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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
Contract Funds Status Report   - to -   Control
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Term
Definition     Editor's Choice
Cat Source
Contract Funds Status Report
A financial report that provides forecasted contract funding requirements. [D04619]

JN
CH

 QWF
A report normally required on cost or incentive type contracts to inform the buyer of funds used and status of remaining funds. [D04047]

N

 CSM
Contract Guarantee
A legally enforceable assurance of performance of a contract by a contractor. [D00331]

JN
C

 PMK87
Contract Integrity
The adherence and compliance to contractual and legal policies, regulations, and other guidance. [D05170]

N

 SA-CMM
Contract Law
The law governing the contract, usually the law of the land in which the work of the contract takes place. Where the work of a project takes place in different locations, different law may apply. This is particularly true where the work takes place in different countries. [D02546]

GJ
CHMT

 RMW
Contract Line Item Numbers
An identifier used in Request for Proposals to describe deliverables under the contract. [D04048]

N

 CSM
Contract Manager
The manager responsible for overseeing all aspects of contract preparation administration and performance. [D04049]

J
CH

 CSM
Contract Negotiation
Method of procurement where a contract results from a bid which may be changed through bargaining.
Editor's Note: Where competitive bidding id involved, such activity is considered highly inappropriate, if not illegal. [D00332]

N

 PMK87
Contract Negotiations
The process of buyer and seller discussion and position modification until mutual agreement is reached on contract content. [D04050]

N

 CSM
Contract Order Modifications
Changes in a contract during its execution to incorporate new requirements or to handle contingencies that develop after contract placement. Changes may include price adjustments or changes in scope. [D00333]

J
CH

 PMK87
Contract Package
See Contract Breakdown. [D02547]

N

  
Contract Performance Control
Control of work during contract execution. [D00334]

JN
C

 PMK87
Contract Plan
The conditions, methods, schedule, etc. for carrying out the work of the contract as agreed between the parties at the time of signing the contract. [D02548]

J
C

 RMW
Contract Pre-award Meetings
Meetings with prospective suppliers before final award determination to aid ranking and/or finalize terms of agreement between parties. [D00335]

N

 PMK87
Contract Quality Requirements
The technical requirements in the contract relating to the quality of the product or service and those contract clauses prescribing inspection, and other quality controls incumbent on the contractor, to assure that the product or service conforms to the contractual requirements. [D00336]

GJN
CHMT

 FAR 46.101
QMPP
Contract Requirements
In addition to specified performance requirements, contract requirements include those defined in the statement of work; specifications, standards and related documents; the contract data requirements list; management systems; and contract terms and conditions. [D02293]

J
CH

 DSMC
Contract Risk
The potential and consideration of risk in procurement actions. Generally the forces of supply and demand determine who should have the maximum risk of contract performance but the objective is to place on the supplier the maximum performance risk while maintaining an incentive for efficient performance. In a fixed price contract, the supplier accepts a higher risk than in a cost type contract in which supplier's risk is lowest. [D00337]

N

 PMK87
Contract Risk Analysis
Analysis of the consequences and probabilities that certain undesirable events will occur and their impact on attaining the contract/procurement objectives. [D00338]

N

 PMK87
Contract Signing
The formal meeting, sometimes conducted with ceremony, at which the duly authorized members of each party put their signatures to the contract document. [D02549]

N

 RMW
Contract Strategy
A macro view of the philosophy and approach for carrying out the work of the contract. See also Procurement Strategy. [D02550]

FGJ
CHMT

 RMW
Contract Target Cost ("CTC")
The negotiated costs for the original definitized contract and all contractual changes that have been definitized, but excluding the estimated cost of any authorized, unpriced changes. The CTC equals the value of the BAC plus management or contingency reserve. [D00339]

J
CHM

 WST
Contract Target Price ("CTP")
The negotiated estimated costs plus profit or fee. [D00340]

J
CHM

 WST
Contract Terms and Conditions
The stated legal, financial, and administrative aspects of a contract. [D05171]

GJ
CHM

 SA-CMM
Contract Type
The various forms of contracts by which goods/services can be acquired. See "Cost plus fixed fee", "Cost plus incentive fee", "Cost plus percentage of cost", "Firm fixed price", "Fixed price plus incentive fee", and "Unit price contracts". [D00341]

FGJ
CHMT

 PMK87
Categories of contracts that are differentiated according to:
  1. The degree and timing of the responsibility assumed by the contractor for the costs of performance; and
  2. The amount and nature of the profit incentive offered to the contractor for achieving or exceeding specified standards or goals.
[D03479]

J
C

 GAT
Contract Work Breakdown Structure ("CWBS")
A WBS applied within a contract. [D00343]

JN
CHM

 PMK87
A customer-prepared breakout or subdivision of a project typically down to level three which subdivides the project into all its major hardware, software, and service elements, integrates the customer and contractor effort, provides a framework for the planning, control, and reporting. [D00342]

JN
CHMT

 WST
Contract/Procurement Management
The function through which resources are acquired for the project in order to produce the end requirements. Contract/procurement includes both internal (informal) commitments and external (formal) contracts for people, services, materials and equipment. [D00344]

GJN
CHM

 FWH
The function through which resources (including people, plant, equipment and materials) are acquired for the project (usually through some form of formal contract) in order to produce the end product. It includes the processes of establishing strategy, instituting information systems, identifying sources, selection, conducting proposal or tender invitation and award, and administering the resulting contract. [D00348]

JN
CH

 PMK87
Contract/Procurement Management Plan
The documented and agreed policies, procedures and guidelines for directing and controlling the project's contracts and work hereunder. A part of the Project Management Plan. [D05622]

N

 RMW
Contracting
The business of entering into and/or undertaking contracts. [D02552]

GJN
C

 RMW
Purchasing, renting, leasing, or otherwise obtaining supplies or services from vendors. Contracting includes description (but not determination) of supplies and services required, selection and solicitation of sources, preparation and award of contracts, and all phases of contract administration. It does not include making grants or cooperative agreements. [D03480]

N

 GAT
Contractor
A person or organization that undertakes responsibility for the performance of a contract. [D00345]

JN
CHM

 PMK87
A person, company or firm who holds a contract for carrying out the works and/or the supply of goods in connection with the Project. [D04411]

J
CH

 APM
The entity delivering the product or performing the service being acquired, even if that entity is part of the acquiring organization. [D05172]

JN
CH

 SA-CMM
Contractor Claims Release
Certificate to release and hold harmless from future claims by the contractor. [D00346]

JN
CH

 PMK87
Contractor Cost Data Report ("CCDR")
A US Department of Defense report developed to provide contract cost and related data in a standard format. [D04620]

N

 QWF
Contractor Evaluation
The collection of background, experience, past performance and current capabilities of potential contractors for purposes of soliciting bids from qualified contractors. [D02553]

N

 RMW
Contractor Furnished Equipment
Contractor equipment that is committed to be used to satisfy a contract. [D04051]

N

 CSM
Contractor Project Office
The contractor's project manager and associated immediate staff. [D04052]

J
C

 CSM
Contractor Short Listing
A process whereby a short list of contractors is assembled and designated for receipt of an invitation to bid. This process has the effect of avoiding unnecessary tendering work by contractors who do not qualify for some reason, as well as reducing the amount of work in evaluating the competing submissions. [D02554]

N

 RMW
Contractor's Performance Evaluation
A comprehensive review of contractor's technical and cost performance and work delivery schedules. [D00347]

N

 PMK87
Contractual
See Contractual Conditions. [D02556]

N

  
Contractual Conditions
Conditions that bind parties to a performance in exchange for payment (lawful consideration.) [D02555]

JN

 RMW
Contractual/Legal Requirements
The legal conditions surrounding a contractual arrangement. [D02557]

JN

 RMW
Contributed Value
See Added Value. [D02560]

FGJN

  
Contribution Analysis
An analysis to show how much an effort, system, material or component is contributing to project objectives and its consequent success. It is particularly useful in simplifying a project management organization or system. See also Systems Analysis and Value Management. [D03052]

N

 CCCP
Control
A process for assuring that reality or actual performance meets expectations or plans. Control often involves the process of keeping actions within limits by making adjustments to a plan to assure that certain outcomes will happen. [D00349]

N

 OTOB p271-4
An end result of interactive processes involving clarity of expectation and achievement thereof. Control is not a tool per se. It is a result of excellence in applying the other concepts in the tough-minded leadership system. [D00350]

N

 TML p217
Planning, monitoring accomplishment, and exercising any necessary corrective action to yield the required outcome. [D00351]

FGJN
CHMT

 RMH
The exercise of a restraining or directing influence on a problem, or the ability to prevent or immediately respond to it in order to avoid wasted effort. [D00352]

N
CHM

 RMW
The exercise of corrective action as necessary to yield a required outcome consequent upon monitoring performance. [D00353]

N
CH

 PMK87
The process of comparing actual performance with planned performance, analyzing variances, evaluating possible alternatives, and taking appropriate corrective action as needed. [D00354]

JN
CH

 PMK96
See also Project Control and Control Cycle. [D00363]

N

  
The practice of monitoring progress against a plan so that corrective steps can be taken when a deviation from a plan occurs. [D03714]

N
CHMT

 PPS&C p338
Definitions for page C10: 55

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