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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
Legitimate   - to -   Limiting Quality
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Term
Definition     Editor's Choice
Cat Source
Legitimate
Being exactly as it should be,: neither spurious nor false. In accordant with prevailing law. [D02937]

GJ

 RMW
Lessons Learned
The capture of what went well as well as past errors of judgment resulting in material failures, wrong timing or other mistakes, all for the purposes of improving future performance. [D03641]

FGJN
CHMT

 RMW
The project team's learning from the project. Usually defined during close out. [D02199]

JN
MT

 PMMJ97
Documented information, usually collected through meetings, discussions, or written reports, to show how both common and uncommon project events were addressed. Other project managers can then use this information as a reference for subsequent project efforts. [D06042]

JN
CHMT

 PMTWG
Learning obtained from performing a project. The learning may be gained at any stage of the project. [D06445]

N

 PrjDec
Lessons Learned Knowledge Base
A repository of historical information and lessons learned in a form that will be useful on future projects. [D05665]

N

 RMW
Lessons Learned Log
An informal collection of good and bad lessons learned about the management and specialist processes and products as the project progresses. At the end of the project, it is formalized and structured into a Lessons Learned Report. [D05794]

JN

 PRNC2 2005
Lessons Learned Report
A report that describes the lessons learned in undertaking the project and that includes statistics from the quality control of the project's management products. It is approved by the project board and then held centrally for the benefit of future projects. [D05382]

JN

 PRNC2 2002
Letter of Credit
A letter that a bank promises to honor under stated conditions when presented to it or another bank. [D02952]

N

 PMDT
Letter of Intent
A type of letter sometimes issued to a contractor to confirm the award of a contract and pending the signing of formal contract documents. It is a commitment document. It allows the contractor to prepare for mobilization. Permitting work to start on site before the contract is signed is not recommended as the Owner is without full protection at that point until the construction contract is signed. [D00923]

CH

 CCCP
A buyer's letter to a seller indicating possible future business involvement if certain prerequisite events happen. There is no legal implication but the agreement motivates early planning by the seller.
Editor's Note: In many jurisdictions, and depending on circumstances, a Letter of Intent could well be legally binding, to the extent that the seller incurs planning and mobilization costs. [D04128]

CH

 CSM
Level Finish/Schedule ("SF")
The date when the activity is scheduled to be completed using the resource allocation process. [D00924]

JN

 PMK87
Level Float
The difference between the level finish and the late finish date. [D00925]

N

 PMK87
Level of Detail
A policy expression of content of plans, schedules and reports in accordance with the scale of the breakdown of information. [D00926]

N

 PMK87
Level of Effort ("LOE")
Work of a general or supportive nature. Examples are supervision, project administration and contract administration. Level of Effort is measured only in terms of resources actually consumed within a given time period. [D05666]

GJN
CH

 069
Work that does not result in a final product (such as liaison, coordination, follow-up, or other support activities) and which cannot be effectively associated with a definable end product process result. Level of effort is measured only in terms of resources actually consumed within a given time period. [D00929]

JN

 WST
The number of man-hours per unit of time required or used in accomplishing a responsibility. [D05383]

JN

 RMW
Support type effort (e.g. vendor liaison) that does not readily lend itself to measurement of discrete accomplishment. It is generally characterized by a uniform rate of activity over a specific period of time. [D00928]

JN

 PMK87
Effort of a general or supportive nature that does not produce definitive end products or results. [D03642]

JN

 DSMC
A predetermined fixed level of qualified personnel over time to accomplish assigned tasks or operations.
Editor's Note: The level of the effort is not always "fixed" but may vary according to the progress of an activity or exigencies of the project. [D04129]

JN

 CSM
Level Start Schedule
The date the activity is scheduled to begin using the resource allocation process. This date is equal to or later in time than early start. [D00930]

JN

 PMK87
Leveling
Resolving resource conflicts or over allocations by either delaying certain tasks and assignments or by splitting tasks. [D00931]

GJN
CHMT

 MSP98
See also Resource Leveling. [D00932]

GJN
CHMT

  
Leverage
The means for exercising influence for attaining goals or gains. [D03643]

GJN

 RMW
Using the work someone else has already done. [D04337]

JN

 SU
LF
See Latest Finish

JN

  
LFD
See Latest Finish Date

JN

  
Liabilities
Amounts owed under obligations for goods and services received and other assets acquired; includes accruals of amounts earned but not yet due and progress payments due on contracts. [D02953]

GJN
CHMT

 PMDT
License
A legal document that allows persons or organizations to perform certain functions. [D02954]

N

 PMDT
Lien
A claim to some property that a lender attaches to a borrower. [D02955]

JN
C

 PMDT
Life Cycle
See Project Life Span. [D02938]

FGJN
CHMT

  
The phases that a project goes through from concept through to completion. The nature of the project changes during each phase.
Editor's Note: "Life Cycle" is better referred to as "Life Span". [D03722]

JN

 PPS&C p340
Life Cycle Cost
The total cost of implementation and ownership of a system over its useful life. It includes the cost of development, acquisition, operation, maintenance, support, and where applicable, disposal. [D04130]

FGJN
CHMT

 CSM
The total cost of a system or facility over its full life, including the cost of development, acquisition, operation, support and disposal. [D02956]

JN

 RMW
The sum of all costs over the useful life of a building, system or product. It includes the cost of design, construction, acquisition, operation, maintenance, and salvage (or resale) value, if any. [D03526]

JN

 GAT
Life Cycle Cost Optimization
The minimization of the present value of the future stream of capital and operating costs of a product over its life cycle (i.e. its product life cycle). [D06446]

JN

 Costin
Life Cycle Costing
The concept of including acquisition, operating, and disposal costs when evaluating various alternatives. [D00934]

FGJN
CHMT

 PMK96
Consideration of all costs when designing a project's product, including costs from concept, through implementation, and start up to dismantling. It is typically used for making decisions between alternatives. [D00933]

JN

 PMK87
A combination of initial acquisition cost and user supporting costs. Initial acquisition cost is the total price of acquisition including, where applicable, site, design, construction, management, inspection, financing, equipment, testing, spare parts and initial startup or occupancy. User supporting costs are those required during the useful life of the product, including operating, maintenance, repair, replacement, and logistics expense to the user. Also referred to as Overall Cost, a term typically used in Value Management. [D03631]

JN

 SU
Life Cycle Model
A framework containing the processes, activities, and tasks involved in the development, operation, and maintenance of a software product, spanning the life of the system from the definition of its requirements to the termination of its use. [D00935]

JN
T

 008 -3
Life Cycle Stage Boundaries
The starting and ending points for the project. [D02200]

JN

 PMMJ97
Life Cycle Time Frame
The elapsed time spanning the whole project/product life. [D02939]

JN

 RMW
Life Cycle, unified process
The Unified Process life cycle for software development consists of four phases, namely: Inception, Elaboration, Construction and Transition. Each phase is concluded by a major milestone. That is:
  1. Inception specifies the end-product vision, its business case and the scope of the project. It is concluded by achieving the Lifecycle Objective Milestone.
  2. Elaboration involves the planning of necessary activities and required resources, specifying the features and designing the architecture. It is concluded by achieving the Lifecycle Architecture Milestone.
  3. Construction involves building the product and evolving the vision, the architecture and the plans until the product, i.e. the completed vision, is ready for delivery to its user community. It is concluded by achieving the Initial Operational Capability Milestone.
  4. Transition involves transitioning the product to the care, custody and control of the users, including manufacturing, training, support and maintenance until users are satisfied. It is concluded by achieving the Product Release Milestone.
[D04853]

T

 RUP
LIFO
See Last In, First Out

JN

  
Likelihood
Another term for Probability. [D00937]

N

 RMW
The probability of a risk occurring. Used in risk analysis as one part of the assessment of a risk the other being impact. [D03866]

N

 PNG
Limitation of Funds
The value of funds available for expenses beyond which no work could be authorized for performance during the specified period. [D00938]

N

 PMK87
Limitations
Boundaries and restrictions. [D02940]

N

 RMW
Limited Partnership
A partnership that limits each partner to the share of his or her investment. [D02957]

N

 PMDT
Limiting Quality ("LQ")
The maximum defective in product quality (or the worst product quality) that the consumer is willing to accept at a specified probability of occurrence. [D00939]

N

 USDoD
QMPP
Definitions for page L02: 50

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