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Wideman Comparative Glossary of Common Project Management Terms v3.1 is copyright by R. Max Wideman, March 2002.

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Contending, in negotiating - to - Contract Dates

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Term
Definition     Editor's Choice
 
Source
Contending, in negotiating
An effort to persuade the other side to make a proposal more favorable to you but less favorable to them. [D02731]

 PMH p343
Content
All that is included, or contained. [D02533]

 RMW
Content Type
The subdivision of contents into separate groupings or types. [D02534]

 RMW
Context
The background within which something is reviewed, determined, decided, or otherwise happens. [D02535]

 RMW
Contingencies
Specific provision(s) to mitigate random or unknown project risks from causing project failure or frequent baseline changes. [D04320]

 26
See Reserve and Contingency Planning. [D00301]

  
Specific provision for unforeseeable elements of cost within the defined project scope; particularly important where previous experience relating estimates and actual costs has shown that unforeseeable events which will increase costs are likely to occur. If an allowance for escalation is included in the contingency it should be a separate item, determined to fit expected escalation conditions for the project. [D00302]

 PMK87
Contingency
As a result of risk analysis sums of money or amounts of time may be set aside as contingency which may be used in the event of risks occurring.
Editor's Note: Contingency should be shown in the plan as a separate item and not hidden in activities as "an extra 10%" on duration or cost. [D03817]

 PNG
A Contingency is the planned allotment of time and cost for unforeseeable elements with a project. Including contingencies will increase the confidence of the overall project. [D00303]

 WST
An amount of design margin, time, or money inserted into the corresponding plan as a safety factor to accommodate unexpected and presently unknown occurrences that judgment suggests will occur during the project. [D00304]

 SPM 304-9
Incidental expense. [D00305]

 NPMT
A component of the authorized appropriation or estimated cost at completion for the projectÍs scope of work or a particular cost class. Contingency is an estimator's allowance for the cost of unknowns, changes to make things work or estimating error. The anticipated award price of a cost class may also contain allowance for escalation. However, a reserve for scope changes is not a contingency in the same sense. A Scope Change Reserve is an allowance from which transfers can be made into specific cost classes when the scope of work in the class is amended by the owner. The appropriation for that class should be amended accordingly following the transfer. [D00306]

 CCCP
Time, effort or money added to the project plan to compensate for uncertainty. [D02190]

 PMMJ97
Contingency Allowance
Specific provision to cover variations which may occur in the expected values of elements of cost or schedule, but not scope or quality.
Editor's Note: Contingency Allowance is not the same as Contingency Reserve. [D00308]

 RMH
See Reserve. [D00307]

  
Specific provision for unforeseen elements of cost within the defined project scope: particularly important where previous experience relating estimates and actual costs has shown that unforeseen events which will increase costs are likely to occur. If an allowance for escalation is included in the contingency it should be as a separate item, determined to fit expected escalation conditions of the project. [D00309]

 PMK87
Contingency Budget Procedure
A formal approval process by which sums identified as budget contingency may be applied where needed.
Editor's Note: There is much controversy over the management of contingency sums, ranging from dipping into the "big pot" approach to the incremental allocation of money to activities based on their relative risks. Moreover, the reallocation of contingency money is frequently a bone of contention between management and accounting departments. [D02536]

 RMW
Contingency Plan
A fallback position, or workaround in the event of an adverse occurrence, or risk event, on the project. [D02537]

 RMW
A plan that identifies key assumptions beyond the project manager's control, and their probability of occurrence. The plan identifies alternative strategies for achieving project success. [D00310]

 PMK87
An alternative for action if things don't go as planned or if an expected result fails to materialize. [D00311]

 OTOB 271-4
Mitigation plan. Alternative course(s) of action devised to cope with project risks. See also Risk Plan. [D04576]

 APM
BS
Contingency Planning
The development of a management plan that uses alternative strategies to ensure project success if specified risk events occur. [D00313]

 WST
The development of management plans to be invoked in the event of specified risk events. Examples include the provision and prudent management of a Contingency Allowance in the budget, the preparation of alternative schedule activity sequences, workarounds and emergency responses to reduce the impacts of particular risk events, and the evaluation of liabilities in the event of complete project shut down. [D00312]

 RMH
Contingency Reserve
A provision held by the project sponsor for possible changes in project scope or quality. Scope and quality changes constitute changes in the project manager's mandate and will affect the project's cost and schedule.
Editor's Note: Note the distinction from Contingency Allowance. [D00315]

 RMH
See Reserve. [D00314]

  
Continuous
Happening without a break, non-stop. [D02538]

 RMW
Continuous Improvement
Constantly striving to make things better, which is a particular aim of a Quality Assurance Program [D02539]

 RMW
Continuous Reporting
Reports available on-line from data that is entered in real time. [D02540]

 RMW
Contract
A binding agreement to acquire goods and/or services in support of a project. [D00320]

 PMK87
A contract is a mutually binding agreement which obligates the seller to provide the specified product and obligates the buyer to pay for it. Contracts generally fall into one of three broad categories: [D00316]

 PMK96
A document containing the terms of an agreement. [D00317]

 NPMT
A mutually binding agreement in which the contractor is obligated to provide services or products and the buyer is obligated to provide payment for them. Contracts fall into three categories: fixed price, cost reimbursable or unit price. [D00318]

 WST
An agreement in law between the organization as owner, and a consultant (See Agreement) or a construction contractor. It is a commitment document. The term contract is used to refer to the document itself. Construction contracts are often classified and described by the terms of payment they contain: Stipulated Price or Lump Sum, Unit Price, Cost Plus, etc. [D00319]

 CCCP
An agreement between two or more legally competent parties, in the proper form, on a legal subject matter or purposes, for a legal consideration. [D02291]

 DSMC
A mutually binding legal relationship obligating the seller to furnish the supplies or services (including construction) and the buyer to pay for them. [D03476]

 GAT
Contract Administration
Monitoring and control of performance, reviewing progress, making payments, recommending modifications and approving contractor's actions to ensure compliance with contractual terms during contract execution. [D00321]

 PMK87
Contract Administrator
An official who has the authority to negotiate, enter into, modify, and administer contracts. [D04044]

 CSM
Contract Award
The signing and issuing of contract documents to a contractor. [D02292]

 RMW
The final outcome of the acquisition process in which generally the contract is awarded to one prospective supplier, through acceptance of a final offer generally either by issuing a purchase order or the signing of a legally binding contract formalizing the terms under which the goods/services are to be supplied. [D00322]

 PMK87
Contract Award Ranking
Qualitative and/or quantitative determinations of prospective suppliers' bid/tender/ proposal/quotation relative to each other measured against a common base. [D00323]

 PMK87
Contract Breakdown
The breakdown of a contract into measurable packages, measurable activities such as units of work performed, or milestones verifiable by corresponding checklists. [D02541]

 RMW
Contract Budget Base
The negotiated contract cost value plus the estimated value of authorized but unpriced work. [D00324]

 WST
Contract Change
An authorized modification to some terms of the contract. This may involved any of the following: A change in the volume or conditions of the work involved, the number of units to be produced, the quality of the work or units, the time for delivery, and/or the consequent cost involved. [D02542]

 RMW
Any written change in the terms of a contract. [D03478]

 GAT
Contract Change Notice
A written buyer notice, directing the contractor to make specific changes to the contractual effort. Cost and schedule impacts of the change must be negotiated. Also called Contract Change Order (CCO). [D04045]

 CSM
Contract Change Order
See Contract Change Notice. [D04046]

  
Contract Closeout
Contract closeout activities which assure that the contractor has fulfilled all contractual obligations and has released all claims and liens in connection with work performed. [D00325]

 PMK87
Settlement of a contract. [D00326]

 WST
Contract Completion Date
The date established in the contract documents for the completion of all or specified portions of the work. This date may be expressed as a calendar date or a number of work days from the issuance of the Notice To Proceed. When time extensions are issued by the owner, this revised contract completion date is referred to as the Adjusted Contract Completion date. [D04951]

 PDG
Contract Dates
The dates specified in the contract that impact the project plan. [D00327]

 PMK87
Definitions for page C07: 50


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