Glossary of Project Management Terms – R

RACI Chart
A RACI chart is a matrix of all the activities or decision making authorities undertaken in an organization set against all the people or roles. At each intersection of activity and role it is possible to assign somebody Responsible, Accountable, Consulted or Informed for that activity or decision.

A RAID Log is a simple project management tool, often in the form of a spreadsheet, used to track Risks, Assumptions, Issues and Dependencies.

Recurring Costs
Expenditures against specific tasks that would occur on a repetitive basis. Examples are hire of computer equipment, tool maintenance, etc.

A logical connection between two activities.

Remaining Duration
Time needed to complete the remainder of an activity or project.

Actions performed for a remaining effort within project scope. Often the cost and/or schedule variances are zeroed out at this time for history items.

Request for Change
A request proposal from a stakeholder, to alter in some way, the project’s product(s) or objectives.

Request for Proposal
A bid document used to request proposals from respective sellers of products or services.

Request for Quotation
Equivalent to a Request for Proposal but with more specific application areas.

A negotiated set of measurable customer wants and needs.

Requirements Definition
Statement of the needs that a project has to satisfy.

Any variable capable of definition that is required for the completion of an activity and may constrain the project. Note 1: A resource may be non-storable so that its availability has to be renewed for each time period (even if it was not utilised in previous time periods). Note 2: A resource may be storable so that it remains available unless depleted by usage. Such a resource may also be replenished by activities producing credited and storable resource.
(Resources can be people, equipment, facilities, funding or anything else needed to perform the work of a project.)

Resource Aggregation
Summation of the requirements for each resource; and for each time period. Note: Where the earliest start time of an activity is used alone, it is often termed an “early start” aggregation. Similarly a “late start” aggregation uses the latest start times.

Resource Allocation
Scheduling of activities and the resources required by those activities, so that predetermined constraints of resource availability and/or project time are not exceeded.

Resource Analysis
The process of analysing and optimising the use of resources on a project. Often uses resource levelling and resource smoothing techniques.

Resource Assignment
The work on an activity related to a specific resource.

Resource Availability
The level of availability of a resource, which may vary over time.

Resource Breakdown Structure
A hierarchical structure of resources that enables scheduling at the detailed requirements level, and roll up of both requirements and availability to a higher level.

Resource Calendar
A calendar that defines the working and non-working patterns for specific resources.

Resource Constraint
Limitation due to the availability of a resource.

Resource Cummulation
Process of accumulating the requirements for each resource to give the total required to date at all times throughout the project.

Resource Driven Task Durations
Task durations that are driven by the need for scarce resources.

Resource Histogram
A view of project data in which resource requirements, usage, and availability are shown using vertical bars against a horizontal time scale.

Resource Level
A specified level of resource units required by an activity per time unit.

Resource Levelling
See Resource Limited Scheduling.

Resource Limited Scheduling
Scheduling of activities, so that predetermined resource levels are never exceeded. Note: This may case the minimum overall or specified project duration to be exceeded.

Resource Optimisation
A term for resource levelling and resource smoothing.

Resource Plan
Part of the definition statement stating how the programme will be resource loaded and what supporting services, infrastructure and third party services are required.

Resource Planning
Evaluating what resources are needed to complete a project and determining the quality needed.

Resource Requirement
The requirement for a particular resource by a particular activity.

Resource Scheduling
The process of determining dates on which activities should be performed in order to smooth the demand for resources, or to avoid exceeding stated constraints on these restraints.

Resource Smoothing
Scheduling of activities, within the limits of their float, so that fluctuations in individual resource requirements are minimised. (In smoothing, as opposed to resource levelling, the project completion date may not be delayed).

Responsibility Matrix
A document correlating the work required by a Work Breakdown Structure element to the functional organisation responsible for accomplishing the assigned tasks.

Responsible Organisation
A defined unit within the organisation structure, which is assigned responsibility for accomplishing specific tasks, or cost accounts.

A part of payment withheld until the project is completed in order to ensure satisfactory performance or completion of contract terms.

Revenue Cost
Expenditure charged to the profit and loss account as incurred or accrued due.

Combination of the probability or frequency of occurrence of a defined threat or opportunity and the magnitude of the consequences of the occurrence. Note: Combination of the likelihood of occurrence of a specified event and its consequences. (Potential occurrences or threats that would jeopardise the success of a project. The probability of an undesirable outcome.)

Risk Analysis
Systematic use of available information to determine how often specified events may occur and the magnitude of their likely consequences.(A technique designed to quantify the impact of uncertainly).

Risk Assessment
The process of identifying potential risks, quantifying their likelihood of occurrence and assessing their likely impact on the project.

Risk Avoidance
Planning activities to avoid risks that have been identified.

Risk Evaluation
Process used to determine risk management priorities.

Risk Event
A discrete occurrence that affects a project.

Risk Identification
Process of determining what could pose a risk.

Risk Management
The process whereby decisions are made to accept known or assessed risks and/or the implementation of actions to reduce the consequences or probability of occurrence.

Risk Matrix
A matrix with risks located in rows, and with impact and likelihood in columns.

Risk Prioritising
Ordering of risks according first to their risk value, and then by which risks need to be considered for risk reduction, risk avoidance, and risk transfer.

Risk Quantification
Process of applying values to the various aspects of a risk. (Evaluating the probability of risk event effect and occurrence.)

Risk Ranking
Allocating a classification to the impact and likelihood of a risk.

Risk Reduction
Action taken to reduce the likelihood and impact of a risk.

Risk Register
Formal record of identified risks. (A body of information listing all the risks identified for the project, explaining the nature of each risk and recording information relevant to its assessment and management).

Risk Response
Contingency plans to manage a risk should it materialise.(Action to reduce the probably of the risk arising, or to reduce the significance of its detrimental impact if it does arise.)

Risk, Secondary
Risk that can occur as a result of treating a risk.

Risk Sharing
Diminution of a risk by sharing it with others, usually for some consideration.

Risk Transfer
A contractual arrangement between two parties for delivery and acceptance of a product where the liability for the costs of a risk is transferred from one party to the other.

Risk Treatment
Selection and implementation of appropriate options for dealing with risk.