In project management, terms may be used in different ways in different programs or different companies or project types. Looking at more exhaustive project management glossaries, one will find alternative definitions for most terms.
This list defines how certain terms are used in Plan.
- Actual Cost of Work Performed
The actual cost (or effort) that has been performed.
Tasks are allocated to Resources during the planning stage of the project. The actual assignment is done during scheduling. Note that assignment is not guaranteed as the resource may not be available.
Tasks are assigned to Resources during scheduling.
- Budgeted Cost of Work Scheduled
The cost (or effort) that should have been used in order to reach the stated progress.
- Budgeted Cost of Work Performed
The cost (or effort) that has been performed.
- Cost Breakdown structure
The estimate is the expected amount of effort or time needed to complete a task.
A milestone is a task with an effort of 0.00h. It is typically used to mark a major outcome, for example the completion of a deliverable upon customer acceptance.
- Program Evaluation and Review Technique
The Program Evaluation and Review Technique is an enhancement to the Critical Path Method. Task effort estimates in CPM are point estimates, while task effort estimates in PERT are computed by weighting the Optimistic, Most Likely, and Pessimistic estimates (O+(4*M)+P)/6.
- PERT Distribution
A simplified way to calculate Expected estimate from Optimistic-, Most Likely- and Pessimistic estimate.
- Resource Breakdown Structure
The RBS organizes resources into resource groups.
A resource can be of type Work, Material or Team. A resource must always belong to a Resource Group.
- Resource Group
A resource group is used to group similar resources.
- Resource Team
A resource team is a resource that consists of a number of other resources.
Is the Schedule Performance Index and is equal to BCWP/BCWS. When this index is below 1, means that you are behind schedule. If the index is greater than 1 means that you are ahead of the schedule.
- Summary Task
A Summary Task has subordinate Sub-Tasks, and rolls up information based on the Sub-Tasks.
A Task is a unit of work. Resources are generally allocated at the Task level.
vCard is a file format standard for electronic business cards.
- Work Breakdown Structure
The WBS is used to break down large projects into manageable chunks to ease planning and management.