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Wideman Comparative Wideman Comparative Glossary of Common Project Management Terms v5.5 is copyright © R. Max Wideman, 2000-2017.

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Last updated 12-22-17

Master Glossary
Environment, project   - to -   Estimate Class C
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Term
Definition     Editor's Choice
Cat Source
Environment, project
The combined internal and external forces, both individual and collective which assist or restrict the attainment of a project's objectives. [D00602]

GJN
CHMT

 FWH
The combined internal and external forces, both individual and collective which assist or restrict the attainment of the project objectives. These could be business or project related or may be due to political, economic, technological or regulatory conditions. [D00603]

GJN
CHMT

 PMK87
Environmental
Pertaining to the natural environment. [D02711]

N

 RMW
Environmental Approvals
Approvals received as a result of meeting regulatory requirements pertaining to the natural environment. [D02712]

N

 RMW
Environmental Factoring
Use of data relating to an external factor (such as the weather) to modify or bias the value of parameters concerned. [D04433]

N

 APM
BS
Environmental Requirements
Regulatory conditions that pertain to the natural environment that must be met in the planning and execution of a project. [D02713]

N

 RMW
Environmentally Concerned
Those individuals who align themselves with the views of various groups concerned with issues of protecting the environment. [D00604]

GJN
CHM

 PMK87
EPMO
See Enterprise Project Management Office

FG

  
EPS
See Enterprise Project Structure

F

  
Equal Opportunity
In the U.S.A., the procedures implemented by the organization to assure that it meets the requirements of the Equal Employment Opportunity sections of the Civil Rights Act. Includes affirmative-action and other programs, as well as the documentation procedures to demonstrate compliance. [D00605]

N

 PMK87
Equipment Procurement
The acquisition of equipment/ material to be incorporated into the project. [D00606]

JN
CHM

 PMK87
Equitable Adjustment
A fair price adjustment under a contract clause for changed work, including an adjustment in profit; a change in the delivery schedule, if appropriate; and a change in any other affected terms of the contract. [D05984]

JN
CHMT

 PMTWG
The price or target cost adjustment to which a contractor is entitled upon the occurrence of some special event, such as the issuance of a contract change. [D04085]

JN
CHMT

 CSM
Equity Theory of Motivation
The view that we all think about the time and effort we put into our work (including our education), and we compare that with the outcomes of our work: recognition, pay, benefits, opportunities to develop our technical expertise, collegiality, good work environment, job satisfaction and financial security, etc. See also Control Theory, Expectancy Theory, Goal Setting Theory, and Reinforcement Theory. [D02635]

N

 PMH p313
Equivalent Activity
Activity that is equivalent, in the probabilistic sense, to any combination of series and parallel activities. [D04434]

N

 APM
BS
ERP
See Enterprise Resource Planning

G

  
ERPS
See Enterprise Resource Planning Systems

G

  
Error
A discrepancy between a computed, observed, or measured value or condition and the true, specified, or theoretically correct value or condition. [D04086]

N

 CSM
Error Probability
The likelihood of a mistake. [D02714]

N

 RMW
Errors
Mistakes made in writing, printing, calculation or other performance. [D02715]

N

 Webster
Errors and Omissions
Generally refers to design deficiencies in the plans, specifications or contract documents which must be corrected in order for the project to be built or function as intended. [D04976]

JN
CHM

 PDG
ES
See Earliest Start

N

  
ESAR
See Extended Subsequent Applications Review

N

  
Escalated Base Price
The base price estimate adjusted for inflation up to the time of tender. [D00607]

JN
C

 CCCP
Escalation
Two meanings:
  1. Expected rise in cost due to loss in value of money.
  2. Raising issues to the next higher authority.
[D05334]

FGJN
CHMT

 RMW
An anticipated rise in uncommitted costs of resources (labor, material, equipment) over time, due to reduced purchasing power of money. A component of a cost type. The allowance for escalation is a component within the anticipated award cost of a cost class. [D00608]

N

 CCCP
Increase of budget due to inflation, etc. [D00609]

N

 NPMT
Use of a price index to convert past prices to present, or present to future. An increase due to inflation. [D02315]

N

 DSMC
Essential Characteristics
The minimum operational, functional, maintenance, performance, reliability, and safety requirements which must be fulfilled to meet the needs of the user(s). [D03628]

JN
MT

 SU
Essentials of Project Management
The four essentials of project management are: [D04087]

FGJN
CHMT

 CSM
Estimate
The prediction of a quantitative result. It is usually applied to project costs, resources and durations. [D00612]

GJN
CHM

 WST
An assessment of the likely quantitative result. Usually applied to project costs and durations and should always include some indication of accuracy (e.g., + or - 15%). Usually used with a modifier (e.g., preliminary, conceptual, feasibility). Some application areas have specific modifiers that imply pre-set accuracy ranges (e.g., order of magnitude estimate, budget estimate, and definitive estimate in construction). [D00610]

GJN
CHM

 PMK96
An evaluation of all the costs of the elements of a project or effort as defined by an agreed-upon scope. See order of magnitude estimate, budget estimate, and definitive estimate. [D00611]

JN
CH

 PMK87
A prediction of future performance in terms of cost and time. [D02218]

N

 016
A forecast or guess about how long an activity will take, how many resources might be required, or how much it will cost. [D03717]

N

 PPS&C p339
A quantified assessment of the resources required to complete part or all of a project. The prediction of the quantitative result. It is usually applied to project costs, resources and durations. [D04435]

JN
CHMT

 APM
A calculation of value. To predict a future cost or quantity. [D05335]

N

 Webster
The prediction of the final cost or duration of an activity, work package or whole project. Because all estimates contain significant uncertainty, the estimate accuracy should also be expressed clearly. [D05640]

N

 070
Estimate Accuracy, cost
The ratio of the base cost divided by the sum of the base cost, plus the contingency amount. [D06416]

FGJN
CHMT

 Costin
Estimate Accuracy, time
A description of how likely the final cost or duration is to be within a specified range of the estimate. To properly express estimate accuracy, both the range and the probability of it being within that range should be stated. [D05641]

FGJN
CHMT

 070
Estimate at Completion ("EAC")
Actual cost of work completed to date plus the predicted costs and schedule for finishing the remaining work. [D00614]

FGJN
CHMT

 VPM p291-4
A value expressed in either dollars and/or hours, to represent the projected final costs of work when completed. The EAC is calculated as ACWP + ETC. [D00615]

N

 WST
The expected total cost of an activity, a group of activities, or of the project when the defined scope of work is completed. Most techniques for forecasting EAC include some adjustment of the original cost estimate based on project performance to date. Also shown as "estimated at completion." Often shown as EAC = Actuals-to-date + ETC. See also earned value and estimate to complete. [D00616]

N

 PMK96
Estimate Based on Working Drawings
See Estimate Class A. [D02716]

N
C

  
Estimate Class A
A detailed projection of time and costs for next planning horizon, having an expected precision variance of 10% or less; team involved in this estimate and willing to commit to it. Also called a Commitment Estimate. [D02220]

GJN
CHM

 016
An estimate based on complete contract documents and used as a control check on authorized expenditures prior to tendering. [D02790]

N
C

 022
Estimate Class B
An estimate based on at least two levels of a documented work breakdown structure, having an expected precision variance of 25% or less; project manager and/or subject matter experts developed this estimate. Also called a Preliminary Estimate. [D02222]

GJN
CHM

 016
An estimate based on completed preliminary design drawings. Upon acceptance, these estimates shall become the cost plans for project cost control during design. [D02791]

GJN
CHM

 022
Estimate Class C
An estimate based on completion of all work necessary to undertake preliminary design. This estimate must be based on knowledge of site conditions adequate to enable the identification of site related risks and the development of corresponding contingency costs that are sufficient for making correct investment decisions. [D02792]

GJN
CHM

 022
Ballpark estimate used only in preliminary discussion of feasibility having a precision variance of 50% or more; not to be used for making commitments. Also called a Sizing Estimate. [D02238]

N
CHM

 016
Definitions for page E03: 50

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