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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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LF - to - Local Area Network

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Term
Definition     Editor's Choice
 
Source
LF
See Late Finish

  
LFD
See Late Finish Date

  
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]

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

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

 PMDT
Life Cycle
See Project Life Cycle. [D02938]

  
The phases that a project goes through from concept through completion. The nature of the project changes during each phase. [D03722]

 PPS&C p340
Life Cycle Cost ("LCC")
The total cost of a system or facility over its full life, including the cost of development, acquisition, operation, support and disposal. [D02956]

 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]

 GAT
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]

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

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

 PMK87
When evaluating alternatives, Life-Cycle Costing is the concept of including acquisition, operating and disposal costs. [D00936]

 WST
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]

 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]

 08 -3
Life Cycle Stage Boundaries
The starting and ending points for the project. [D02200]

 PMMJ97
Life Cycle Time Frame
The time span covering the whole project life cycle. [D02939]

 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]

 RUP
LIFO
See Last In, First Out

  
Likelihood
Another term for probability. [D00937]

 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]

 PNG
See Probability [D05015]

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

 PMK87
Limitations
Boundaries and restrictions. [D02940]

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

 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]

 USDoD
QMPP
Limits of Authority ("LOA")
A corporate policy that provides guidelines for issuing proposals and bidding in the interest of risk detection and evaluation. [D02958]

 PMDT
Line
An authority relationship in organizational positions where one person (a manager) has responsibility for the activities of another person (the subordinate). [D02959]

 PMDT
Line and Staff
Two kinds of functions in an organization. Line refers to those functions that have a direct responsibility for accomplishing the end purpose of the organization. Staff refers to those members who perform purely advisory functions. [D02960]

 PMDT
Line Item
The smallest unit of product whose status is tracked in a status system. [D00940]

 PMK87
Line Manager
See Functional Manager. [D00941]

  
The manager of any group that makes a product or performs a service. [D00942]

 WST
Line of Balance ("LOB")
A graphical display of scheduled units versus actual units over a given set of critical schedule control points on a particular day. The line of balance technique is oriented towards the control of production activities. [D02941]

 PMDT
Line of Credit
Credit that remains available to a customer at all times. An agreement between a bank and a borrower to borrow up to a specified amount. [D02963]

 PMDT
Line Organization
A hierarchic company organization. [D00943]

 NPMT
Line/Functional Manager
Those responsible for activities in one of the primary functions of the organization, such as production or marketing, with whom the project manager must relate in achieving the projectÍs goals. [D00944]

 PMK87
Linear
Involving a single dimension, with emphasis on a straight line. [D02962]

 Webster
Linear Responsibility Chart
A special type of matrix in which the rows list the series of functions, activities, or tasks in some logic sequence, such as the project life cycle, and the adjacent columns identify the positions, titles or people involved. At the intersection of each adjacent column and its line item is placed a distinguishing symbol representing the level or type of responsibility involved by that person. [D02186]

 RMW
Link
A dependency between tasks that specifies when a task begins or ends relative to another task. [D00945]

 MSP98
See Logical Relationship. [D00946]

  
Linkage
See Link. [D02964]

  
Linked Bar Chart
A bar chart drawn to show dependency links between activities/tasks. [D02965]

 RMW
Linked Projects
A bar chart showing dependency links between activities on different projects. [D03867]

 PNG
Links
See Dependency Links. [D00947]

  
Liquidated Damages
A stipulation in a contract of a monetary amount that must be paid by the contractor if the contractor fails to deliver supplies or perform services as specified in the contract or any subsequent modification. Payments are in lieu of actual damages related to the failure. [D03527]

 GAT
Lists, project
The tabulations of information organized in meaningful fashion. [D00948]

 PMK87
LML
See Lowest Management Level

  
LOA
See Limits of Authority

  
LOB
See Line of Balance

  
Local Area Network ("LAN")
A computer network located at a user's establishment within a limited geographical area. A LAN typically consists of one or more server machines providing services to a number of client workstations. [D04854]

 RUP
Definitions for page L02: 50


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