Wideman Comparative Glossary of Project Management Terms v5.5

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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

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	Term Definition Editor's Choice	Cat	Source
	Economic Analysis A systematic approach to one or more options designed to assist the program or project manager in making a choice. [D02311]	FGJN CHMT	RMW
	Economic Commercial Value See Economic Value. [D02686]	FGJ CHMT
	Economic Evaluation The process of establishing the value of a project in relation to other corporate standards/bench marks, project profitability, financing, interest rates and acceptance. [D00586]	N	PMK87
	Economic Life The period during which the economic benefits of a product are expected to be harvested. [D05863]	FGJN CHMT	RMW
	The period of time over which the benefits to be gained from a system may reasonably be expected. [D02312]	FGJ CHMT	DSMC
	The period of time over which the benefits to be gained from a project may reasonably be expected to accrue. [D02688]	N	PMDT
	Economic Success The success of a project in terms of achieving its economic value. [D02687]	N	RMW
Index of all terms Top of Page	Economic Value The value of a project in terms of its expected financial returns from the perspective of the enterprise's overall commercial strategic objectives. [D02685]	FGJ CHMT	RMW
	Economic Value Added The reasonable economic value expected to be added to an enterprise or one of its ongoing processes as a result of the project. [D02689]	N	RMW
	Economics A social science that investigates the conditions and laws affecting the production, distribution, and consumption of the national wealth. Editor's Note: In a much narrower sense, the study of economic value. [D02690]	N	Webster
	Economist One who studies economics. [D02691]	N	RMW
	Economy of Governance The planning, influencing and conducting of the policy and affairs of an organization with respect to its economic value. [D02692]	FG	RMW
	Economy of Scale Reduction in the unit cost of an end product resulting from the production of additional units. Editor's Note: The reduction in unit costs results from the effects of the "Learning Curve" phenomenon. [D05978]	JN HM	PMTWG
	ECP See Engineering Change Proposal	JN C
	Education and Training See Education and see Training. [D02693]	JN
Index of all terms Top of Page	Education, in project management Project management education may be defined as the conveying of a broad background and general theoretical approach to enable an individual to analyze issues and find solutions. The knowledge is essentially descriptive. The benefit is in "How to apply it" but to do so requires further practice and experience. (See also Training.) [D00587]	JN	RMW
	EF See Earliest Finish	N
	EFC See Estimated Final Cost	GJN CHMT
	Effect In project portfolio management, a consequential result of a risk to one or more portfolio objectives should a risk event occur. [D06337]	FN	RMW
	Result [D06362]	N	Webster
	Effective Adequate for accomplishing the intended purpose. [D05175]	N	SA-CMM
	Effective Communication The sending of a message that is received and understood as intended. A two-party process requiring willingness, motivation and discipline on the part of both sender and receiver. [D04356]	N	029
	Effective Interest The true value of interest rate computed by equations for compound interest rate for a 1-year period. [D00588]	N	PMK87
Index of all terms Top of Page	Effectiveness A measure of the quality of attainment in meeting objectives; to be distinguished from efficiency, which is measured by the volume of output achieved for the input used. [D00589]	JN	OTOB p271-4
	The extent to which the goals of a project are attained, or the degree to which a system can be expected to achieve a set of specific requirements. Also, an output of a Cost Effectiveness Analysis. [D02313]	N	DSMC
	The level of conformity of the product or services produced by the project in its operation as compared to its mission. It has to do with the content and substance of the project in performance of its duty. It is the primary measure of success. [D04324]	N	MEMOPT
	Effectiveness, in project planning The extent to which the project plan, including requirements, and the execution of that plan will meet the project's objectives and the corresponding goals of the enterprise. [D02697]	N	RMW
	Efficiency The ratio of the useful work obtained to the energy expended. [D02695]	N	Webster
	The doing of things correctly and accurately, using as little resources as possible. [D02694]	N	PMDT
	A measure of the speed and effectiveness with which a resource delivers a particular skill. [D03838]	N	PNG
	A measure of the activities of the project people as applied to the project process; the measurement parameters are the standards of quality, time and cost applicable to each task in each situation. It is a secondary measure to effectiveness in the measure of success at completion. A project may be efficiently managed, but not be effective in achieving its mission, goals or objectives. [D04325]	N	MEMOPT
Index of all terms Top of Page	Efficiency Factor A measure of overall performance used in a work measurement system. It is calculated by dividing the standard time to perform the work by the actual time. [D03497]	N	GAT
	Efficiency, in project execution The application of efficiency during the project's execution phases, i.e. when its application is most appropriate. [D02696]	N	RMW
	Efficient Productive, without waste. [D05176]	N	SA-CMM
	Effort The number of labor units necessary to complete the work. Effort is usually expressed in staff hours, staff days or staff weeks and should not be confused with duration in time. [D00591]	N	WST
	The application of human energy to accomplish an objective. [D00590]	N	PMK87
	The number of labor units required to complete an activity or other project element. Usually expressed as staff hours, staff days, or staff weeks. Compare with Duration. [D00592]	N	PMK96
	Effort Remaining The estimate of effort remaining to complete an activity. Editor's Note: A far more useful measure of progress than percentage complete. [D03839]	JN	PNG
	Effort-Driven Activity An activity whose duration is governed by resource usage and availability. The resource requiring the greatest time to complete the specified amount of work on the activity will determine its duration. [D04431]	N	APM
Index of all terms Top of Page	Eichleay Formula A formula widely used as a method of calculating home office overhead damages in construction delay cases. A component of delay damages that could account for a large proportion of the amounts claimed. [D05638]	JN C	073
	Eighty-Twenty Rule A term created by Pareto, an Italian sociologist, meaning that a process or methodology will accommodate 80% of the situations that arise, with 20% of the situations requiring handling on a case-by-case basis. [D04081]	N	CSM
	Elaboration The second phase of the Unified Process in which the concept developed in the conception phase is funded for problem domain analysis, a sound architectural foundation is established, a project plan developed and highest risk elements are removed through preliminary iterations ready for full scale construction funding. The four phases of the Unified Process are Inception, Elaboration, Construction, and Transition. [D04831]	JN T	RMW
	Elapsed Cost See Budgeted Cost of Work Scheduled [D02251]	N	PMST
	Elapsed Duration The amount of time needed to complete a task. [D00595]	JN	MSP98
	Elapsed Time The total number of calendar days (excluding non-work days such as weekends or holidays) that is needed to complete an activity. It gives a "real world view" of how long an activity is scheduled to take for completion. [D00596]	JN	WST PMST
	Electronic Files Data stored in "files" on electronic media. Such files can only be accessed using a computer with an appropriate operating system. [D02698]	N	RMW
	Element A part of a system. [D05325]	N	SU
Index of all terms Top of Page	A basic component e.g. of the work breakdown structure. Level 3 of the system hierarchy. [D02700]	N	RMW
	Element Definition Dictionary A listing of terms and their meanings representing the contents or elements of a work breakdown structure. [D02699]	JN C	RMW
	Email The transfer of messages and information by electronic means using a computer. [D02701]	N	RMW
	Definitions for page E01: 50

Introduction | What's New in Version 5.5 | Sources and References International Recognition | About the Author Content Index

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Introduction | What's New in Version 5.5 | Sources and References
International Recognition | About the Author
Content Index

Home | Issacons | PM Glossary | Papers & Books | Max's Musings
Guest Articles | Contact Info | Top of Page