Compass

Category: Knowledge base > Dictionary

The product of an event’s probability of occurrence and the gain
or loss that will result. For example, if there is a 50 percent probability that it will
rain, and rain will result in a $100 loss, the expected monetary value of the rain
event is $50 (.5 x $100)
read more >>

Category: Knowledge base > Dictionary

A network diagramming technique in which events are represented by boxes
(or nodes) connected by arrows to show the sequence in which the events are to occur.
Used in the original Program Evaluation and Review Technique.
read more >>

Category: Knowledge base > Dictionary

Control charts are a graphic display of the results, over time and against established
control limits, of a process. They are used to determine if the process is “in
control” or in need of adjustment.
read more >>

Category: Knowledge base > Dictionary

Completion and settlement of the contract, including resolution of all
outstanding items.
read more >>

Category: Knowledge base > Dictionary

Managing the relationship with the seller.
read more >>

Category: Knowledge base > Dictionary

The development of a management plan that identifies alternative
strategies to be used to ensure project success if specified risk events occur.
read more >>

Category: Knowledge base > Dictionary

An approach to project staffing that, in its most general form, calls
for implementors to be involved in the design phase. Sometimes confused with fast
tracking.
read more >>

Category: Knowledge base > Dictionary

A formally constituted group of stakeholders responsible for
approving or rejecting changes to the project baselines.
read more >>

Category: Knowledge base > Dictionary

The sum of the approved cost estimates (including
any overhead allocation) for activities (or portions of activities) completed
during a given period (usually project-to-date). See also earned value.
read more >>

Category: Knowledge base > Dictionary

A category of projects that have common elements not present in all projects.
Application areas are usually defined in terms of either the product of the project
(i.e., by similar technologies or industry sectors) or the type of customer (e.g.,
internal vs. external, government vs. commercial). Application areas often overlap.
Arrow.
read more >>