Project management
Scope, schedule, cost, risk and performance measurement for capital projects.
13 terms. Combine with other filters.
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Appointing party
The party that receives information about works, goods or services from a lead appointed party — usually the owner or client.
Critical path method (CPM)
A scheduling technique that models a project as a network of dependent activities and identifies the longest path through it — the critical path — which sets the shortest possible project duration.
Lead appointed party
The party appointed directly by the appointing party that coordinates information management for its whole delivery team.
Principal-in-charge (PIC)
The senior partner or principal of a consulting firm — typically architecture or engineering — who carries overall accountability for the firm's performance on a project and is the client's top-level contact.
Risk register
A living log of identified project risks, recording for each its cause and effect, likelihood and impact, owner, response and current status.
Virtual design and construction (VDC)
A project management method that uses integrated, multidisciplinary models of the product (the facility), the organization and the process to plan and control a project against explicit, measurable objectives.
Work breakdown structure (WBS)
A hierarchical breakdown of the entire scope of a project into progressively smaller deliverables and work packages that can be estimated, scheduled, assigned and tracked.
Going further
Buffer burn rate
In critical chain scheduling, how fast a time buffer is being consumed compared with how much of the chain of work has been completed — the main signal of whether a project will finish on time.
Cost estimate classification
A system that grades cost estimates into classes (Class 5 to Class 1 in AACE International practice) according to how mature the project definition is, which in turn indicates the estimate's expected accuracy range and appropriate use.
Critical chain project management (CCPM)
A scheduling and control method, based on the theory of constraints, that removes safety time from individual task estimates and pools it into shared buffers, then manages the project by monitoring how fast those buffers are consumed.
Earned value management (EVM)
A method that integrates scope, schedule and cost by comparing the budgeted value of work planned, the budgeted value of work actually performed, and the actual cost, to measure performance and forecast outcomes.
Master information delivery plan (MIDP)
The delivery team's combined schedule of all information to be delivered for an appointment, compiled by the lead appointed party from the task information delivery plans.
Schedule baseline
The approved version of the project schedule, frozen as the reference against which actual progress and changes are measured.