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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
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Term
Definition     Editor's Choice
Cat Source
N/A
See Not Applicable

JN
CHM

  
Near-Critical Activity
An activity that has low total float. [D01060]

GJN

 PMK87
Near-Term Activities
Activities that are planned to begin, be in process, or be completed during a relatively short period of time, such as 30, 60, or 90 days. [D01061]

GJN

 PMK87
Needs
Also Requirements, the Ownerís or userís Requirements to be satisfied by a proposed facility. In the conceptual design stage the needs are analyzed and formulated into a functional program. In the planning and development phase the needs are translated into a project brief. [D01062]

GJN
CH

 CCCP
Needs Study
A study focused specifically on the needs and requirements for a project either before or after a project has been launched, i.e. it may be a very early part of the project life span. [D03033]

GJN
CH

 RMW
Negative Float
The amount of time by which the early date of an activity exceeds its late date. [D01063]

JN

 WST
Negative float indicates activities must start before their predecessors finish in order to meet a target finish date. All float is calculated when a project has its schedule computed. Negative float occurs when the difference between the late dates and the early dates (start or finish) of an activity are negative. In this situation, the late dates are earlier than the early dates. This can happen when constraints (Activity Target dates or a Project Target Finish date) are added to a project. [D03601]

JN

 PMST
Where a path in a network becomes hypercritical the activities on that path have float of less than zero. The quantity of float then indicates the amount of time which must be picked up in order to achieve an imposed date. [D03874]

JN

 PNG
The amount of time by which the planned duration of a sequence exceeds the time available before an imposed date. It typically occurs during project implementation when critical activities leading to a required date are completed late, or during planning when an initial version of the schedule does not fit the allotted time frame. The cure is revision of logic, decrease in subsequent durations (e.g. by "crashing") such as by increasing resources or a change in methods. Otherwise the end date must be changed. [D05027]

JN

 040
Negative Total Float
Time by which the duration of an activity or path has to be reduced in order to permit a limiting imposed date to be achieved. [D04462]

JN

 APM
BS
Negligence
In legal terms, the omission to do something which a reasonable person, guided by those ordinary considerations that ordinarily regulate human affairs, would do, or the doing of something that a reasonable and prudent person would not do. [D05028]

FGJN
CHMT

 SU
Negotiated Contract Cost
The estimated cost negotiated in a Cost-Plus-Fixed-Fee Contract or the negotiated contract target cost in either a Fixed Price-Incentive Contract or a Cost-Plus-Incentive-Fee Contract. See also Contract Target Cost. [D01064]

FGJN
CHMT

 WST
Negotiated Price
A price arrived at as a result of negotiations between the buyer and the seller. [D03034]

GJN
CHMT

 RMW
Negotiating
A process in which parties with different interests reach an acceptable agreement through communication and compromise. [D06063]

FGJN
CHMT

 PMTWG
The process of bargaining with individuals concerning the transfer of resources, the generation of information, and the accomplishment of activities. [D01065]

GJN
CH

 PMK87
Negotiating Strategies
The several different possible negotiating strategies are considered to be: [D02729]

JN

 PMH p343
Negotiation
A bargaining process between two or more parties seeking to reach a mutually satisfying agreement. [D04152]

GJN

 CSM
The art of achieving what you want from a transaction, leaving all other parties involved content that the relationship has gone well. [D01066]

JN

 WST
A process by which two or more people who begin with conflicting positions attempt to reach an agreement by modifying their original positions or by developing new proposals that reconcile the interests underlying them. [D02727]

GJN
CHMT

 PMH p331
The art of achieving to the greatest extent possible what you want from a transaction while leaving all parties sufficiently content that the relationship subsequently works well. All projects involve the need for negotiating ability. [D03448]

GJN
CHMT

 CRMP
The process by which we obtain what we want from somebody who wants something from us. [D03617]

JN

 017
Negotiation Meetings
Meetings for the specific purpose of negotiating, typically for arriving at terms and conditions for arriving at a mutually acceptable contract or for resolving disputes, etc. [D03035]

FGJN
CHMT

 RMW
Negotiation Objectives
The objectives with which each party enters into negotiation. [D03036]

FGJN
CHMT

 RMW
Net Book Value
The dollar amount shown in the accounting system for assets, liabilities, or equity. When comparing firms, the net book value is the excess of total assets over total liabilities. [D04154]

N

 CSM
Net Present Value ("NPV")
The difference between the discounted present value of benefits and the discounted present value of costs. [D03531]

JN

 GAT
See Present Value. [D01067]

FGJN

  
When a Rate of Return is applied to the stream of annual cash flows resulting from a project investment, it is possible to calculate whether the discounted value is greater than the cost of the investment. In times of high interest and inflation especially, the method gives more accurate results than simple pay back periods and average return. [D03076]

JN

 CCCP
Aggregate of future net cash flows discounted back to a common base date, usually the present. [D04586]

N

 APM
BS
The difference between the present value of the cash flows generated by a project and its capital cost. It is calculated as part of the process of assessing and appraising investments. [D05029]

N

 RAMP
A financial calculation that takes into account the time values of a stream of income and expenditure at a given interest rate. [D06064]

N

 PMTWG
The amount of wealth the product of a project is expected to deliver to the organization. [D06458]

JN

 126 Aug 2010, p21
Network
Graphical representation of activities as nodes and the dependencies between them. [D01068]

N

 NPMT
See also Project Network Diagram. [D01069]

GJN
C

  
The logical order of tasks that defines the sequence of work in a project. Networks are usually drawn from left to right, with lines drawn between to indicate the precedence between tasks. Arrow heads are often placed on the lines to indicate the direction of the flow through time. [D01070]

JN

 OTOB p71
A logic flow diagram consisting of the activities and events which must be accomplished to reach project objectives, which show their planned sequence, interrelationships, and constraints. [D04643]

JN

 QWF
Network Analysis
The process of identifying early and late start and finish dates for project activities. This is done with a forward and backward pass through the project. Many PM software tools will check for loops in the network and issue an error message if one is found. The error message will identify the loop and all activities within it. [D01072]

GJN
CHMT

 WST
PMST
The process of identifying early and late start and finish dates for the uncompleted portions of project activities. See also Critical Path Method, Program Evaluation and Review Technique, and Graphical Evaluation and Review Technique. [D01071]

N

 PMK96
Network Branching
A form of graphical display enabling various scheduling options to be represented. There may be more than one way for undertaking a part of a project, but the choice may not be clear until the project has progressed to a certain point. See also Network Planning and Decision Trees. [D03077]

JN
C

 CCCP
Network Diagram
A schematic display of the sequential and logical relationship of the activities which comprise the project. Two popular drawing conventions or notations for scheduling are arrow diagramming and precedence diagramming. [D01073]

FGJN
CHMT

 PMK87
A view of project data in which the project logic is the sole determinant of the placements of the activities in the drawing. Frequently called a flowchart, PERT chart, logic drawing or logic diagram. [D01074]

JN

 WST
A graphic representation of activity sequence and relationships. Activity boxes are connected together with one-way arrows to indicate precedence. The first activity is placed on the left side of the diagram with the last activity on the right side. Activity boxes are usually placed at different levels (not in a single row) to accommodate activities that are done simultaneously. [D03602]

JN

 PMST
Network Interface
Activity or event common to two or more network diagrams. [D04463]

JN

 APM
BS
Network Logic
The collection of activity dependencies that make up a project network diagram. [D01075]

FGJN
CHMT

 PMK96
Network Loop
See Loop. [D05674]

JN

  
Network Path
Any continuous series of connected activities in a project network diagram. [D01076]

JN

 PMK96
Network Planning
Making a project plan in the form of a network. [D01078]

FGJN
CHMT

 NPMT
A tool used for planning and scheduling a project. [D01077]

JN

 CCCP
A technique for graphically displaying the logical sequence, timing and inter-relationships of the activities that comprise the project. Used for planning and scheduling a project and is the basis for monitoring and controlling the time required to reach specific goals. Two popular drawing conventions or notations used are Arrow Diagramming and Precedence Diagramming. [D03078]

JN

 CCCP
Networking
The exchange of information or services among individuals, groups, or institutions.
Editor's Note: The objective of Networking is to develop relationships with a view to mutual assistance in common or complementary aims. [D01079]

JN

 PMK87
New Component
In project portfolio management, a component that is being added to an existing project portfolio. [D06065]

FGJ

 PPM
Definitions for page N00: 50

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