Glossary of Project Management Terms – O
Predetermined results toward which effort is directed.
Period when the completed deliverable is used and maintained in service for its intended purpose.
The opposite of a threat. The chance to enhance the project benefits.
Order of Magnitude Estimate
An estimate carried out to give very approximate indication of likely out-turn costs.
The design that is the most appropriate organisational design for a project.
Organisational Breakdown Structure (OBS)
Hierarchical way in which the organisation may be divided into management levels and groups, for planning and control purposes.
The process of identifying, assigning and documenting project responsibilities and relationships.
The initial budget established at or near the time a contract was signed or a project authorised, based on the negotiated contract cost or management’s authorisation.
The duration of activities or groups of activities as recorded in the Baseline Schedule.
Other Direct Costs (ODC)
A group of accounting elements, which can be isolated to specific tasks, other than labour and material. Included in ODC are such items as travel, computer time, and services.
Progress that has been reported even though activities that have been deemed predecessors in project logic have not been completed.
Information that governs the final appearance of a report or drawing. (Usually refers to computer generated documents).
Contracting-out, buying in facilities or work (as opposed to using in-house resourcing).
Overall Change Control
Co-ordinating and controlling changes across an entire project.
Costs incurred in the operation of a business that cannot be directly related to the individual products or services being produced. See also “Indirect Cost”.
Costs incurred in excess of the contract target costs on an incentive type contact or the estimated costs on a fixed fee contract. An overrun is that value of costs, which are needed to complete a project, over that value originally authorised by management.