Glossary of Project Management Terms – V

A standard, principle or quality considered worthwhile or desirable.

Value Engineering
A technique for analysing qualitative and quantitative costs and benefits of component parts of a proposed system.

Value Management
A structured means of improving business effectiveness that includes the use of management techniques such as value engineering and value analysis.

Value Planning
A technique for assessing, before significant investment is made, the desirability of a proposal based on the value that will accrue to the organisation from that proposal.

A discrepancy between the actual and planned performance on a project, either in terms of schedule or cost.

Variance at Completion
The difference between Budget at Complete and Estimate at Complete.

A change in scope or timing or work, which a supplier is obliged to do under a contract

Variation Order
The document authorising an approved technical change or variation.