A Lean principle emphasizing that the development team should only undertake actions that provide value to the project customer right from the outset. It focuses on maximizing value and eliminating waste in the project. (Two words)
Only one vendor can provide what your project needs to procure. Examples include a specific consultant, specialized service, or unique type of material. (Two words)
The overall cost of rejecting one of these esoteric things in favor of another.
A formula for forecasting the likelihood of a project achieving its goals based on current project conditions. There are two versions of this formula depending on the desired outcome. To determine if the project can stay within the budget, use this formula: (BAC – EV) / (BAC – AC). To assess if the project can meet the newly estimated completion cost, use this version: (BAC – EV) / (EAC – AC). Four words, but only the abbreviation is used here.
An allocated reserve amount to accommodate cost overruns. These are used at the discretion of the project manager and require management approval to address overruns related to scheduled activities and risk events.
Costs directly attributed to project work and cannot be shared among multiple projects (e.g., airfare, hotel stays, long-distance phone charges).
When multiple vendors can provide what your project requires, but you prefer to work with a specific one. (Two words)
An Earned Value Management formula that forecasts the additional funding required to complete the project. Variations of this formula exist depending on project conditions. Three words, but only the abbreviation here.
The work scheduled and the budget authorized for that work. It represents the percentage of the Budget at Completion (BAC) that corresponds to the project's progress at a specific point in time. (Two words)
A preliminary estimate used during project initiation and top-down estimations. The estimate's range of variation can be from -25 percent to +75 percent. Only the abbreviation here.
One of the most accurate estimation types used late in the planning stages and associated with detailed estimation. Creating a precise estimate requires a Work Breakdown Structure (WBS), and the variance range can be from -5 percent to +10 percent. (Two words)
Funds that have already been invested in a project; the costs are described as this term, like a pirate ship.
Costs that fluctuate based on project conditions (e.g., the number of meeting participants, material supply and demand).
Costs are aligned with each WBS work package, and the costs of each work package are combined into their respective control accounts. Each control account is then summed to determine the total project costs.
The ultimate variation that becomes apparent only upon the project's completion. The formula is VAR = BAC – AC. (Two words)
An estimating approach using a parametric model to project costs (e.g., cost per hour, cost per unit) based on specific variables and conditions.
Evaluates the project based on its financial performance. The formula is Earned Value (EV) / Actual Cost (AC). Three words, but it’s abbreviated here.
An approach assuming that the cost per unit decreases as workers gain experience and become more efficient while performing required tasks. (Two words)
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