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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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Term
Definition     Editor's Choice
 
Source
EAC
See Estimate at Completion

  
See Estimated Actual at Completion

  
Earliest Feasible Date
The earliest date on which the activity could be scheduled to start based on the scheduled dates of all its predecessors, but in the absence of any resource constraints on the activity itself. This date is calculated by resource scheduling. [D00562]

 WST
Earliest Finish
The earliest day that the work item can finish if it starts on its earliest start and is completed in its expected time. [D00564]

 CCCP
In a network diagram schedule, the earliest time at which an activity can be completed. [D00563]

 SPM 304-9
Earliest Finish Time
See Earliest Finish. [D02683]

  
Earliest possible time by which an activity can finish within the logical and imposed constraints of the network. [D04428]

 APM
BS
Earliest Start
The earliest day that the work item can start provided every preceding work item starts at its earliest start day and is completed in its expected time. [D00566]

 CCCP
In a network diagram schedule, the earliest time at which an activity can be started. [D00565]

 SPM 304-9
Earliest Start Time
See Earliest Start. [D02684]

  
Early Dates
Calculated in the forward pass of time analysis, early dates are the earliest dates on which an activity can start and finish. [D00567]

 WST
Early Finish
The earliest calculated date on which an activity can end. It is based on the activity's Early Start which depends on the finish of predecessor activities and the activity's duration. (See Early Start). Most PM software calculates early dates with a forward pass from the beginning of the project to the end. [D00568]

 WST
PMST
Early Finish Date ("EF")
In the critical path method, the earliest possible date on which the uncompleted portions of an activity (or the project) can finish based on the network logic and any schedule constraints. Early finish dates can change as the project progresses and changes are made to the project plan. [D00569]

 PMK96
The earliest time an activity may be completed equal to the early start of the activity plus its remaining duration. [D00570]

 PMK87
Early Start
The Early Start date is defined as the earliest calculated date on which an activity can begin. It is dependent on when all predecessor activities finish. Most PM software calculates early dates with a forward pass from the beginning of the project to the end. [D00571]

 WST
PMST
Early Start Date ("ES")
In the critical path method, the earliest possible date on which the uncompleted portions of an activity (or the project) can start based on the network logic and any schedule constraints. Early start dates can change as the project progresses and changes are made to the project plan. [D00572]

 PMK96
The earliest time any activity may begin as logically constrained by the network for a given data date. [D00573]

 PMK87
Early Start Time
Earliest possible time by which an activity can start within the logical and imposed constraints of the network. [D04429]

 APM
BS
Early Warning System
A monitoring system that provides advance notification or indication of potential problems in a project. Many computerized project management systems incorporate early warning functions. [D00574]

 OTOB 271-4
Earned Hours
The time in standard hours credited as a result of the completion of a given task or a group of tasks. [D00575]

 WST
APM
Earned Value
A measure of the value of work performed so far. Earned value uses original estimates and progress-to-date to show whether the actual costs incurred are on budget and whether the tasks are ahead or behind the baseline plan. [D00581]

 MSP98
Either
  1. A method for measuring project performance. It compares the amount of work that was planned with what was actually accomplished to determine if cost and schedule progress is as planned. See also Actual Cost of Work Performed, Budgeted Cost of Work Scheduled, Budgeted Cost of Work Performed, Cost Variance, Cost Performance Index, Schedule Variance, and Schedule Performance Index, or
  2. The Budgeted Cost of Work Performed for an activity or group of activities.
[D00576]

 PMK96
A cost control that allows you to quantify the overall progress of the project in monetary terms. Earned value is calculated by applying a performance measurement factor to the planned cost. Another term for earned value is Budget Cost of Work Performed. [D00577]

 WST
A method of reporting project status in terms of both cost and time. It is the budgeted value of work performed regardless of the actual cost incurred. [D00578]

 PMK87
The •value for moneyê approach to cost reporting. [D00579]

 CPMUSC 176-8
The part of an activity or project task that has been physically performed, usually represented by the proportional budget value for the part. [D00580]

 NPMT
What you physically got for what you actually spent; the value of the work accomplished; the measured performance; the Budgeted Cost of Work Performed (BCWP). [D04633]

 QWF
The value of completed work expressed in terms of the budget assigned to that work. [D02263]

 10
A generic performance measurement term for the concept of representing physical work accomplished in terms of financial worth accrued. [D03436]

 CRMP
A management technique that relates resource planning to schedules and to technical cost and schedule requirements. All work is planned, budgeted, and scheduled in time-phased ""planned value"" increments constituting a cost and schedule measurement baseline. There are two major objectives of an earned value system - to encourage contractors to use effective internal cost and schedule management control systems; and to permit the customer to be able to rely on timely data produced by those systems for determining product-oriented contract status. [D04972]

 50
Earned Value Analysis
Analysis of project progress where the actual money budgeted and spent is compared to the value of the work achieved. [D00582]

 WST
See definition (1) under Earned Value. [D00583]

  
Earned Value can be used as a basis for calculating cost performance to date with that which was planned, or budgeted. A series of cost fields need to be established and include: Some of the fields above can be referenced in different ways depending upon the PM software package used. Apart from providing a cost basis for estimating progress, Earned Value Analysis can also be used for measurement of Project progress by recording and accumulating the effort expended on completed tasks only and expressing the total completion so obtained as a percentage of the whole. This provides a much more accurate and reliable measure of performance than just percentage completion. By using both measurements together real actual progress can be evaluated against the subjective measurement of task percentage completion. Earned Value will lag behind percentage completion. [D02250]

 PMST
Earned Value Cost Control
The quantification of the overall progress of a project in dollar terms so as to provide a realistic yardstick against which to compare the actual cost to date. [D00584]

 WST
Earned Value Management
A management technique that relates resource planning to schedules and to technical cost and schedule requirements. All work is planned, budgeted, and scheduled in time-phased increments constituting a cost and schedule measurement baseline. [D00585]

 WST
The process of representing physical progress achieved on the project in terms of a cost based measure (i.e. money). Cash measures of cost or quantity measures of progress alone are not sufficient: serious distortions can arise if physical progress is not related to financial progress in "value earned" terms. Various rules and techniques are used to represent the value of work performed to date as a proportion of the total project value. Structured estimates-to-complete are also given through Earned Value based upon accurate assessment of status-to-date. [D03435]

 CRMP
Earned Value Management System ("EVMS")
A management system and related sub-systems implemented to establish a relationship between cost, schedule, and technical aspects of a project, measure progress, accumulate actual costs, analyze deviations from plans, forecast completion of events, and incorporate changes in a timely manner. [D04973]

 51
e-Business
Either:
  1. The transaction of business over an electronic medium such as the Internet or
  2. business that uses Internet technologies and network computing in their internal business processes (via intranets), their business relationships (via extranets), and the buying and selling of goods, services, and information (via electronic commerce).
[D04830]

 RUP
ECC
See Estimated Cost to Complete

  
Economic Analysis
A systematic approach to one or more options designed to assist the program or project manager in making a choice. [D02311]

 RMW
Economic Commercial Value
See Economic Value. [D02686]

  
Economic Evaluation
The process of establishing the value of a project in relation to other corporate standards/bench marks, project profitability, financing, interest rates and acceptance. [D00586]

 PMK87
Economic Life
The period of time over which the benefits to be gained from a project may reasonably be expected to accrue. [D02688]

 PMDT
The period of time over which the benefits to be gained from a system may reasonably be expected. [D02312]

 DSMC
Economic Success
The success of a project in terms of achieving its economic value. [D02687]

 RMW
Economic Value
The value of a project in terms of its expected financial returns from the perspective of the enterprise's overall commercial strategic objectives. [D02685]

 RMW
Economic Value Added
The reasonable economic value expected to be added to an enterprise or one of its ongoing processes as a result of the project. [D02689]

 RMW
Economics
A social science that investigates the conditions and laws affecting the production, distribution, and consumption of the national wealth.
Editor's Note: In a much narrower sense, the study of economic value. [D02690]

 Webster
Economist
One who studies economics. [D02691]

 RMW
Economy of Governance
The planning, influencing and conducting of the policy and affairs of an organization with respect to its economic value. [D02692]

 RMW
Definitions for page E00: 50


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