A response to a project risk where the project manager accepts the risk and takes no action to evade it, i.e. ‘accepting’ the risk. This is usually in case of risks that are unlikely to occur or minor enough so as to not affect the project’s outcome.

A set of formal requirements that a project must pass before it can be accepted by the project sponsors.

A process through which a project’s end users run through the project to identify any potential issues before it can be formally accepted.

Work that has been done but hasn’t been paid for.

The process for acquiring the resources and people needed to complete a project.

An activity that must be completed for the project to move forward.

The current status of an Action Item.

A distinct, identifiable portion of work done during the course of a project. Each ‘activity’ is the smallest unit of work that can be performed within the scope of the project.

The total length of time it takes to complete an activity from start to finish.

An alphanumeric code used to identify an activity.

A list of all the activities that make up a project. Together, these activities make up the complete scope of the project.

A network diagram that shows all the activities in a project along with their dependencies. Activity Network is also called a Network Diagram.

The total cost of work performed during any given period of time.

The actual date on which any activity starts or ends. Actual dates are different from planned or estimated dates.

The actual time spent on an activity from start to finish. Actual Duration is a function of the activity’s Actual Start and Actual Finish dates.

The actual effort spent to complete the activity, as opposed to the planned or estimated effort.

The actual expenditure spent to complete the activity, as opposed to the planned or estimated expenditure.

The actual date on which an activity ends, as opposed to the planned or estimated finish date

The actual current progress of the project compared to the estimated project baselines. Actual Progress is expressed as a percentage and indicates whether the project is performing over/under original estimates.

The actual date on which an activity starts, as opposed to the planned or estimated start date

The actual time spent on an activity from the Actual Start to the present date.

An alternate approach to project management that focuses on estimating project work in stages based on changing business environment. APF is the opposite of the traditional top-down waterfall planning method and prioritizes flexibility and adaptability.

A list of the requirements necessary to formally close the project.

In the life cycle of a project, Adoption is the phase where the project’s deliverables are put to use and their benefits realized.

a factor or circumstance of benefit to its possessor

A technique for estimating resource and personnel requirements for the next 3 to 18 months based on demand forecasts.

A project management methodology that focuses on delivering work in an iterative fashion. All work is divided into short bursts called “sprints”. The agile approach is usually used in software projects where the scope is not always known and adaptability is prioritized

A project management approach that uses the Agile methodology with a focus on iteration, flexibility, and adaptability.

Another term for ‘Partnering’, Alliancing is where two or more organizations work together to manage a contract.

Another term for Resource Allocation. Allocation describes the process for assigning resources for different project activities in the most efficient way possible.