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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
VAC   - to -   Variance Reports
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Term
Definition     Editor's Choice
 Cat Source
VAC
See Variance at Completion
JN
  
Validate
To make sure something is the right thing to do whether or not it is done right. To contrast, see Verify. [D05849]
N
CHMT
 RMW
Validate Contract
To verify that a contract is legally binding on both parties. [D03382]
GJN
CHM
 RMW
Validation
The process of providing evidence that a system meets the needs of the user, i.e. "Are we building the 'Right Thing'?" (For contrast, see Verification) [D02107]
N
CHMT
 VPM p55, 90
The approach to proving the user is satisfied. [D04293]
N
CHMT
 CSM
A term used in Earned Value to mean "approval" or compliance with the criteria. [D04669]
N
CHMT
 QWF
Valuation
An assessment of market value of property; determination of value in terms of cost or price, typically for replacement or insurance purposes. [D03383]
N
CH
 Webster
Index of all terms
Top of Page
Value
Benefit divided by cost.
Editor's Note: The problem with these definitions is: How do you measure Benefit? [D04292]
FGJN
CHMT
 CSM
A standard, principle or quality considered worthwhile or desirable. [D02108]
JN
CHMT
 WST
Worth or performance divided by cost. [D03776]
JN
CHMT
 CRMP
The ratio of functionality to cost. [D06547]
N
T
 SU
Value Analysis
An activity devoted to optimizing cost performance. It is the systematic use of techniques which identify the required functions of an item, establish values for those functions and provide the functions at the lowest overall cost without loss of performance (optimum overall cost). [D02109]
N
CHMT
 PMK87
See also Value Management. [D03096]
FGJN
CH
  
Value Engineering
A structured approach designed to determine 'how' changes should best be undertaken to improve performance at least cost. Examples of objectives include: eliminating waste, saving fuel, reducing harmful emissions, reducing costs, speeding production, improving deliveries, improving performance, improving design, streamlining procedures, cutting overheads, increasing functionality, and/or increasing marketability. A subset of Value Management. [D06548]
FGJN
CHM
 125
See also Value Management. [D03095]
FGJN
C
  
Index of all terms
Top of Page
An organized effort to analyze the functions of systems, equipment, facilities, services, and supplies for the purpose of achieving the essential functions at the lowest life cycle cost consistent with required performance, reliability, quality, and safety. [D03580]
FGJN
CHM
 GAT
The structured approach to optimizing project value through examination of the project's design. It is concerned with optimizing the design, engineering and configuration aspects of value. [D03774]
N
 CRMP
A technique for analyzing qualitative and quantitative costs and benefits of component parts of a proposed system. [D04559]
N
 APM
A creative approach used to optimize life-cycle costs, save time, increase profits, improve quality, expand market share, solve problems, and/or use resources more effectively. [D05595]
GJN
CHM
 PMK00
Value Enhancing Project Strategies
Strategies designed to add value to the project deliverable by improving cost effectiveness or features or functionality, often accomplished as part of Value Management. [D03384]
N
 RMW
Value Improvement
See Value Enhancing Project Strategies. [D03385]
FGJN
CH
  
Value Improvement Practices
See Value Management. [D05850]
FGJN
CHM
  
Value Management
A structured approach designed to address the question of 'what' should or could be done to improve performance at least cost. [D06549]
FGJN
CHM
 125
Index of all terms
Top of Page
A structured means of improving business effectiveness that includes the use of management techniques such as value engineering and value analysis. [D02110]
GJN
CH
 WST
A structured means of improving effectiveness in line with the organization's goals. It refers to the overall process of identifying key issues and setting targets; identifying the teams and processes necessary to achieve these; and implementing these to obtain successful results.
It is concerned with the broader optimization of strategic issues, encompasses the value engineering process at the project's strategic definition stage and is generally done via a structured workshop. [D03775]
JN
CH
 CRMP
A technique for optimizing cost and/or performance. [D02111]
N
CH
 CCCP
A creative, organized approach designed to optimize the total cost and/or performance of the project. Usually applied only to the most significant elements of a project by analyzing their contribution and identifying functionally acceptable substitution.
VM often results in improved performance and/or appearance and simplification at a payoff many times the cost of the VM program. It is best applied in the earliest stages of a project. VM is not popular because of its "real" front end cost compared to "notional" downstream savings. Also because it is seen by designers as a threat to their credibility. See also Brainstorming. [D03094]
N
CH
 CCCP
An organized effort aimed at analyzing the function of a system or systems, equipment, facilities, and supplies, for purposes of achieving at the lowest overall cost the same required function and/or performance, including reliability, maintainability, delivery and human factors. [D03625]
N
CH
 SU
Value Management Program
A program of required Value Management focused on design and delivery of whole facilities, systems, supplies and materials with essential characteristics at lowest overall costs. It includes the identification of high cost areas for study, the evaluation of function-cost-worth, application of a VM job plan, and a systematic interdisciplinary study of selected areas concurrent with Design Development. [D03626]
FGJN
 SU
Value Management Study
A function-oriented appraisal of all elements of an item, system, or process to achieve essential characteristics at minimum overall cost. The procedure encompasses a number of steps or stages as follows:
  1. Information gathering
  2. Function analysis
  3. Creative solution generation
  4. Judgmental solution evaluation
  5. Development of alternatives
  6. Presentation of recommendation and approval
  7. Implementation of changes
  8. Follow-up reporting of results
[D02256]
FGJN
 SU
Value Planning
A technique for assessing, before significant investment is made, the desirability of a proposal based on the value that will accrue to the organization from that proposal. [D04560]
FGJN
 APM
Index of all terms
Top of Page
Value Study Proposal
A formal recommendation for change as a result of a Value Management exercise. [D03629]
FGJN
 RMW
Value-Added
See Added Value [D02559]
FGJN
  
Values
Qualities in the culture of an organization that are considered to be important such as honesty, integrity, being ethical and forthright, etc. In the project context, values include supportive of team work, productivity, self-direction, and so on. [D03386]
J
 RMW
Behavior that supports the mission and strategy of the organization. [D06550]
JN
 asae
Variable
A factor that can assume different numerical values representing different conditions. [D05150]
JN
T
 Webster
In software programming
  1. A storage place within an object for a data feature. The data feature is an object, such as number or date, stored as an attribute of the containing object.
  2. A bean that receives an identity at run time. A variable by itself contains no data or program logic; it must be connected such that it receives run-time identity from a bean elsewhere in the application.
[D04896]
N
T
 RUP
Variable Cost
A cost that changes with the production quantity or the performance of services. This contrasts with fixed costs that do not change with production quantity or services performed. [D03706]
N
CHM
 DSMC
A cost that changes over time, such as an hourly rate, for resources that rises as the resource continues to work. [D02112]
N
CH
 MSP98
Index of all terms
Top of Page
Variables
A quantity that may assume any one of a set of values. [D03387]
N
CH
 Webster
Variance
In common usage, the difference between a pre-established measure and an actual or projected measure. [D03581]
GJN
CHM
 GAT
A discrepancy between the actual and planned performance on a project, either in terms of schedule or cost. [D02113]
JN
 WST
Any actual or potential deviation from an intended or budgeted figure or plan. A variance can be a difference between intended and actual time. Any difference between the projected duration for an activity and the actual duration of the activity. Also, the difference between projected start and finish dates and actual or revised start and finish dates. [D02114]
N
 PMK87
The difference between an actual or estimated cost and an authorized appropriation for the scope of work in a cost class. Variances can be negative (under-run) or positive (over-run). [D02115]
N
 CCCP
The difference between the baseline and scheduled task or resource information. Variances occur when you set a baseline plan and begin entering actual information into your schedule or cost spreadsheet.
[D02116]
N
 MSP98
Either:
  1. The value minus mean all squared for a point on a distribution curve, or
  2. The difference between an actual or forecast value and its corresponding reference or baseline value.
[D02231]
N
 RMW
Any deviation of project work from what was planned. Variance can be around costs, time, performance, or project scope. [D03733]
GJN
CHM
 PPS&C p341
Index of all terms
Top of Page
Variance Analysis
The analysis of the following: [D02117]
N
 PMK87
Variance at Completion ("VAC")
The budget at completion less the estimate at completion. A negative result indicates that the project is over budget. [D02118]
JN
 PNG
Variance Reports
Documentation of project performance about a planned or measured performance parameter. [D02119]
JN
 PMK87
Definitions for page V00: 50
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