Compass

Category: Knowledge base > Dictionary

A separately planned quantity used to allow for future situations which
are impossible to predict (sometimes called “unknown unknowns”). Management
reserves may involve cost or schedule. Management reserves are intended to reduce
the risk of missing cost or schedule objectives. Use of management reserve requires
a change to the project’s cost baseline.
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Category: Knowledge base > Dictionary

A network path that passes the same node twice. Loops cannot be analyzed using traditional
network analysis techniques such as CPM and PERT. Loops are allowed in
GERT.
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Category: Knowledge base > Dictionary

(1) The manager of any group that actually makes a product or performs a service.
(2) A functional manager.
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Category: Knowledge base > Dictionary

The concept of including acquisition, operating, and disposal costs when
evaluating various alternatives.
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Category: Knowledge base > Dictionary

Committing the organization to begin a project phase.
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Category: Knowledge base > Dictionary

An unintended break in a network path. Hangers are usually caused by missing activities
or missing logical relationships.
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Category: Knowledge base > Dictionary

An aggregate or summary activity (a group of related activities is shown as one and
reported at a summary level). A hammock may or may not have an internal sequence.
See also subproject and subnet.
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Category: Knowledge base > Dictionary

A network analysis technique that allows
for conditional and probabilistic treatment of logical relationships (i.e., some
activities may not be performed).
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Category: Knowledge base > Dictionary

An organization structure in which staff are grouped hierarchically
by specialty (e.g., production, marketing, engineering, and accounting at the top
level; with engineering, further divided into mechanical, electrical, and others).
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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)
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