Compass

Category: Knowledge base > Dictionary

In a project network diagram, the series of activities which determines the earliest
completion of the project. The critical path will generally change from time to
time as activities are completed ahead of or behind schedule. Although normally
calculated for the entire project, the critical path can also be determined for a milestone
or subproject.
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Category: Knowledge base > Dictionary

Compressing the project schedule by overlapping activities that would normally
be done in sequence, such as design and construction. Sometimes confused with
concurrent engineering.
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Category: Knowledge base > Dictionary

The expected additional cost needed to complete an activity, a
group of activities, or the project. Most techniques for forecasting ETC include some
adjustment to the original estimate based on project performance to date. Also called
“estimated to complete.” See also earned value and estimate at completion.
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Category: Knowledge base > Dictionary

The expected total cost of an activity, a group of activities, or
of the project when the defined scope of work has been 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.
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Category: Knowledge base > Dictionary

An estimating technique that uses a statistical relationship between
historical data and other variables (e.g., square footage in construction, lines of code
in software development) to calculate an estimate.
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Category: Knowledge base > Dictionary

Estimating the cost of the resources needed to complete project activities.
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Category: Knowledge base > Dictionary

Estimating the number of work periods which will be needed
to complete individual activities.
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Category: Knowledge base > Dictionary

The amount of time an activity can be delayed without delaying the early start
of any immediately following activities. See also float.
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Category: Knowledge base > Dictionary

A deliverable-oriented grouping of project elements
which organizes and defines the total scope of the project. Each descending level
represents an increasingly detailed definition of a project component. Project components
may be products or services.
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Category: Knowledge base > Dictionary

Collecting and disseminating information about project performance
to help ensure project progress.
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