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APMP Section 5b

TermDefinition
Baseline The reference levels against which a project, programme or portfolio is monitored and controlled.
Planning Determines what is to be delivered, how much it will cost, when it will be delivered, how it will be delivered and who will carry it out.
Roll out The process of delivering a number of nearly identical products to a number of users, usually after the product has been tested and shown to meet requirements.
Subproject A group of activities represented as a single activity in a higher level of the same project.
Actual progress A measure of the work that has been completed for comparison with the baseline.
Control Tracking performance against agreed plans and taking the corrective action required to meet defined objectives.
Cyberbetic control The form of control that deals with routine progress tracking and corrective action using a feedback loop.
Earned value The value of completed work expressed in terms of the budget assigned to that work.
Earned value management A project control process based on a structured approach to planning, cost collection and performance measurement.
Milestone A key event selected for its importance in the schedule.
S-curve A graphic display of cumulative costs, labour hours or other quantities, plotted against time.
Slip chart A pictorial representation of the predicted completion dates of milestones or activities compared to their planned completion dates.
Three-point estimate An estimate in which the most likely mid-range value, an optimistic value and a pessimistic, worst case value are given.
Top down cost estimating An estimating approach based on historical costs and other project variable.
Program evaluation and review technique (PERT) A network analysis technique that calculates standard deviations for the schedule based on three-point estimates of activity durations.
Bottom-up estimating An estimating technique that uses detailed specifications to estimate time and cost for each product or activity.
Comparative estimating An estimating technique based on the comparison with, and factoring from, the costs of similar, previous work.
Delphi technique A process where a consensus view is reached by consultation with experts.
Estimate An approximation of project time and cost targets, refined throughout the project life cycle.
Estimating The use of a range of tools and techniques to produce estimates.
Parametric estimating An estimating technique that uses a statistical relationship between historic data and other variables to calculate an estimate.
Project management plan (PMP) A plan that brings together all the plans for a project.
Created by: lworsley
 

 



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