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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Policies - to - Positive Float

	Term Definition Editor's Choice	Cat	Source
	Policies Constraints on the range of an organization's activities and procedures. [D06470]	FGJN CHMT	asae
	Policies and Procedures In project portfolio management, policies are conveyed by a general statement of the manner in which the organization's business and activities are to be conducted. Procedures prescribe the specific steps for accomplishing these activities. [D06091]	VFGJN CHMT	PPM
	Policies/Procedures See Project Policies. [D01212]	GJN
	Policy The definitive position of an organization on a specific issue. A policy provides a basis for consistent and appropriate decision making and defines authority and accountability within the organization. [D01214]	VFGJN CHMT	001
	Directives issued by management for guidance and direction where uniformity of action is essential. Directives pertain to the approach, techniques, authorities and responsibilities for carrying out the management function. [D01213]	JN	PMK87
	The principles upon which the Governance of an organization is based, or a general statement of the manner in which its business and activities are to be conducted. [D02758]	FG	Webster
	A guiding principle, typically established by senior management, that is adopted by an organization or project to influence decisions. [D05197]	FG	SA-CMM
Index of all terms Top of Page	A management edict issued to guide the behavior of personnel and influence their decision making. [D05408]	JN	RMW
	Policy Manual A publication or document setting out the policies of the organization. [D03144]	VFGJ	RMW
	Policy Restraint Someone in authority dictates the sequence in which all or some part of the work is carried out on the project. [D01215]	JN	CCCP
	Political Process A process in which two or more people adopt a single course of action. Typically, each individual involved in a political process maintains an agenda that is different from the group's collective agenda, or from any other individual's personal agenda. It is through the political process that an individual's agenda becomes publicized (if a free press is at work), negotiated and voted on (if a democracy), or implemented without further discussion (if the individual is king). In every case, the individual engaged in a political process wants the group to adopt his or her agenda. [D05869]	VFN	100 p147
	Political Risk A risk resulting from the actions of a government that will decrease the return of a planned foreign investment. Editor's Note: Such a risk may also stem from politically motivated opposition. [D05038]	VFGJ	055
	Politics Competition for power and leadership between competing interests or groups. May be characterized by artful and sometimes dishonest practices. [D02882]	VFGJ	RMW
	See also Political Process. [D05868]	FN
	Pool Resource A group of resources related by skill, department or function. [D01216]	GJN	WST
Index of all terms Top of Page	Population Either The set of all possible observations of a phenomenon under analysis, or A group of individual persons, objects, or item from which samples are taken for statistical analysis. [D03543]	N	GAT
	Portability Capable of being carried or moved about. Also, usable on many computers without modification. [D03145]	JN T	Webster
	Portfolio A group of projects or other items that are being worked on at the same time or have been completed and are used as an indicator of ability. [D01217]	GJ	OTOB p271-4
	A group of projects of a common type or with a common purpose. [D05409]	FGJ	MFC
	See also Project Portfolio. [D05685]	FGJN CHMT
	The totality of an organization's investment, or segment thereof, in the Changes required to achieve its Strategic Objectives. [D06471]	FN	123
	Portfolio Accountant The person responsible for Portfolio cost accounting services to the Portfolio. Duties may typically include: Maintenance of Portfolio ledgers (usually electronic) showing WBS budget line items, commitments, expenditures and forecasts, if any. Ensuring the integrity of the Portfolio budget through approved scope changes, fiscal changes, and contingency reallocations, as required. Verification of invoices and their correct holdback, coding and WBS allocation, if any. Verification of overhead charges and their distribution. Issuing monthly Portfolio cost reports that include forecast final costs and variances based on Portfolio team input. Flagging significant projected overruns or underruns, if applicable. Ensuring final payments of hold back on all contracts and closing of accounts as and when the Portfolio is disbanded. Transfer of Portfolio expenditures from project financing to the organization's fixed asset records, as appropriate. The Portfolio Accountant is often a member of the corporate controller's department assigned to the Portfolio team. [D06654]	FGJN CHMT
	Portfolio Administration Routines established to control and follow up on a Portfolio. [D06657]	FGJ CHMT	NPMT
Index of all terms Top of Page	Portfolio Appraisal The discipline of determining the viability of a Portfolio. Portfolio viability is normally determined largely in economic or financial terms. However, it may also be extended to include issues such as environment appraisal and certainty of outcomes. [D06660]	FGJ CHMT	PNG
	Portfolio Balancing In project portfolio management, the process of organizing the prioritized components into a component mix that has the best potential to collectively support and achieve strategic goals. [D06095]	FN	PPM
	Portfolio Charter A formal document providing authority to a Portfolio Manager to conduct a portfolio within scope, quality, time and cost and resource constraints as laid down in the document. [D06675]	FGJN CHMT	RMW
	See also Portfolio Plan [D06663]	FGJ CHMT
	A document consisting of a mission statement, including background, purpose, and benefits, a goal, objectives, scope, assumptions and constraints. A Portfolio Charter clearly documents portfolio definition in order to bring a portfolio team into necessary agreement. [D06669]	FGJ CHMT	WST
	A document issued by senior management that provides the portfolio manager with the authority to apply organizational resources to portfolio activities. [D06666]	FGJ CHMT	PMK96
	A document prepared by the authorizing body that includes an overview of what is expected from the Portfolio including limits, priorities, requirements and constraints. [D06672]	FGJ CHMT	PMMJ97
	The (oral or written) authority given by executive management to the Portfolio Manager and all supporting organizations to manage the Portfolio. [D06678]	FGJ CHMT	MFC
Index of all terms Top of Page	The executive authorized document or proclamation that identifies the Portfolio, appoints the Portfolio team, delegates responsibility and authority, and describes the supporting organizations and reporting relationships. [D06681]	FGJ CHMT	MFC
	A formal document prepared by senior management, and authorized by senior functional management, that describes the approach to be employed in the management of a particular project. The charter is often used to give organizational authority to a Portfolio Manager. [D06684]	FGJ CHMT	QWF
	Portfolio Complexity The extent to which a Portfolio, or one of its components, involves a large number of parts, and/or a large number of people, to be coordinated and/or interfaced. In Portfolio Management, portfolio complexity is typically a reflection of the number of programs and projects involved and the number of different people required to carry them all out. Editor's Note: The degree of complexity may well have a bearing on the most appropriate style of management to be applied in the conduct of the portfolio. [D06689]	FGJN CHMT	RMW
	Portfolio Component In project portfolio management, any "Work" that the organization has determined it will include in the project portfolio management process. Such "Work" may be represented by the documentation of a Value Proposition; a Business Case; a Project Charter; Execution Performance Report; or similar document describing the value of the work, its status, its risk, and required resources. [D06096]	F	PPM
	Portfolio Component, Potential In project portfolio management, any "Other Work" that may be approved and authorized to be included in the portfolio. [D06103]	F	PPM
	Portfolio Management ("PPfM") In project portfolio management, the centralized management of one or more portfolios that includes: setting up, identifying, selecting, prioritizing, authorizing, executing, and launching the portfolio components; and harvesting the optimum business benefits from the portfolio, and other related "Work", all consistent with the organization's strategic goals and objectives. [D06097]	FGJN HMT	PPM
	The management of a number of projects that do not share a common objective. For example, the responsibility of an operations manager of a company managing several different projects for different clients. [D03452]	F	CRMP
	See Project Portfolio Management. [D05686]	FN
Index of all terms Top of Page	A coordinated collection of strategic processes and decisions that together enable the most effective balance between Organizational Change and Business as Usual. [D06472]	FN	123
	Portfolio Management Communication Plan In project portfolio management, a plan defining all communication needs, establishing communication requirements, specifying frequency, and identifying recipients for information associated with the portfolio management process. [D06098]	F	PPM
	Portfolio Management Life Span In project portfolio management, a cycle of processes in the life of a portfolio the major phases of which are identification, selection, execution, harvesting the benefits and strategic change. [D06099]	F	PPM
	Portfolio Management Office ("PMO") A part of a permanent organization to provide support, set standards and guidelines for the managers of different projects and programs, to collect project management data from the projects, to consolidate these and report to some governing body. Also usually tasked to ensure that the projects are and remain aligned to the organization's strategy and vision as determined through business case management. [D06493]	F	IPMA
	Portfolio Management Plan A plan setting out how a project portfolio will be organized and managed given the organization's vision, mandate, goals, objectives, policies, procedures, resources and so on. [D06339]	FGJN CHMT	RMW
	Portfolio Management System ("PMS") A system for setting the stage for enterprise wide project management during the initiation phase. The system requires all new projects across the enterprise to be proposed in a consistent fashion, chosen under the same criteria, rank ordered objectively relative to all other projects in the enterprise and stored in a single database. [D04355]	F	028
	Portfolio Management Team In project portfolio management, where an organization has more than one portfolio, the group of managers responsible for managing the whole portfolio of "Work". The makeup of this group depends on how the portfolios are defined or located within the organization. [D06100]	F	PPM
	Portfolio of Projects See Project Portfolio [D05039]	FN
Index of all terms Top of Page	Portfolio Periodic Review and Reporting In project portfolio management, the process of reviewing and reporting on the portfolio as a whole based on the performance and mix of the portfolio components, current projected cost and business value, risk level, and continuing strategic alignment. [D06101]	F	PPM
	Portfolio Risk See Risk, Portfolio. [D06102]	F
	Positive Float The amount of time available to complete non-critical activities or work items without affecting the total project duration. [D01218]	JN	CCCP
	The amount of time that an activity's start can be delayed without affecting the project completion date. An activity with positive float is not on the critical path and is called a non-critical activity. Most software packages calculate float time during schedule analysis. The difference between early and late dates (start or finish) determines the amount of float. [D01219]	JN	WST PMST
	Definitions for page P04: 51

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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