of delay costs.

AACEi :
Any delay caused by events or circumstances within the control of the contractor, such as inadequate crewing, slow submittals, etc, which might have been avoided by the exercise of care, prudence, foresight, or diligence on the part of the contractor.

AACEi :
Any delay impacting a portion of the work within the available total float or slack time, and not necessarily preventing completion of the work within the contract time.

AACEi :
(1) Deceleration of the project work, by one of the parties to the contract, due to a delay to the end date of the project caused by the other party, so as to maintain steady progress with the revised overall project schedule.
(2) A delay resulting from a conscious and contemporaneous decision to pace progress of an activity against another activity experiencing delay due to an independent cause.
(3) The consumption of float created by another delay, in performing work on an activity not directly dependent on the progress of the work experiencing the other delay.

AACEi :
The alleged owner-caused delay that created or increased the relative total float consumed by the pacing delay. The parent delay must start or exist prior to the pacing delay. Also the parent delay must be on the critical path or have a lower float value than the paced activity prior to pacing.

AACEi :
Any excusable or compensable delay impacting the work and exceeding the total float available in the progress schedule, thus preventing completion of the work within the contract time unless the work is accelerated.

AACEi :
In resource planning and scheduling, inadequate availability of one or more resources may require that completion of an activity be delayed beyond the date on which it could otherwise be completed. The delaying resource is the first resource on an activity that causes the activity to be delayed.

PCI :
In resource scheduling, inadequate availability of one or more resources may require that the completion of an activity be delayed beyond the date on which it could otherwise be completed. The delaying resource is the first resource on an activity that causes the activity to be delayed.

APM :
The practice of giving a person or group the authority to perform the responsibilities of, or act on behalf of, another.

PCI :
Deligating :The process by which authority and responsibility is distributed from Project Manager to subordinates.

AACEi :
(1) A report or product of one or more tasks that satisfy one or more objectives and must be delivered to satisfy contractual requirements.
(2) Another name for products, services, processes, or plans created as a result of doing a project. A project typically has interim as well as final deliverables

APM :
A product, set of products or package of work that will be delivered to, and formally accepted by, a stakeholder.

PMI :
Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.

PCI :
A report or product that must be completed and delivered to ensure satisfaction of contractual requirements.

AACEi :
Transfer or handover of a product from one party to another. Syn.: Turnover.

AACEi :
A forecasting technique that seeks expert consensus by sharing their opinions with each other anonymously after each round of forecasts. Based on the array of anonymous expert opinions then shared, panel participants rethink and reforecast for the next round. When forecasts are congruent or nearly so, the forecasting process is complete.

PMI :
An information gathering technique used as a way to reach a consensus of experts on a subject. Experts on the subject participate in this technique anonymously. A facilitator uses a questionnaire to solicit ideas about the important project points related to the subject. The responses are summarized and are then recirculated to the experts for further comment. Consensus may be reached in a few rounds of this process.
The Delphi technique helps reduce bias in the data and keeps any one person from having undue influence on
the outcome.

PCI :
A process where a consensus view is reached by consultation with experts. Often used as an estimating technique.

AACEi :
(1) The ratio of the maximum instantaneous production rate to the production rate for which the equipment was designed.
(2) The ratio between the maximum power demand and the total connected load of the system.

AACEi :
Syn.: Plain-Do-Check-Act (PDCA) Cycle.

APM :
The controlled dispersal of personnel and disposal of assets when they are no longer needed on a project, programme or portfolio.

AACEi :
A charge made on cars, vehicles, or vessels held by or for consignor or consignee for loading or unloading, for forwarding directions or for any other purpose.

AACEi :
Relationships between products or tasks. For example, one product may be made up of several other 'dependent' products or a task may not begin until a 'dependent' task is complete.

AACEi :
A relation between activities, such that one requires input from the other.

APM :
A relationship between activities in a network diagram.

PMI :
Logical Relationship: A dependency between two activities, or between an activity and a milestone.

PCI :
Dependencies are relationships between products or tasks. For example, one product may be made up of several other ‘dependent’ products or a task may not begin until a ‘dependent’ task is complete.

PMI :
A technique used to identify the type of dependency that is used to create the logical relationships between predecessor and successor activities.

PCI :
Different types of links connecting activities in a precedence network.

AACEi :
An event or condition whose impact or probability of occurrence depends on another variable.

AACEi :
(1) A form of capital recovery applicable to extractive property (e.g., mines). Depletion can be on a unit-of-output basis related to original or current appraisal of extent and value of the deposit. (Known as percentage depletion.)
(2) Lessening of the value of an asset due to a decrease in the quantity available. Depletion is similar to depreciation except that it refers to such natural resources as coal, oil, and timber in forests.

AACEi :
The first cost of the capitalized asset minus the accumulation of annual depreciation cost charges.

AACEi :
(1) Decline in value of a capitalized asset.
(2) A form of capital recovery applicable to a property with a life span of more than one year, in which an appropriate portion of the asset's value is periodically charged to current operations.

AACEi :
Portrayal of content in words, either orally or written. When applied to instructions, implies information concerning how something is to be done, rather than step by step details of what is to be done, i.e. prescriptive.

AACEi :
Definition phase in a generic project life cycle that encompasses detailed technical, commercial and organizational decisions. There is often substantial opportunity to optimize these decisions without expenditure of significant resources by modeling, prototyping and testing. Management approval gates are necessary where major decisions will be made. In some industries, this phase is dealt with as two separate phases with a management gate between the two. This allows design to be matured before approval is given for significant resource expenditure on full design/development. Equally, the gate may be required before major procurement decisions and commitments are made after initial design but prior to full design/development.

PCI :
The time period in which production process and facility and production processes are developed and designed.

AACEi :
Process of identifying and verifying technical solutions to meet requirements of conceptual design. Takes conceptual design to next level of detail, but not as detailed as the detailed design stage. Depending on size and nature of project, it may be a separate stage in the project life cycle.

PMI :
A statistical method for identifying which factors may influence specific variables of a product or process under development or in production.

AACEi :
A formal, documented, comprehensive and systematic examination of a design to evaluate design requirements and capability of the design to meet these requirements and to identify problems and propose solutions.

AACEi :
Network logic that is desirable for the contractor (but not necessarily for the client), based on some preference or advantage. Desirable logic may impose unnecessary conditions that preclude an optimum solution.

AACEi :
(1) A schedule used to communicate the day-to-day activities to working levels on the project. The detailed schedule would typically cover activities up to at least the next major milestone. The detailed schedule supports and is consistent with the master schedule.

AACEi :
The detailed design, drafting, engineering, and other related services necessary to purchase equipment and materials and construct a facility.

AACEi :
A requirement that describes the specific function that a particular product provides at a level of detail sufficient to support execution of the work.

PCI :
A plan implemented when it’s necessary to plan and control a certain major activity within a stage. The plan sets costs and resource usage that correspond to the detailed technical plan.

PCI :
A plan used to give a specific breakdown of major activities. It exists in all but the smallest projects.

PMI :
The process of aggregating the estimated costs of individual activities or work packages to establish an authorized cost baseline.

AACEi :
An estimate where none of the variables are probabilistic and that is developed using deterministic methods (i.e., not subject to significant conjecture). In some usage, this term is synonymous with Base Estimate (even if the base estimate is developed using stochastic methods).

AACEi :
(1) A network with no facilities to accommodate probabilistic dependencies. Precedence networks are said to be deterministic.
(2) A deterministic model, as opposed to a stochastic model, contains no random elements and for which, therefore, the future course of the system is determined by its state at present (and/or in the past).

PMI :
The process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

PMI :
The process of defining, preparing, and coordinating all subsidiary plans and integrating them into a comprehensive project management plan.

PMI :
The process of improving competencies, team member interaction, and overall team environment to enhance project performance.

PMI :
The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model.

AACEi :
Process of working out and extending theoretical, practical, and/or useful application of an idea, concept, or preliminary design.

AACEi :
Those costs specific to a project, either capital or expense items, which occur prior to commercial sales and which are necessary in determining the potential of that project for consideration and eventual promotion. Major cost areas     include process, product, and market research and development.

AACEi :
Syn.: Definition Phase; Front End; Planning Phase.

AACEi :
(1) A departure from established requirements. Deviations occur when the work product either fails to meet or unnecessarily exceeds the requirements. The change (positive or negative) may be considered potential or it may already be in the process of actually occurring. The deviation is used to provide a detailed description and detailed estimate (or ROM estimate) of change impacts that are the result of design developments, productivity, omissions, errors, price fluctuation, supplier changes, etc., or anything else that changes the forecast cost and schedules. Deviations are documented by project controls and communicated to the project manager. A deviation provides the project team with an opportunity to mitigate an adverse impact or to optimize the outcome and is used primarily as a communication tool. Note: Deviation as used herein refers to a single point variance. Trend refers to a pattern of a data group.
(2) In systems engineering, a deviation in the work product may be classified as an imperfection, nonconformance, or defect.

AACEi :
The sum of those costs, including consequential costs such as schedule impact, associated with the rejection or rework of a product, process, or service due to a departure from established requirements. Also may include the cost associated with the provision of deliverables that are more than required.

AACEi :
Syn.: Scheduling.

PMI :
Diagramming Techniques: Approaches to presenting information with logical linkages that aid in understanding.

PMI :
A group decision-making technique in which one individual makes the decision for the group.

AACEi :
Subsurface or latent physical conditions at the site differing materially from those conditions indicated in the contract documents or unknown physical conditions at the site, of an unusual nature, differing materially from conditions normally encountered and generally recognized as inherent in work of the nature provided for in the contract.

PMI :
The process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project’s objectives.

AACEi :
Costs of completing work that are directly attributable to its performance and are necessary for its completion.
1) In construction, the cost of installed equipment, material, labor and supervision directly or immediately involved in the physical construction of the permanent facility.
2) In manufacturing, service, and other non-construction industries: the portion of operating costs that is readily assignable to a specific product or process area. Syn.: Capital ,Direct.

PCI :
Those costs (labor, material, and other direct costs) that can be consistently related to work performed on a particular project. Direct costs are best contrasted with indirect costs that cannot be identified to a specific project.

AACEi :
When the paced event has a logical relationship to the parent delay.

APM :
A consequence of change perceived as negative by one or more stakeholders.

AACEi :
(1) Area of technical expertise or specialty. [8]
(2) A discrete area of study and endeavor where only specialized education and experience enable the full comprehension of the content of the subject matter and its appropriate application.

AACEi :
An activity in which the interval between start and finish dates is allowed to exceed its duration in order to satisfy start-to-start and finish-to-finish relationships with other activities.

PCI :
This option assigns the discontinuous attribute to all activities for a time analysis session, except where overridden by a specific activity type.

AACEi :
A multiplicative number (calculated from a discount formula for a given discount rate and interest period) that is used to convert costs and benefits occurring at different times to a common time.

AACEi :
The rate of interest reflecting the investor's time value of money, used to determine discount factors for converting benefits and costs occurring at different times to a base time. The discount rate may be expressed as nominal or real.

AACEi :
(1) The present worth of a sequence in time of sums of money when the sequence is considered as a flow of cash into and/or out of an economic unit.
(2) An investment analysis which compares the present worth of projected receipts and disbursements occurring at designated future times in order to estimate the rate of return from the investment or project. Also called discounted cash flow rate of return, interest rate of return, internal rate of return, investor's method or profitability index. Syn.: Investor's Method.

AACEi :
The time required for the cumulative benefits from an investment to pay back the investment cost and other accrued costs considering the time value of money.

AACEi :
A technique for converting cash flows that occur over time to equivalent amounts at a common time.

AACEi :
Tasks that have a specific measurable end product or end result. Discrete tasks are ideal for earned value measurement.

PMI :
An activity that can be planned and measured and that yields a specific output. [Note: Discrete effort is one of three earned value management (EVM) types of activities used to measure work performance.]

AACEi :
A milestone that has a definite scheduled occurrence.

AACEi :
A measurable activity with an output.

AACEi :
Dependency defined by preference, rather than necessity. These are typically employed in preferential or soft logic.

PMI :
A relationship that is established based on knowledge of best practices within a particular application area or an aspect of the project where a specific sequence is desired.

AACEi :
A decrease in the rate of inflation (for example, a change in the rate of inflation from 4% to 2%). Differs from, but may portend deflation.

AACEi :
The selecting and sequence of jobs to be run at individual work stations and the assignment of these jobs to workers. In many companies, dispatching is done by the actual shop line supervisor, set-up worker or lead worker. A dispatcher is usually a representative of the production control department which handles this job assignment task.

AACEi :
A disagreement between the owner and the contractor as to a question of fact or contract interpretation which cannot be resolved to the mutual satisfaction of the parties.

AACEi :
An interference (action or event) with the orderly progress of a project or activity(ies). Disruption has been described as the effect of change on unchanged work and manifests itself primarily as adverse labor productivity impacts. If such disruption is caused by owner or engineer action (or failure to act), the contractor may be entitled to recover any resulting costs.

AACEi :
The portion of a project’s cost that can not be associated with any specific direct account. In construction, this includes the field non-manual staff, field office, office supplies, temporary construction, utilities, small tools, construction equipment, weather protection, snow removal, lost time, labor burden, etc. When completion cost reports are prepared, the distributable costs may be distributed across the direct accounts for fixed asset accounting.

APM :
The result or consequence of not proceeding with the project or programme. Usually explained in the business case.

AACEi :
(1) (noun) Words or images assembled for a communicative purpose within a bounded physical medium—typically on sheets of paper or in digital memory files.
(2) (verb) To record communications, events, actions, or circumstances within a bounded physical medium.

PMI :
An elicitation technique that analyzes existing documentation and identifies information relevant to the requirements.

PMI :
The process of gathering a corpus of information and reviewing it to determine accuracy and completeness.

APM :
The removal of funds from an agreed source resulting in a reduction of available funds.

AACEi :
The drawings, plans or reproductions thereof, which show location, character, dimensions, and details of the work to be performed and which are referred to in the contract documents.

AACEi :
The predecessor activity(ies) that determines another activity's early start.

AACEi :
A relationship between two activities in which the start or completion of the predecessor activity determines the early dates for the successor activity with multiple predecessors.

AACEi :
Used only in activity on arrow (AOA) networks to create logic relationships between activities denoting a dependency, but not an action. Dummies are “activities” with zero duration, but are not milestones. Dummy activities are typically drawn as dotted lines.

AACEi :
An activity entered into the network for the sole purpose of creating a single start for the network.

AACEi :
Generally, any producer or consumer goods whose continuous serviceability is likely to exceed three years (e.g., trucks, furniture).

AACEi :
The amount of time estimated to complete an activity in the time scale used in the schedule (hours, days, weeks, etc.). Planned production rates and available resources will define the duration used in a given schedule. The following four types of duration are used:
1) Original duration: Duration input by the planner;
2) Current duration: Duration based on latest progress date for in-progress activities. Calculated rate of progress provides a new completion estimate;
3) Actual duration: Duration based on activity's actual start and actual finish. Applies only to completed activities; and
4) Remaining duration: The expected time required to complete an activity. It is calculated as the difference between the data date and the expected finish date for in-progress activities. (Equal to the original duration for non-progressed activities. Equal to zero for completed activities.)

PMI :
The total number of work periods (not including holidays or other nonworking periods) required to complete a schedule activity or work breakdown structure component. Usually expressed as workdays or workweeks. Sometimes incorrectly equated with elapsed time. Contrast with effort.

PCI :
Duration is the length of time needed to complete an activity.

AACEi :
Shortening project schedule without reducing project scope. Duration compression is not always possible and often requires an increase in project cost.

PCI :
Often resulting in an increase in cost, duration compression is the shortening of a project schedule without reducing the project scope.

AACEi :
The measure of the correlation between the duration of a task and the duration of a project. When combined with the criticality index, it determines the cruciality index.

AACEi :
Risk analysis which addresses dynamic risks. May employ elements of systems dynamics.

AACEi :
Risk for which the characteristics, probability and/or impact change over time or with the occurrence of preceding events.

AACEi :
The earliest calendar date on which the completion of an activity work package or summary item occurs.

AACEi :
An activity bar shown on the bar chart starting at the earliest date its predecessors’ completion will allow it to begin.

AACEI :
Calculated in the forward pass of time analysis, early dates are the earliest dates on which an activity can start and finish.

AACEi :
The earliest time at which an event may occur.

AACEi :
The earliest date or time an activity may finish as calculated by the schedule during the forward pass. Equal to the early start of the activity plus its remaining duration.

PMI :
Early Finish Date (EF): In the critical path method, the earliest possible point in time when the uncompleted portions of a schedule activity can finish based on the schedule network logic, the data date, and any schedule
constraints.

AACEi :
The earliest date or time an activity may start as calculated by the schedule during the forward pass.

PMI :
Early Start Date (ES): In the critical path method, the earliest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the data date, and any schedule constraints.

AACEi :
Predicated on the parameters established by the proposal schedule and any negotiated changes, the early work schedule defines reportable pieces of work within major areas. The format is developed into a logic network including engineering drawings, bid inquiries, purchase orders, and equipment deliveries, and can be displayed as a time-phased network. The detail of this schedule concentrates on projected engineering construction issue drawings released and equipment deliveries. The activities of the early part of construction are more defined than in the proposal or milestone schedule.

AACEi :
The time in standard hours credited as a result of the completion of a given task or a group of tasks.

AACEi :
(1) The number of whole plus partial project planned value (PV) time increments that equates to the earned value accrued.
(2) An extension of Earned Value Management (EVM) practices that develops counterparts to conventional EVM metrics calculated and expressed in terms of duration (time) instead of monetary value. These metrics are differentiated from their EVM counterparts by listing their time dependence (e.g., the ES metrics for schedule variance and schedule performance index are SV(t) and SPI(t) respectively). This distinction is often emphasized by labeling the cost dependence of conventional cost-based earned value metrics (e.g., the traditional EVM metrics schedule variance and schedule performance index are SV($) and SPI($) respectively). The use of the monetary denotation for conventional EVM metrics tends to be used only in discussions when ES and EVM are discussed together.

AACEi :
Measure of the value of work performed so far, also called the Budgeted Cost of Work Performed (BCWP). The “value” of the work earned at the date of analysis (data date). The cost of the work that has been accomplished in terms of the BCWS. Represents the budget value of work performed, rather than the actual cost of the work performed. In comparison to Planned Value (PV), provides a measure of performance taking into account both time and cost expended.

APM :
The value of completed work expressed in terms of the budget assigned to that work. A measure of progress which may be expressed in cost or labour hours.

PMI :
The measure of work performed expressed in terms of the budget authorized for that work.

PCI :
EV quantifies the amount or volume of work completed to date, and is commonly known as the Budgeted Cost of Work Performed (BCWP). When compared to the planned value (Budgeted Cost of Work Scheduled) and its actual cost (Actual Cost of Work Performed), EV provides an objective measure of schedule and cost performance.

AACEi :
In general (non-EVMS) terms, the objective measurement at any time of work accomplished (performed) in terms of budgets planned for that work, and the use of these data to indicate contract cost and schedule performance.

PCI :
EVM is a methodology that integrates a programme's work scope, schedule, and resources to enable government and contractor management to objectively track programme progress throughout the project's life cycle.

PCI :
The EVMIG provides guidance for understanding earned value management concepts, defines objective criteria for earned value management systems and provides guidance in interpreting those criteria for use on large, risky, cost based government programmes. Procedural aspects for Government personnel for specifying and using earned value management systems and for evaluating those systems are also provided.

AACEi :
A project progress control system that integrates work scope, schedule, and resources to enable objective comparison of the earned value to the actual cost and the planned schedule of the project.

APM :
A project control process, based on a structured approach to planning, cost collection and performance measurement. It facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan of performance measurement.

PMI :
A methodology that combines scope, schedule, and resource measurements to assess project performance and progress.

PCI :
EVMS is the integrated set of processes, applications, and practices that follow the globally accepted guidelines that describe the attributes of an effectively integrated cost, schedule, and technical performance management system.

AACEi :
Cost and schedule performance reports that are part of the performance measurement system. These reports make use of the earned value concept of measuring work accomplishment.

AACEi :
The present worth of an income producer's probable future net earnings, as prognosticated on the basis of recent and present expense and earnings and the business outlook.

AACEi :
A valuation measure used in decision making that combines accounting costs and opportunity costs.

AACEi :
A set of economic analysis techniques that considers all relevant costs associated with a project investment during its study period, comprising such techniques as life-cycle cost, benefit-to-cost ratio, savings-to-investment ratio, internal rate of return, and net savings.

AACEi :
Syn.: Life Cycle, Asset Life Cycle.

AACEi :
The profit derived from a project or business enterprise without consideration of obligations to financial contributors and claims of others based on profit.

AACEi :
The value of property in view of all its expected economic uses, as distinct from its value in view of any particular use. Also, economic value reflects the importance of a property as an economic means to an end, rather than as an end in itself.

AACEi :
The cost or profit situation regarding a practical enterprise or project as in economy study, engineering economy, and project economy.

AACEi :
Syn.: Consequence; Impact.

AACEi :
The date indicated in the agreement on which it becomes effective, but if no such date is indicated, the date on which the agreement is signed and delivered by the last of the two parties to sign and deliver.

AACEi :
The true value of interest rate computed by equations for compound interest rate for a 1-year period.

AACEi :
Syn.: Productivity.

AACEi :
A measure of overall performance used in a work measurement system. It is calculated by dividing the standard time to perform the work by the actual time.

AACEi :
The number of labor units necessary to complete work. Effort is usually expressed in staff hours, staff days or staff weeks and should not be confused with duration.

PMI :
The number of labor units required to complete a schedule activity or work breakdown structure component, often expressed in hours, days, or weeks.

AACEi :
Estimate of effort remaining to complete an activity. A far more useful measure of progress than percentage complete.

AACEi :
An effort-drive activity provides the option to determine activity duration through resource usage. The resource requiring the greatest time to complete the specified amount of work on the activity will determine its duration.

AACEi :
Method of breaking down each project activity or task into work packages that require no more than 80 hours of effort to complete.

AACEi :
A statistical principle named after Italian economist Vilfredo Pareto, who observed that 80% of the wealth in Italy was controlled by 20% of the population. In cost management, it is commonly used to describe the situation where a small subset of cost items, activities, and so on, are the source of most of the total cost, duration, etc. Syn.: Pareto's Law.

AACEi :
The lowest level of goods and services for which a consistent set of value weights is available.

AACEi :
Occurred risk whose occurrence was not proactively anticipated.

PMI :
The capability to identify, assess, and manage the personal emotions of oneself and other people, as well as the collective emotions of groups of people.

AACEi :
An activity with no logical successors.

AACEi :
Event with preceding, but no succeeding activities. There may be more than one end event.

AACEi :
A final combination of end products components, parts or materials that is ready for its intended use.

AACEi :
The event that signifies the end of a network.

AACEi :
A node where no activities begin, but one or more activities end.

AACEi :
A fund established for the support of some project or succession of donations or financial obligations.

AACEi :
The individual, partnership, corporation, joint venture, or any combination thereof, named as the engineer in the agreement who will have the rights and authority assigned to the engineer in the contract documents. The term "the engineer" means the engineer or the engineer's authorized representative.

AACEi :
Items that are purchased to be used for a particular purpose and are engineered to unique specifications, as opposed to commodity materials. This typically includes tagged items and materials that require detailed engineering data sheets.

AACEi :
The formal release of an engineering change.

AACEi :
A proposal submitted by the seller in response to a buyer request for an ECP to change the existing contract effort. Only the buyer can initiate the request for an engineering change proposal. This activity is usually preceded by a request for change. The user, buyer, or the seller can initiate a request for change to the contract. It is an exploratory activity.

AACEi :
Request to consider a technical change to the technical baseline submitted to client or its agent.

AACEi :
In TCM risk management, a response strategy for opportunities that involves increasing the probability and/or impact of risk.

APM :
A response to an opportunity that increases its probability, impact or both.

AACEi :
(1) A business organization involved in economic activity and taking risks for purposes of profit.
(2) In total cost management, any endeavor, business, government, group, individual or other entity that owns, controls, or operates strategic assets.

AACEi :
Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio.

AACEi :
Application of project management discipline throughout an enterprise. A concept based on principle that prosperity depends on adding value to business, and that value is added by systematically implementing new projects, i.e. projects of all types across the organization.

APM :
Enterprise project management office: An organisation that is responsible for the governance infrastructure of P3 management.

AACEi :
Program/project resource planning of activities, supported by multi-module application software and processes to help an enterprise manage key parts of its business which may include product planning, maintaining inventories, supply chain processes, providing customer services, human resources planning, etc. It may include other system involving any kind of resource consumption that can benefit from integration of information across many functional areas.

AACEi :
The risk management process applied to the overall enterprise, portfolio and program level objectives, not to just a single business unit, asset or project.

AACEi :
The circumstances and conditions within which the project, programme or portfolio must operate.

AACEi :
A contract adjustment in price or time under, certain contract clauses, or both, to compensate the contractor expense incurred due to actions of the owner or to compensate the owner for contract reductions. An equitable adjustment includes an allowance for profit. Certain contract clauses provided for adjustments, excluding profit, and are not considered “equitable adjustments.”

AACEi :
Sets of commodities which provide the same total satisfaction to a given group of consumers (without necessarily being identical).

AACEi :
Syn.: Annual Value; Annual Worth.

AACEi :
An earned value technique that assigns a pre-assigned equal weight to a unit of completion (e.g. drawings complete).

AACEi :
Deficiencies, usually in design or drafting, in the plans and specifications that must be corrected in order for the facility to operate properly. Errors in plans and specifications are normally items that are shown incorrectly, while omissions are normally items that are not shown at all.

AACEi :
A provision in costs or prices for uncertain changes in technical, economic, and market conditions over time. Inflation (or deflation) is a component of escalation.

APM :
The process by which issues are drawn to the attention of a higher level of management.

AACEi :
Clause contained in collective agreements or purchase orders, providing for an automatic price adjustment based on changes in specified indices.

AACEi :
A prediction or forecast of the resources (i.e., time, cost, materials, etc) required to achieve or obtain an agreed upon scope (i.e., for an investment, activity, project, etc.).

APM :
An approximation of time and cost targets, refined throughout the life cycle.

PMI :
A quantitative assessment of the likely amount or outcome. Usually applied to project costs, resources, effort, and durations and is usually preceded by a modifier (i.e., preliminary, conceptual, feasibility, order-of magnitude,definitive). It should always include some indication of accuracy (e.g., ± x percent).

PMI :
The process of estimating the number of work periods needed to complete individual activities with estimated resources.

PMI :
The process of estimating the type and quantities of material, human resources, equipment, or supplies required to perform each activity.

AACEi :
An estimate of the total cost an activity or group of activities will accumulate upon final completion.

PMI :
The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.

PCI :
A value expressed in either dollars and /or hours, to represent the projected final costs of work when completed. The EAC is calculated as ETC + ACWP.

AACEi :
The estimated project duration in time increments.

AACEi :
Basic data, project objectives, scope, drawings, quotes, estimating data, qualifications and assumptions used in preparing the estimate and supporting the basis.

AACEi :
(1) In general terms, the estimated resources (i.e., work hours, costs, time, and/or materials) required to complete a scope of work. 
(2) In earned value management, an estimate of the remaining costs required to complete an activity or group of activities. ETC = Estimate At Completion (EAC) - Actual cost (AC), is often used to calculate the estimated cost to complete the project or program under discussion.

PMI :
The expected cost to finish all the remaining project work.

PCI :
The value expressed in either dollars or hours developed to represent the cost of the work required to complete a task. Cobra calculates the ETC by subtracting the budgeted cost of work performed from the budget at complete. The ETC is calculated as BAC - BCWP.

AACEi :
In earned value management according to the ANSI EIA 748 standard, these are cost added to cost from the accounting system to create the appropriate Actual Cost of Work Performed (ACWP). Estimated actuals are sometimes necessary to ensure the ANSI EIA 748 requirement that Budgeted Cost of Work Performed (BCWP) is on the same basis as the reported ACWP. The basis for estimated actuals is documented and reversed which in the cost is accrued in the accounting books of record. Example of records may include invoices received, material purchase orders, submitted journal vouchers.

AACEi :
The predicted date at which all requirements for a defined task will be completed.

APM :
The use of a range of tools and techniques to produce estimates.

APM :
A representation of the increasing levels of estimating accuracy that can be achieved through the phases of the life cycle.

APM :
Sets recognized standards of conduct and behavior within the P3 profession.

AACEi :
(1) A point in time when certain conditions have been fulfilled, such as the start or completion of one or more activities. Graphically, it is represented by a node. An event occurs only when all work preceding it has been completed. It has zero duration.
(2) In risk management (i.e. risk event), an incident or occurrence whose nature or result could be a threat or opportunity to the outcome of the project. Syn.: Risk Event. 

APM :
Control actions or reports that are triggered by a specific event are referred to as ‘event-driven’.

AACEi :
An alphanumeric description of an event.

AACEi :
A numerical description of an event for computation and identification. 

AACEi : 
Planning approach focusing on events rather than activities. 

AACEi : 
The difference between the latest allowable date and the earliest date for an event. 

AACEi : 
Time information generated through the network analysis calculation, which identifies the start and finish times for each event in the network. 

AACEi :
A report that lists exceptions to the expected norm as progress and forecast information is compared against the plan.

AACEi :
Those occurrences that cause deviation from a plan, such as issues, change requests and risks. Exceptions can also refer to items that the cost variance and schedule variance exceed predefined thresholds.

AACEi :
Logical relationship indicating that only one of the possible activities can be undertaken.  

AACEi :
Delays that are caused by the owner's actions or in actions. Contractor is entitled to a time extension and damage compensation for extra costs associated with the delay.

AACEi :
Delays not attributable to contractor's action or inactions. Excusable delays when founded, entitle contractor to a time extension if the completion date is affected.

AACEi :
Delays that are neither contractor's nor owner's fault. The contractor is entitled to a time extension but not to damage compensation. Non-excusable delays, i.e. delays that are caused by the contractor's or its subcontractor's actions or inactions. Consequently, the contractor is not entitled to a time extension or delay damages. On the other hand, owner may be entitled to liquidated or other damages.

AACEi :
Accomplish a preconceived objective by directing and implementing activities.

PMI :
Directing, managing, performing, and accomplishing the project work; providing the deliverables; and providing work performance information.

PMI :
Those processes performed to complete the work defined in the project management plan to satisfy the project specifications.

AACEi :
Employees exempt from overtime compensation by federal wage and hours guidelines.

AACEi :
Conditions that must be satisfied before the process element is considered complete.

AACEi :
Any increase in the capacity of a plant facility or unit, usually by added investment. The scope of its possible application extends from the elimination of problem areas to the complete replacement of an existing facility with a larger one.

AACEi : 
Syn.: Target Start Date.

AACEi :
The length of time anticipated for a particular activity in the PERT method or in Arrow or Precedence Diagramming Methods (ADM, PDM).

PMI :
A statistical technique that calculates the average outcome when the future includes scenarios that may or may not happen. A common use of this technique is within decision tree analysis.

AACEI :
In risk analysis, the product of probability times impact; i.e., a risk weighted measure of impact. In statistical usage, synonymous with the mean.

AACEi :
In quantitative risk analysis and contingency estimating, a method that employs the product of a risk’s probability times its impact as the primary approach to quantifying risks.

AACEi :
Expenditures of short-term value, including depreciation, as opposed to land and other fixed capital.

AACEi :
(1) Opinions, advice, recommendations, or commentary proffered, usually upon request, by a person or persons recognized, either formally or informally, as having specialized knowledge or training in a specific area. [8] 
(2) Deliberate discernment of a situation or proposed course of action by those whose knowledge, skills, and abilities are developed from specialized education and experience, which enable them to better understand the situation or propose an optimal course of action than could those whose professional backgrounds are not so specialized.

PMI :
Judgment provided based upon expertise in an application area, knowledge area, discipline, industry, etc., as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training.

AACEi :
In TCM risk management, a response strategy for opportunities that involves taking steps that increase the probability that the opportunity will occur. 

APM :
A response to an opportunity that maximises both its probability and impact.

AACEi :
In risk management, refers to the potential or actual impact of one or more risk events or conditions.

AACEi :
In risk management, refers to the time during which there is a potential or actual impact of one or more risk events or conditions. Syn.: Risk Impact Window.

APM :
A life cycle model that includes the operation of outputs and realisation of benefits.

AACEi :
A constraint from outside the project network.

PMI :
A relationship between project activities and non-project activities.

PMI :
An elicitation technique using focused sessions that bring key cross-functional stakeholders together to define product requirements.

AACEi :
In project work, this term usually refers to the constructed environment, e.g., buildings, structures, infrastructure, plant and equipment.

AACEi :
Syn.: Plant Overhead.

PMI :
An analytical procedure in which each potential failure mode in every component of a product is analyzed to determine its effect on the reliability of that component and, by itself or in combination with other possible failure modes, on the reliability of the product or system and on the quired function of the component; or the examination of a product (at the system and/or lower levels) for all ways that a failure may occur. For each potential failure, an estimate is made of its effect on the total system and of its impact. In addition, a review is undertaken of the action planned to minimize the probability of failure and to minimize its effects.

AACEi :
That estimate of the value of a property that is reasonable and fair to all concerned, after every proper consideration has been given due weight.

AACEi :
Syn.: Contingency Plan.

PCI :
Fallback plans include an alternative set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes.

AACEi :
Scheduling activities to run simultaneously instead of consecutively as much as possible, in order to speed work completion. Fast-tracked activities thus typically begin before the predecessor activity is finished.

PMI :
A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.

AACEi :
A risk analysis method used to evaluate risk threats employing a deductive logic tree linking a parent event to the combinations of sub-events that could cause it.

AACEi :
The charge for the use of one's services to the extent specified in the contract.

PMI :
Represents profit as a component of compensation to a seller.

AACEi :
Engineering and construction costs associated with the construction site rather than with the home office.

AACEi :
Refers to costs necessary to support the direct work. These generally include: 1) Temporary construction and consumables; 2) Field supervision and field office costs; and 3) Construction equipment and tools.

AACEi :
The sum of the cost of payroll burden, temporary construction facilities, consumables, field supervision, and construction tools and equipment.

AACEi :
A written order issued by the engineer to the contractor which orders minor changes in the work but which does not involve an adjustment in the contract price or the contract time.

AACEi :
Project site supervisory and support staff personnel (excluding general foreman).

AACEi :
The cost of salaries and wages of all field supervision personnel (excluding general foreman), plus associated payroll burdens, home office overhead, living and travel allowances, and field office operating costs.

AACEi :
A method of determining the cost of inventory used in a product. In this method, the costs of materials are transferred to the product in chronological order. Also used to describe the movement of materials.

AACEi : 
Syn.: Venture Life.

APM :
The process of estimating and justifying costs in order to secure funds, controlling expenditure and evaluating the outcomes.

AACEi :
Actual or estimated time associated with an activity's completion.

PMI :
A point in time associated with a schedule activity’s completion. Usually qualified by one of the following: actual, planned, estimated, scheduled, early, late, baseline, target, or current.

AACEi :
Amount of excess time an activity has between its early finish and late finish dates. This may be referred to as slack time. All floats are calculated when a project has its schedule computed.

AACEi :
A relationship in which the successor activity depends upon and can finish only after the predecessor activity finishes. The predecessor must finish first and then the successor can finish.

APM :
A dependency in an activity-on-node network. It indicates that one activity cannot finish until another activity has finished.

PMI :
A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.

AACEi :
The minimum amount of time that must pass between the finish of one activity and the finish of its successor(s). All lags are calculated when a project has its schedule computed. Finish-to-finish lags are often used with start-to-start lags.

AACEi :
A relationship in which the successor activity can start only after the predecessor activity finishes. This is the most common relationship used.

APM :
A dependency in an activity-on-node network. It indicates that one activity cannot start until another activity has finished.

PMI :
A logical relationship in which a successor activity cannot start until a predecessor activity has finished.

AACEi :
The minimum amount of time that must pass between the finish of one activity and the start of its successor(s). The default finish-to-start lag is zero. All lags are calculated when a project has its schedule computed. In most cases, finish-to-start lags are not used with other lag types.

AACEi :
Commodities that will not undergo any further processing and are ready for sale to the user (e.g., apparel, automobiles, bread).

PMI :
A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs.

AACEi :
Costs incurred in placing a facility into service, including but not limited to costs of planning, design, engineering, site acquisition and preparation, construction, purchase, installation, property taxes paid and interest during the construction period, and construction-related fees. Syn.: Initial Cost; Initial Investment Cost.

AACEi :
The number of the first event in time for a work package or summary item. This event number defines the beginning of the work package or summary item in relation to the network.

PMI :
A decomposition technique that helps trace an sirable effect back to its root cause.

AACEi :
Those costs independent of short term variations in output of the system under consideration. Includes such costs as maintenance; plant overhead; and administrative, selling and research expense. For the purpose of cash flow calculation, depreciation is excluded (except in income tax calculations). In construction this includes general and administrative costs.

AACEi :
A calendar date (associated with a plan) that cannot be moved or changed during the schedule.

PMI :
An earned value method for assigning a specified percentage of budget value for a work package to the start milestone of the work package with the remaining budget value percentage assigned when the work package is complete.

PMI :
An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.

PMI :
A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.

AACEi :
Syn.: Imposed Start Date.

AACEi :
A scheduling method in which, regardless of the number of resources assigned to the task, the duration remains the same.

PMI :
A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.

AACEi :
(1) In manufacturing, the amount of material in a system or process, at a given point in time, that is not being directly employed or worked upon. 
(2) In projects, the amount of time that an activity may slip in its start and completion before becoming critical.

APM :
A term used to describe the flexibility with which an activity may be re scheduled. There are various types of float, such as total float and free float.

PMI :
Also called slack. See total float and free float.

AACEi :
A theoretical sequence of activities that share the same float and thus act as a unit when considering project completion. The concept of float paths allows for summarization and simplification of work packages by allowing management or other stakeholders to visualize larger work packages than those used at the base work level.

AACEi :
A chart showing the progressive change over time in schedule float values.

AACEi :
A graphic representation that utilizes symbols, labels, and arrows as to depict the details and sequence of operation of a procedure or process system.

PMI :
The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.

PMI :
An elicitation technique that brings together prequalified stakeholders and subject matter experts to learn about their expectations and attitudes about a proposed product, service, or result.

AACEi :
Work that is expected to flow the result of current work. This may be a subsequent project, an enhancement, or the maintenance of the product of the current project.

AACEi :
(1) An estimate and prediction of future conditions and events based on information and knowledge available at the time of the forecast. 
(2) When in respect to resource requirements, considering future conditions and events, it is a synonym for an estimate.

APM :
Forecast expenditure: The estimated and predicted use of money.

PMI :
Schedule Forecast : An estimate or prediction of conditions and events in the project’s future based on information and knowledge available at the time of the forecast. The information is based on the project’s past performance and expected future performance, and includes information that could impact the project in the future, such as estimate at completion and estimate to complete.

AACEi :
(1) The work performed to estimate or predict future conditions and events. Forecasting establishes the range of possibilities within which one can come to focus on the objectives one will commit to achieve. Forecasting is the work involved in anticipating future events, while establishing objectives is the work necessary to commit oneself to accomplish predetermined results. 
(2) When in respect to resource requirements, considering future conditions and events, it is a synonym for cost estimating. Forecasting and cost estimating are often confused with budgeting, which is a definite allocation of resources and not a prediction or estimate.

AACEi :
In earned value, a term referring to restructuring the earned value performance measurement baseline (PMB). It may include an over-target schedule and or cost and may include a program single point adjustment.

AACEi :
(1) In projects, network calculations that determine the earliest start/earliest finish time (date) of each activity, and establishes the critical path.
(2) In manufacturing, often referred to as forward scheduling, a scheduling technique where the scheduler proceeds from a known start date and computes the completion date for an order usually proceeding from the first operation to the last.

PMI :
A critical path method technique for calculating the early start and early finish dates by working forward through the schedule model from the project start date or a given point in time.

AACEi :
(1) A subnet of the overall project network schedule. A fragnet is typically made up of related work activities to allow greater detail and better control of the work.
(2) A portion or fragment of a CPM network usually used to illustrate changes to the whole network.

AACEi :
Maximum amount by which an activity can be delayed beyond its early dates without delaying any successor activity beyond its early dates.

PMI :
The amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.

AACEi : 
The distance every cubic yard of excavated material is entitled to be moved without an additional charge for haul. 

AACEi :
For a task without successors, this is the amount of time the task can be delayed without delaying the finish date of the project.

AACEi :
Employee welfare benefits, i.e., expenses of employment such as holidays, sick leave, health and welfare benefits, retirement fund, training, supplemental union benefits, etc.

AACEi :
Syn.: Definition Phase; Development Phase; Planing Phase.

AACEi :
Defining the project scope and plans in a way that assures the best practical level of definition is achieved as needed to support a project decision gate.