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Variance Threshold - to - Volume

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Definition     Editor's Choice
Variance Threshold
The amount of a variance which will require a formal problem analysis report, as agreed to by the contractor and the customer. Variance parameters will differ depending on the function, level and stage of the project. [D02120]

A change in scope or timing of work which a supplier is obliged to do under a contract. [D04561]

Variation Order
Client-approved variation to a contract, bill of quantities, requirement specification or similar. [D02121]

The term used in the construction industry for an approved technical change to the project. [D02122]

See also Change Order. [D06333]

See Value Engineering

A supplier of material or services offered from a catalog or price list and purchased with a purchase order. [D04294]

Vendor Contact
Communication with the seller by the buyer. Under certain circumstances such contact may be considered unethical, such as when offers by competing vendors are being evaluated. [D03388]

Vendor Pricing
Submission of a price list for goods or services on offer by a seller to a buyer. [D03389]

Venn Diagram
A diagram in which closed circles represent separately identifiable sets and their logical commonality or distinction by the inclusion, exclusion, or intersection and overlap of the circles. [D03390]

An undertaking involving chance, risk, or danger, such as a speculative business enterprise. [D03391]

Venture Organization
The form of organization used in some large organizations where a three or four person team, itself functionally organized, is established within the larger organization to develop and commercialize a new product. [D02123]

 SPM p304-9
Verbal Bid
Undocumented quotation by telephone or other verbal means of communication. [D02124]

Something for which the truth, accuracy, or reality can be confirmed. [D03011]

As in Project Verification, proof of compliance with specification performance requirements. Verification may be determined by test, analysis, inspection, or demonstration, i.e. "Are we building the thing 'Right'?" (For contrast, see Validation) [D02126]

 VPM p55, 90
The confirmation of data, application of judgment and comparison with other sources and previous monitor results. [D02125]

Proof of compliance with specifications. [D05526]

Verification Plan
A part of the Implementation Plan that describes the approaches and methods of proving performance. Includes the approach to development, integration verification, and qualification testing, and system verification. May be part of the System Engineering Management Plan. [D04296]

Verification Procedures
Step by step instructions that implement the inspection, demonstration, testing, and analysis required by the Verification Plan. They include equipment to be used, calibration requirements, facility requirements, etc. [D04297]

To make sure something is done right whether or not it is the right thing to do. To contrast, see Validate. [D05851]

To prove to be true by demonstration, evidence, or testimony. [D05219]

A variant of some artifact; later versions of an artifact typically expand on earlier versions. [D04786]

Version Control
The application of numerical identifiers to identify each successive update. [D05528]

An identification or control system for documents, outputs and sub-outputs, enabling stakeholders to readily identify each different release. [D05527]

Vertical Organization
An organization that exhibits a number of levels in its hierarchy and/or produces products that naturally stem one from another. For example, a forestry industry company that includes in its commercial activities from logging, to pulp, to bulk paper, to consumer paper, to related decorative and paper based products. [D03392]

A mode or manner of looking at or regarding something. An opinion or judgment colored by the feeling or bias of its holder. To survey or examine mentally. [D03393]

A simplified description (an abstraction) of a model, which is seen from a given perspective or vantage point and omits entities that are not relevant to this perspective. See also architectural view. [D04897]

Virtual Collocation
An arrangement whereby project team members "meet" as often as necessary through teleconferencing. This arrangement has been made necessary for companies who operate globally, and has been made possible with modern communications technology. [D02330]

Virtual Team
A group of individuals who work across time, space and organizational boundaries with links strengthened by webs of communication technology. [D06551]

A group of people working to a common goal that are not co-located and may never have met each other face-to-face but still function as a unit. E-communication and the Internet have greatly facilitated the efficiency and success of the virtual team. [D05529]

A team that is composed of people who are distributed across buildings, states, and countries. [D05852]

In project management, the extent to which a team operates as a virtual team. 100% virtuality is when all team members operate from separate locations all the time. [D05853]

A high-level statement of ambition. [D06552]

See Project Vision. [D03395]

The user's or customer's view of the product to be developed, specified at the level of key stakeholder needs and features of the system. [D04787]

Either: See also Mission [D05141]

An idea or image in the mind but having no concrete or objective reality. [D05854]

Vision Statement
A statement that captures the long-term picture of what the organization wants to become. A vision statement must be inspirational, memorable and reflect the desires of those with vested interests. An example would be, "To be recognized for leadership, innovation and excellence in improving the health of individuals and populations." [D05750]

An outward-facing description of the new capabilities resulting from program delivery. [D05855]

 MSP-UK 2003
Articulating a leadership vision. [D05856]

See Value Management

A list or collection of words or of words and phrases usually alphabetically arranged and explained or defined. For example, this glossary of project management terms. [D03396]

  1. The space occupied by a three dimensional object, or
  2. The level of throughput.

Definitions for page V01: 43

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