Glossary

Glossary of Key Terms

Activity This is a manageable chunk of work made up of a number of tasks. (See also Task, Work Breakdown Structure and Work package) ACWP: Actual Cost of Work Performed The amount spent on work that has been completed (See also BCWP, BCWS) Baseline plan This is the original project plan you will use to track progress of your project. Belbins team roles Belbin identified nine team roles for a successful team. Belbin did not suggest that all teams must have nine members, but that all roles should be satisfied within the team. The roles are co-ordinator (chair), shaper, innovator (plant), resource investigator, monitor/evaluator, team worker, implementer (company worker), completer (completer/finisher), specialist (See also Handys team roles) BCWP: Budgeted Cost of Work Performed The expected cost of work that has been carried out (See also ACWP, BCWS) BCWS: Budgeted Cost of Work Scheduled The expected cost of work that has been planned (See also ACWP, BCWP) Change The outcome of the conversion process that transforms inputs into outputs. Completion stage The closing-down of projects activities, such as hand over, archive relevant materials, report writing, documentation, staff redeployment, disposal of assets, reviewing, etc. (See also Project life cycle) Conceptualisation stage Once it has been decided to undertake the project the conceptualisation stage begins, during which the project manager and team build up a rich picture of the overall context and environment within which the project will operate. Constraints Restrictions or limitations imposed on the project either by internal or external forces. Containment action An action that would prevent a risk from occurring, or reduce its effect. A containment action takes place before a risk occurs. (See also risk, contingency plans, tracker) Contingency plans Special plans to deal with a risk should it occur; a contingency plan is only activated when a risk has occurred. (See also risk, containment action, tracker) Control This involves monitoring progress against a plan and acting on any variance. Conversion The core transformation process of human activity which can be expressed as the conversion of some input into some output.

Cost-benefit analysis It is necessary to examine the costs involved in a project, and select the most cost-effective option. One technique is discounted cash flow, to calculate the net present value. (See also Discounted cash flow (DCF) and Net present value (NPV)) Costing This is the assignment of costs to resources. Cost variance The cost variance is the difference ACWPBCWP. (See also ACWP, BCWP, BCWS) Critical Path Method (CPM) CPM calculates the longest path through a network diagram based on each task duration and dependency. This is the shortest time the project will take. It identifies which tasks are critical (tasks with no float). (See also PERT chart) Dependency links Some project tasks may depend on others. This is called task dependency. One task may need to finish before another can begin. Discounted Cash Flow (DCF) This technique recognises that an amount of money in the future will not have the same value (purchasing power) as the same amount of money today, and hence it is possible to calculate whether a project is good value compared to other options over time. (See also Net present value) Duration (in critical path method) In critical path method, the length of time taken by an activity in a project. (See also Critical Path Method, Network diagram and PERT chart). Environmental factors These are: social, technological, economic, environmental and political factors. We use the acronym STEEP or STEEPLE. (See also STEEP and STEEPLE) Gantt chart A bar chart of a project, showing duration and concurrency of activities. Handys team roles Handy suggested that four types are required in a team: captain, administrator, driver, expert (See also Belbins team roles) Implementation stage Executing the project. This refers to managing, monitoring, controlling, evaluating activities and resources and communicating project information to the project team and key stakeholders. (See also Project life cycle) Input That which is changed by the transformation process. Inputs may be concrete (e.g. raw materials) or abstract (e.g. a market need). Milestones These are significant events or dates, such as the end of a work package or an activity. One use of milestones is to indicate key delivery dates. Net Present Value The value of money in the future in todays terms. (See also Discounted Cash Flow)

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Network Diagram A diagram consisting of Nodes and Arrows. Activities can be either the Nodes or the Arrows (Activity on Node or Activity on Arrow diagrams respectively). The diagram is used to analyse dependencies in detail. (See also Critical Path Method and PERT chart) Organisational factors Lake (1997) identifies factors that will help the project manager to understand the organisation in which the project operates: mission, strategy, procedures, culture, hidden agendas, structure, process. Output That which is produced by transformation process. Outputs may be concrete (e.g. manufactured products) or abstract (e.g. the fulfilment of a market need). PERT analysis A method by which the expected length of time a task will take is calculated from the optimistic, most likely and pessimistic time estimates. (PERT = Program Evaluation & Review Technique) PERT chart A type of network diagram network diagram similar to that used in the critical path method. (PERT = Program Evaluation & Review Technique) (See also Critical Path Method and Network diagram) Planning stage The stage at which the schedule of tasks, start and finish dates, resource and cost information and the design of the solution is defined and agreed upon by key stakeholders. (See also Project life cycle) Project Projects are used to bring about some form of change, and are one-off events. A project may be undertaken to deal with a problem, or take advantage of an opportunity. Project life cycle All projects go through a series of stages, known as the project life cycle. We employ a fourstage life cycle: conceptualisation, planning, implementation and completion. (See also Conceptualisation stage, Planning stage, Implementation stage and Completion stage) Project management Project management can be defined as the application of knowledge, skills, tools and techniques to project activities in order to meet stakeholder needs and expectations from a project (Project Management Institute, 1996, taken from Burke, 1999, p. 3). Project plan The document or documents used to describe how the project will be completed. Normally this will contain a list of scheduled (time-framed) activities and resources plus explanatory remarks. The plan should also include details of how risk and quality should be managed. Project team life cycle When a team is created, it exhibits the following recognised phases known as the project team life cycle: forming (collection), storming (entrenchment), norming (resolution/accommodation), performing (synergy), storming (decline), mourning (break-up). Resources The people, equipment and supplies used to complete work packages, activities and tasks in the project. Resources are not unending, and could be limited by constraints. Resource allocation This is the assignment of resources, such as equipment, people, facilities and finances to tasks in a project.

Risk A risk is a factor (known or unknown) that may jeopardise the success of a project by hindering the fulfilment of project objectives. It is important to identify possible risks, and have plans to deal with them. (See also Containment action, Contingency plans and Tracker) Schedule variance The schedule variance (in cost terms) is the difference BCWPBCWS). (See also cost variance, ACWP, BCWP, BCWS) Scheduling Scheduling is the setting-out of all project activities and tasks in a logical form so that all dependencies and resource constraints are satisfied. Scope or Scope of Work What the project is about. It is important to identify areas within the scope of the project, as well as related areas outside the scope of the project. For example, if your project is about setting up a library database, entering details of the books held in the library would be within the scope of your project, but writing the books would be outside the scope of your project. Note that this defines the term scope, which is not the same as the term scope definition. (See also Scope Definition, Scope Planning, and Scope Verification) Scope Definition This is concerned with dividing the major sections of the project into smaller sections, which are easier to manage. This involves providing a description of the project, specifying the solution methods employed, and explaining how this will meet the clients requirements. Scope definition is different from a definition of the term scope. (See also Scope, Scope Planning, Scope Verification and Work Breakdown Structure) Scope Planning Scope planning identifies the different phases of the project, and the overall scope of the project. This is important as it clarifies the objectives and deliverables, so that all parties know what is required and expected. (See also Scope, Scope Definition, and Scope Verification) Scope Verification The formal agreement and approval process by the project stakeholders on the scope of the project. (See also Scope, Scope Planning, and Scope Definition) Scrum An iterative incremental framework for agile development. Used for managing complex work, for example the development of new products. SMART objectives Clearly defined, unambiguous objectives are crucial to the success of a project. A projects objectives should therefore be: Specific and written down Measurable Agreed upon, Achievable and Aligned Realistic and Relevant Time-framed Stakeholders Stakeholders can be defined as those people and groups with an interest in the project or who can affect its outcome. STEEP Factors that should be considered when initiating a project can be categorised by the acronym STEEP (See also Environmental factors, STEEPLE): Social, Technological, Environmental, Economic, Political

STEEPLE Factors that should be considered when initiating a project can be categorised by the acronym STEEPLE as with STEEP, with the addition of Legal and Ethical (See also Environmental factors, STEEP): Task This is an essential job or operation that must be completed in order for the project to be completed. A number of tasks constitute an activity. (See also Activity, Work breakdown structure and Work package) Tracker In risk analysis, a member of the project ream designated to monitor identified risks. This is in addition to monitoring the progress of the project against the baseline plan. (See also Containment action, Contingency plans and Risk) Tracking As the activities within a project are started and then completed, the project plan must be updated to reflect the projects progress and to compare the updated information with the baseline plan. This is known as tracking. Variance The difference between what had been planned and what happened. Work breakdown structure (WBS) A project is broken down into more manageable levels of detail, called a Work Breakdown Structure (WBS). These levels can be project, work package, activity and task. (See also Activity, Task and Work package) Work package A project is decomposed into the main areas of work involved, each of which is a work package. (See also Activity, Task and Work breakdown structure)

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