Copyright Wideman Comparative Wideman Comparative Glossary of Common Project Management Terms v5.5 is copyright © R. Max Wideman, 2000-2017. Please feel free to point to this document. For non-profit purposes you may copy this page provided the above copyright notice is attached. For inclusion in for-profit works, please contact the author at maxw@maxwideman.com Last updated 12-22-17
Master Glossary
Expected Monetary Value   - to -   Extra Works

 Term Definition     Editor's Choice Cat Source Expected Monetary Value The product of an event's probability of occurrence and the gain or loss that will result. Editor's Note: For cost and schedule risk analysis, Modeling and Simulation are probably more reliable techniques. [D00648] N WST Expected Utility Theory The family of theories of rational behavior. It is intended to describe how people should behave when making rational choices. [D06418] N PrjDec Expected Utility Value ("EUV") In contrast to Expected Monetary Value (EMV), EUV is the useful value of the product after factoring in the specific tolerance to risk of the parties involved in its creation. [D05643] N 074 Expected Value ("EV") A way for comparing the values/costs of different scenarios, e.g. to rank opportunities and risks. A notional value that is calculated by multiplying the probability of an outcome times the estimated cost of that outcome. See also Most Likely Value. [D03624] N RMW In risk management, the result of multiplying the probability of a variable's occurrence with its estimated monetary impact. Although a notional figure, it provides some sense of the probability and value of the loss incurred relative to similarly calculated risks, should it occur. [D05989] N PMTWG Expected Value, risk A measure of the overall impact of a risk. It is calculated by multiplying the impact of an event by its associated probability of occurrence. It is equivalent to the average impact of the risk event which would result if we were to carry out a large number of identical projects. [D04978] N RAMP Expected Working Period A proposed period of work, or the normal working day, week, month, year, that is expected of an employee. [D02741] N RMW Expediting Facilitating and accelerating progress by the removal of obstacles. Editor's Note: This is an important part of a project manager's job, especially in Procurement Management. [D02742] GJNCHMT Webster Expended Disbursed or spent. [D02743] JCH Webster Expenditure A charge against available funds, evidenced by a voucher, claim, or other documents. Expenditures represent the actual payment of funds. [D00649] GJNCHMT WST The conversion of resources. An expenditure is an event. Conversions of resources may take several forms: Exchange: conversion of title or ownership (e.g., dollars for materials), Consumption: conversion of a liquid resource to a less recoverable state, i.e., expenditures of time, human resources, dollars to produce something of value, or the incorporation of inventoried materials into fixed assets. [D00650] FGJNCHMT PMK87 A sum of money paid out for work relating to the project as evidenced by an invoice, receipt or similar payment voucher. For control purposes expenditures should be recognized when payment vouchers are approved by the project manager, i.e. long before accounts payable disburses funds or cheques are cleared at the bank. [D00653] GJNC CCCP A using up of money or time for goods and services. [D02754] N PMDT Expenditure Authority The senior management responsible for giving permission for, or the actual approval of, disbursement of funds. [D02746] FGJNCHMT RMW Expenditure Management Report ("EMR") A fiscally-oriented project expenditure report that includes a number of special Cost Types. [D00651] FGJNCHMT PMIS Expenditure Profile A chart of estimated monthly project costs and commitments versus time. Often shown with actual expenditures for comparison. [D04979] GJNC SCL Expenditure to Budget A comparison of, or the difference between, the amount expended and the corresponding budget allocation. [D02745] GJNCHMT RMW Expenditure to Date The sum of all direct costs for a particular activity, work package or whole project, up to the most recent cutoff date. See also Total Expenditure to Date. [D02597] GJNCHMT RMW The amount recorded as actually disbursed and accrued on an activity or whole project up to the current cutoff or data date. Editor's Note: In many companies, records of actual disbursements are not available until sometime later and hence are untimely for purposes of project management record keeping. [D02744] FGJNCHMT SU Expense Cost of operation and maintenance of activities on the accrual basis for a fiscal period as distinguished from cost of acquisition of property. [D02755] FGJNCHMT PMDT Expense Management The process by which costs/expenses incurred on a project are formally identified, approved and paid. [D05991] GJNCHMT PMLC Experience The knowledge gained by direct exposure and involvement in real-life practical conditions. [D02747] N Webster Experiment An effort to discover or confirm some principle or effect usually in some scaled down form such as a mockup, or surrogate form such as a computer model. [D02748] N RMW Expert One who is skilled by virtue of learning and experience. One who has acquired special knowledge, skill or mastery of something. [D02749] N Webster Expert Judgment A considered opinion given by a recognized knowledgeable person. [D05644] N RMW Expert Power The ability (of a project manager) to gain support because project personnel perceive the project manager as possessing special knowledge or expertise (that functional personnel consider important.) [D02891] GJN PMDT Expertise A specialized, in-depth body of knowledge, skills, and competence that is a major, identifiable component of the relevant discipline. [D03621] FGJN 019 Exploitation A risk response for an opportunity. Exploitation refers to changing an activity's scope, suppliers or specification in order to achieve a beneficial outcome. [D05992] FGJN MoR-UK Exposure The total liabilities and potential claims that the company may be liable for in a given project at a particular time. [D04980] GJCH SCL The likely loss or consequence of a risk. It is the combined probability and impact of a risk usually expressed as the product of (probability x impact). [D05645] GJC WSG Exposure Time The time during which a hazard exists before it is mitigated or past. [D05348] J RMW Extended Life Cycle See Product Life Cycle. [D04591] FGJNCHMT Extended Subsequent Applications Review ("ESAR") A formal review performed in lieu of a full C/SCSC demonstration review, when contractor conditions have changed or when programs change from one phase to another. For example, when a program moves from research and development into production, when contractors move programs from one facility to another, or when contractors make significant changes to their C/SCSC systems descriptions. [D00654] N WST External Literally: outside. Usually refers to someone, or some influence, that is not part of or from the organization or the project team. [D02750] N RMW External Constraint A constraint from outside the project network. [D00655] JN WST External Dependency Reliance on factor(s) outside of the project. [D05349] JN SU External Politics Politics that are beyond the influence of the project team. [D02751] JN RMW External Procurement Sources Extra-firm sources including industry contacts, market data, competitive intelligence and regulatory information which could aid procurement decision-making. [D00656] JN PMK87 External Risk Risk beyond the control of the project team. [D05350] JN MFC Externalities Conditions that are beyond the influence of the project team. [D02752] JN RMW Extinction The end of all activity on a project, usually before meeting its stated objectives. The end results of a project terminated by extinction are neither terminated by inclusion or integration. [D00657] JN OTOB p271-4 Extra Work Order See Field Order [D00658] JNC Extra Works Requirements that require additional effort that were not contemplated in the original contract or agreement. [D02753] JNC RMW Definitions for page E06: 43