Glossary of Project Management Terms – I
The assessment of the adverse effect of an occurring risk.
Assessing the merits of pursuing a particular course of action.
The project phase that develops the chosen solution into a completed deliverable. (Note: Realisation is the internationally accepted and preferred term for implementation).
Point in time determined by circumstances outside the network. Note: A symbol is inserted immediately above the event concerned on activity on arrow networks or adjacent and connected to the appropriate corner of the node on activity on node networks
A finished date imposed on an activity by external constraints.
A start date imposed on an activity by external constraints.
An activity that has been started but not yet finished.
Inclusive OR relationship
Logical relationship indicating that at least one but not necessarily all of the activities have to be undertaken.
A set of international terms defining conditions for delivery and shipping of equipment and materials.
Sum of actual and committed costs, whether invoiced/paid or not, at a specific time.
Costs associated with a project that cannot be directly attributed to an activity or group of activities.
(Resources expended which are not directly identified to any specific contract, project, product or service, such as overheads and general administration.)
A project commissioned and carried out entirely within a single organisation.
Committing the organisation to begin a project.
Integrated Logistics Support
Disciplined approach to activities necessary to
a) cause support considerations to be integrated into product design
b) develop support arrangements that are consistently related to design and to each other and
c) provide the necessary support at the beginning and during customer use at optimum cost.
The process of bringing people, activities and other things together to perform effectively.
Internal Rate of Return (IRR)
Discount rate at which the net present value of a future cash flow is zero. Note: IRR is a special case of the “discounted cash flow” procedures.
A project orientated organisation structure that employs permanent specialists to support projects.
An immediate problem requiring resolution.