A blueprint typically refers to a photographic print where lines and solid shapes are rendered in white on specially prepared blue paper. It is also a term used to describe a detailed plan or outline guiding the execution of a project or action.
Completion risk refers to the inherent risk within project financing schemes that the project might not be completed on time, within budget, or to the required specifications. This type of risk is a critical concern for investors and stakeholders in large-scale projects.
Cost codes are standardized numerical systems used in accounting and project management to categorize and track specific types of expenditures.
Cost containment is the process of maintaining organizational costs within a specified budget, focusing on restraining expenditures to meet organizational or project financial targets.
Cost estimating involves determining the total costs of labor, materials, capital, and professional fees required for a proposed product. This process is crucial in project management, construction, manufacturing, and other sectors where budgeting and financial planning are essential.
Cost estimation is the process of predicting the cost of a project, product, or service by assessing the unit costs of direct costs and overheads for the purposes of planning, control, and pricing.
A cost objective is the budget limit set for an activity, task, or project, intended to constrain spending within predefined financial boundaries to ensure financial discipline and project feasibility.
A cost overrun occurs when the actual cost of a project exceeds the project budget, requiring additional funding to cover the shortfall. This situation necessitates revisiting financial planning and resource allocation.
A cost-plus contract is an agreement where a supplier is reimbursed for all costs incurred in generating a product or service, plus a specified profit margin. This form of contract is commonly used in situations with unpredictable costs or projects requiring substantial research.
An agreement on a construction project where the contractor earns a specified percentage profit over the actual costs incurred. This contract type is considered suboptimal due to reduced incentives for cost control. An alternative approach is the cost-plus-fixed-fee contract.
CPA can stand for multiple terms including Certified Public Accountant, Critical-Path Analysis, and Customer Profitability Analysis. Each of these has specific implications in fields ranging from accounting to project management and customer relations.
Critical Path Analysis (CPA), also known as Critical Path Method (CPM), is a decision-making technique used to determine the minimum time necessary to complete a project by identifying the longest sequence of dependent activities from initiation to completion.
The Critical Path Method (CPM) is a planning and control technique that optimizes the order of steps in a process given the costs associated with each step. It is widely used in the manufacturing industry to plan and control the complete process of material deliveries, paperwork, inspections, and production.
The Critical-Path Method (CPM) is a step-by-step project management technique for process planning that defines critical and non-critical tasks to minimize schedule delays and time-cost trade-offs.
Cross-functional teams are employee teams consisting of individuals from two or more functional organizational areas who work together to achieve a common goal.
A slang term referring to a work situation where a deadline is near, and employees are working intensely, often with extended hours. This situation usually results from time estimates made by management rather than genuine emergencies.
A deadline is the due date or latest time for the completion of a negotiation, project, service, or product, often carrying significant consequences for non-compliance.
A Decision Package is a crucial procedure in Zero-Base Budgeting (ZBB) where a manager details recommended and alternative ways to undertake a proposed project, specifying the associated costs and time requirements.
A delegate can refer to both the act of transferring authority to another person or the individual who is authorized to act on behalf of others. Delegation is crucial in various fields such as management, governance, and project management to ensure efficient functioning and responsibility sharing.
Consultants are often tasked with producing various types of deliverables that provide value to their clients by summarizing findings, offering recommendations, and presenting actionable plans. These deliverables can significantly vary depending on the industry and specific consulting engagement.
A drop dead date is an absolute deadline after which the results or reports are considered futile. Missing this deadline renders any subsequent work and outcomes useless.
Expected Monetary Value (EMV) is a statistical technique in risk management used to quantify the potential outcomes of various scenarios based on their probabilities and respective monetary values.
Extenuating circumstances refer to unusual conditions that prevent a policy or project from being carried out correctly on time, often beyond the control of the individual or organization. These might include natural disasters, strikes, or unforeseen personal emergencies.
Failure analysis is the systematic examination of a function, project, or relationship that did not meet its objectives to identify the reasons for the failure and implement corrective measures for future success.
A feasibility study is an analytical process used to determine the viability of a project, venture, or business activity. It assesses various aspects, including financial, technical, legal, and operational factors, to evaluate the potential for successful completion and a satisfactory return on investment.
A fixed fee is a set price agreed upon for the completion of a project, representing a predetermined total cost regardless of the incurred expenses. This arrangement can provide budget certainty for clients while imposing some financial risk for contractors.
A Gantt chart is a bar chart that represents a project schedule and shows the start and finish dates of various elements of a project. It is a useful tool for project management and planning.
Computer software that enables collaborative working on a joint project, allowing team members to work together despite being in different locations. Groupware was a precursor to web-based collaborative working systems.
Projects that are independent of each other in a comparative appraisal and are not mutually exclusive, allowing for the possibility of pursuing all given favorable circumstances.
An identifiable, discrete piece of work carried out by an organization. For costing purposes, a job is usually given a job number.
A number assigned to each job where job costing is in operation; it enables the costs to be charged to this number so that all the individual costs for a job can be collected.
A job order is an internal management authorization for the production of a specified number of goods or services. It guides the workflow, ensures accountability, and streamlines the production process.
A unit of labor or productivity representing the work one person completes in one hour. It is used to measure the labor content of a project, helping in accurate cost projection.
The management cycle refers to the established periods in which specific management operations occur, typically including processes such as planning, executing, monitoring, and closing projects or tasks.
Matrix organization involves superimposing a group or interdisciplinary team of project specialists, such as scientific and engineering personnel, onto a functional organizational design. Members in a matrix organization hold dual allegiance, both to the project they are assigned and their original departmental hierarchy.
Murphy's Law is an administrative aphorism that asserts 'Anything that can go wrong, will go wrong.' It originated with developmental engineer Ed Murphy in 1949, following a laboratory technician's error.
Mutually exclusive projects refer to a set of project alternatives where the selection of one project precludes the inclusion of the others due to constraints such as land or resources. For instance, using a parcel of land to build a factory means it cannot be used for an office block.
Network analysis is a method used in project management to plan and control complex projects. It helps in identifying optimum workflows, minimizing bottlenecks, and ensuring timely project delivery.
The Office of Government Commerce (OGC) was an office of HM Treasury responsible for improving the efficiency and effectiveness of government departments and other public sector organizations by delivering best value for money. OGC issued standards on best practices in procurement, project management, and service management, and measured performance against these standards.
The Office of Government Commerce (OGC) was a UK government department established to improve government procurement processes, enhance project management, and deliver efficiency savings across the public sector.
The percentage-of-completion method is an accounting practice used principally for long-term contracts, in which revenue and expenses are recognized proportionally over the term of the project.
A performance bond is a type of contract surety bond that guarantees the performance of contractual obligations by a contractor or service provider. It assures the client that the project or service will be completed as per the agreed-upon standards and terms.
Planning variance refers to the difference between what was originally planned and what was actually achieved in a project or financial projection. It often serves as an indicator of the effectiveness of the planning process and helps identify areas for improvement.
A prime contractor, often referred to as the general contractor, is the main contractor responsible for overseeing the overall construction project, managing subcontractors, and ensuring completion in compliance with contract specifics and legal requirements.
A planning and control technique to minimize interruptions and/or delays in a process with interrelated functions. PERT is used to assist in reducing the time required for completion of a project.
Programme Evaluation and Review Technique (PERT) is a project management tool used to plan and coordinate complex tasks within a project. It helps in identifying the minimum time required to complete a project by analyzing the tasks involved and their sequences.
A quantitative technique used in project management to plan and control large projects by analyzing the time required to complete each project task and identifying the minimum time needed for project completion.
Payments made to a contractor incrementally as work is performed; in construction, these are loan payments issued to the builder as each stage of the building is completed.
Project Management (PM) is an organizational management system that assigns employees to specific project teams when special projects are contracted and then reassigns them back to the organization when the project is completed. PM also involves coordinating project activities with organizational divisions and departments to achieve objectives.
A Public-Private Partnership (PPP) is a cooperative arrangement between one or more public and private sectors, typically of a long-term nature, designed to finance, build, and operate projects such as public transportation systems, parks, and social infrastructure.
A punch list is an enumeration of items that need to be corrected, including repairs, adjustments, or other modifications, which are often identified prior to or after the sale of a machine or building.
RAG Rating is a system for monitoring and reporting on the progress of a complex, longer-term project using a color-coded scheme to identify areas needing urgent action.
Resource allocation refers to the process of distributing available resources to various projects, departments, or business units to achieve organizational objectives efficiently.
Scheduling is the process of planning and deciding the timetable of events, including when and where certain activities will take place. It is a crucial aspect of time management and resource allocation across various fields such as project management, operations, transportation, and personal planning.
Special-purpose teams are temporary organizational teams created to resolve specific issues. These teams are instrumental in addressing unique challenges that require targeted expertise and action.
A subcontractor is an individual or business that is hired by a general contractor to perform a specific task as part of a larger project. The general contractor remains responsible for the overall completion and quality of the project.
Systems Development Controls refer to the internal controls that ensure the development of computerized systems is properly managed and secured. These measures mitigate risks by enforcing structured protocols such as the segregation of duties.
A task group is a collaborative team operating within a larger organizational context, assigned the mission to contribute specifically to the goals of the parent organization. These groups can be either ongoing or temporary.
Task management is the process of managing a task through its life cycle, which includes planning, testing, tracking, and reporting. It involves the coordination of procedures and materials needed to complete various tasks.
A track record is a businessman’s reputation for producing results on a timely and economical basis. A strong track record can significantly influence the ability to secure financing and attract investors for new projects, ensuring successful and timely project completion.
Tracking refers to the process of monitoring and recording the progress or performance of various activities, objects, or data points over time. This can be applied in numerous fields such as logistics, financial performance, project management, marketing campaigns, and online user behavior.
A form issued by a using department requesting the completion of specified work. It serves as a request for work to be completed by an issuing department.
