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Discover essential project management terminology in our glossary. Gain clarity on crucial concepts and boost your project management skills as you explore our detailed guide.CroatiaHome project management software

































: FAQs
Business analysis: definition and overview: Business analysis
is a professional discipline that involves understanding business needs and problems, eliciting and documenting requirements, and proposing solutions that drive: process improvement and deliver value. It acts as a bridge between stakeholders and technical teams, ensuring that strategic objectives are aligned with operational execution. Reputable bodies such as the International Institute of Business Analysis (IIBA)
define business analysis as the practice of enabling change in an organisational context by defining needs and recommending solutions that yield benefits for key stakeholders.: The objectives and value of business analysis
Identifying business needs and opportunities for improvement: Supporting stakeholders in achieving strategic goals
Facilitating: change management processesReducing project risk through clear requirements and solution assessment
Ensuring solutions are feasible, cost-effective, and aligned with business requirements: Business analysts enable informed decision-making, increase process efficiency, and help organisations remain competitive.
Key responsibilities of a business analyst: The
business analyst: plays a critical role throughout project lifecycles and change initiatives. Their main responsibilities include:
Requirements elicitation:: Facilitating workshops, interviews, and surveys to gather needs from stakeholdersRequirements documentation:



: Change management
:: Supporting the transition of solutions into the business and managing effects on people and processes
Main business analysis processes: Process
Description: Requirements elicitation
Gathering information from stakeholders using interviews, workshops, observation, and document analysis: Requirements documentation
Capturing business and technical requirements in written formats, such as: user stories
, use cases, or requirement specifications: Requirements validation
Ensuring requirements are accurate, feasible, and aligned with business goals: Stakeholder engagementAn introduction to PRINCE2 Agile – webinar with Andrew Kell
Building relationships with all parties affected by the change to ensure their needs are met: Process improvementSevcan Yasa
Analysing existing workflows and recommending enhancements for efficiency19 Feb 2026: Solution assessment
Evaluating potential solutions against requirementsJoin Andrew Kell in a webinar exploring the integration of PRINCE2 and Agile methodologies. Ideal for professionals looking to adapt their project management approach.: Change management
Supporting successful adoption of new processes or systems: Common business analysis techniques




: Understand what defines projects within organizations and why they are crucial for business success. Learn about future trends in project management by reading further.



BiddingData analysis:



















A guide to project manager salaries: free ebook
Simon Buehring: 19 Feb 2026
: Understand project manager salary scales with our free ebook. Discover what you could earn in various roles across the industry.













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Code of accounts Privacy: An alphanumeric system used to assign unique identifiers to all work breakdown structure components.{"@context":"http://schema.org","@type":"WebPage","headline":"What is Business Analysis? Key Techniques & Analyst Role","url":"https://www.knowledgetrain.co.uk/business-analysis","significantLink":"https://en.wikipedia.org/wiki/Business_analysis","about":[{"@type":"Thing","name":"business analysis","sameAs":["http://en.wikipedia.org/wiki/Business_analysis","https://www.google.com/search?&kgmid=/m/07764x","https://www.wikidata.org/wiki/Q1518232"]}],"mentions":[{"@type":"Thing","name":"Business analysis","sameAs":["https://en.wikipedia.org/wiki/Business_analysis","https://www.google.com/search?&kgmid=/m/07764x"]},{"@type":"Thing","name":"Use case","sameAs":["https://en.wikipedia.org/wiki/Use_case","https://www.google.com/search?&kgmid=/m/01rs9z"]},{"@type":"Thing","name":"Project management","sameAs":["https://en.wikipedia.org/wiki/Project_management","https://www.google.com/search?&kgmid=/m/05_p2"]},{"@type":"Thing","name":"Agile software development","sameAs":["https://en.wikipedia.org/wiki/Agile_software_development","https://www.google.com/search?&kgmid=/m/02zhbn"]},{"@type":"Thing","name":"Business process modeling","sameAs":["https://en.wikipedia.org/wiki/Business_process_modeling","https://www.google.com/search?&kgmid=/m/04bxyt"]},{"@type":"Thing","name":"British Computer Society","sameAs":["https://en.wikipedia.org/wiki/British_Computer_Society","https://www.google.com/search?&kgmid=/m/02p7dl"]},{"@type":"Thing","name":"Feasibility study","sameAs":["https://en.wikipedia.org/wiki/Feasibility_study","https://www.google.com/search?&kgmid=/m/05gcp6"]},{"@type":"Thing","name":"Business analyst","sameAs":["https://en.wikipedia.org/wiki/Business_analyst","https://www.google.com/search?&kgmid=/m/05czsl"]},{"@type":"Thing","name":"Critical thinking","sameAs":["https://en.wikipedia.org/wiki/Critical_thinking","https://www.google.com/search?&kgmid=/m/01pfjq"]},{"@type":"Thing","name":"SWOT analysis","sameAs":["https://en.wikipedia.org/wiki/SWOT_analysis","https://www.google.com/search?&kgmid=/m/01q_dt"]},{"@type":"Thing","name":"Problem solving","sameAs":["https://en.wikipedia.org/wiki/Problem_solving","https://www.google.com/search?&kgmid=/m/053w_z"]},{"@type":"Thing","name":"User story","sameAs":["https://en.wikipedia.org/wiki/User_story","https://www.google.com/search?&kgmid=/m/07vtf7"]},{"@type":"Thing","name":"Business process","sameAs":["https://en.wikipedia.org/wiki/Business_process","https://www.google.com/search?&kgmid=/m/01ybqv"]},{"@type":"Thing","name":"Waterfall model","sameAs":["https://en.wikipedia.org/wiki/Waterfall_model","https://www.google.com/search?&kgmid=/m/0867l"]},{"@type":"Thing","name":"Change management","sameAs":["https://en.wikipedia.org/wiki/Change_management","https://www.google.com/search?&kgmid=/m/05qb9n6"]},{"@type":"Thing","name":"Strategic management","sameAs":["https://en.wikipedia.org/wiki/Strategic_management","https://www.google.com/search?&kgmid=/m/01jqpl"]},{"@type":"Thing","name":"Professional certification","sameAs":["https://en.wikipedia.org/wiki/Professional_certification","https://www.google.com/search?&kgmid=/m/01vt2"]},{"@type":"Thing","name":"Management","sameAs":["https://en.wikipedia.org/wiki/Management","https://www.google.com/search?&kgmid=/m/04_tv"]},{"@type":"Thing","name":"Quality assurance","sameAs":["https://en.wikipedia.org/wiki/Quality_assurance","https://www.google.com/search?&kgmid=/m/01sf4b"]},{"@type":"Thing","name":"Goal","sameAs":["https://en.wikipedia.org/wiki/Goal","https://www.google.com/search?&kgmid=/m/03g_1kv"]},{"@type":"Thing","name":"Risk","sameAs":["https://en.wikipedia.org/wiki/Risk","https://www.google.com/search?&kgmid=/m/06d5f"]},{"@type":"Thing","name":"Collaboration","sameAs":["https://en.wikipedia.org/wiki/Collaboration","https://www.google.com/search?&kgmid=/m/01s560"]},{"@type":"Thing","name":"Communication","sameAs":["https://en.wikipedia.org/wiki/Communication","https://www.google.com/search?&kgmid=/m/01lhf"]},{"@type":"Thing","name":"Systems analysis","sameAs":["https://en.wikipedia.org/wiki/Systems_analysis","https://www.google.com/search?&kgmid=/m/0c7z0"]},{"@type":"Thing","name":"Strategic planning","sameAs":["https://en.wikipedia.org/wiki/Strategic_planning","https://www.google.com/search?&kgmid=/m/01h2x3"]},{"@type":"Thing","name":"Gap analysis","sameAs":["https://en.wikipedia.org/wiki/Gap_analysis","https://www.google.com/search?&kgmid=/m/085szz"]}]} Terms
Collaborative negotiation Customer Support: Negotiations where all parties obtain at least some of what they want.Related articlesHow BCS Business Analysis qualifications can help your career
Communications log [email protected]: A document used to track all project-related communications. Simon BuehringJoin Our Team
Communications management plan 19 Feb 2026: A plan stating who will send and receive project information, what details are communicated, and when. [email protected]
Communities of practice Learn how BCS Business Analysis qualifications can enhance your career. Align your skills with industry benchmarks by scrolling down. Copyright © 2005-2026 Knowledge Train Limited.: Groups of people who share an area of interest within Registered in UK: 5566983. project management Registered VAT: GB872413526. and meet regularly to share knowledge. Knowledge Train
Competence ®: The ability and knowledge required to perform tasks associated with a specific role. is a registered trademark of Knowledge Train Limited.
Competence framework 20 Old Bailey, London, EC4M 7AN, England, United Kingdom.: The set of competence expectations used to assess a person’s suitability for a specific role. Knowledge Train are experts in project management, PRINCE2, agile and change management training and certification. Choose from a full range of instructor-led and self-paced
Concept You want to become a business analyst?project management courses: The beginning phase of the Which certification is best for business analysis? , a project life cycle Simon BuehringPRINCE2 course where the team presents opportunities or problems and examines project feasibility.Simon Buehring19 Feb 2026, or an
Conceptual project planning23 Feb 2026 agile project management course: Developing documentation from which a project’s organization and control system will originate.Discover different motivations for pursuing a career as a business analyst. Learn what drives BA professionals by reading more. to boost your career.
Concurrent engineering PRINCE2Explore the best certifications for business analysis and how they can elevate your career prospects. Scroll down to find the right qualification for you.: A product development approach where design and development are carried out simultaneously. ®
Configuration , MSP: Shaping a product’s functions and characteristics to make it suitable for customer use. ®
Configuration management , ITIL: Ensuring that the product of a project meets all necessary specifications and stipulations. ®
Consensus , P3O: A decision agreed upon by all members of a group.How to become a business analyst with no experience?®
Constraint , PRINCE2Exploring the impact of the McKinsey 7S model on organisational performance: A limitation on a project, such as financial, time, or resource availability constraints.Simon Buehring®
Constructability19 Feb 2026 Agile, RESILIASimon Buehring: A concept used in complex projects to assess the entire construction process before beginning construction. ®3 Mar 2026
ConstructionExplore how to start a career in business analysis with no prior experience. Read on for pathways to enter the field., and the Swirl logo are registered trademarks of the PeopleCert group. Used under licence from PeopleCert. All rights reserved. AgilePM: The process of building infrastructure, typically supervised by engineers and architects and managed by a ®Discover how the McKinsey 7S Model can enhance your organisation's performance. Scroll down to understand this comprehensive framework and its application in your business.project manager and AgileBA . ®
Consumable resource are registered trademarks of Agile Business Consortium Limited. All rights reserved. The APMG International AgilePM and Swirl Device logo, APMG International AgileBA and Swirl Device Logo, APMG International Change Management and APMG International Better Business Cases and Swirl Device logo are trademarks of The APM Group Limited, used under permission of The APM Group Limited. All rights reserved. Better Business Cases™ is a trademark of Her Majesty’s Treasury. All rights reserved. DevOps Foundation: A non-renewable resource that cannot be used once consumed. ®
Contingency plan is a registered mark of the DevOps Institute. “PMI”, “PMBOK: An alternative course of action planned in anticipation of specific risks. ®
Contingency reserveDiscovering new horizons with most analysis in business Guide”, “PMP” and “CAPM” are registered marks of Project Management Institute, Inc. Knowledge Train Scrum Essentials™, Business Learning Library (BLL)™, Business Analysis Learning Library (BALL)™, Agile Learning Library (ALL)™, IT Learning Library (ITLL)™, and Compliance Learning Library (CLL)™ are trademarks of Knowledge Train Limited. All rights reserved.: An allocation of time or money set aside for known possibilities that could delay a project or make it more expensive. Knowledge Train Ltd is an Introducer Appointed Representative of NewDay Cards Ltd for the Newpay finance product provided by NewDay Ltd. NewDay Cards Ltd acts as a credit broker, not a lender. We will introduce you exclusively to Newpay finance products provided by NewDay Limited under this Introducer Appointed Representative arrangement. Finance available from other lenders is not covered by this arrangement. NewDay Ltd and Newday Cards Ltd are authorised and regulated by the Financial Conduct Authority (ref nos 690292 and 682417 respectively).You want to become a business analyst?
Contract administrationSimon Buehring: The process of managing a relationship with a contracting party.19 Feb 2026 Simon Buehring
Contract closeout 19 Feb 2026: The process of determining whether contract terms were completed successfully and settling any remaining terms.Explore how MOST analysis can enhance your business strategy and unlock new opportunities. Continue reading to learn practical steps and see real-world applications.
Control account Discover different motivations for pursuing a career as a business analyst. Learn what drives BA professionals by reading more.: A work breakdown structure tool that allows aggregation of costs for work packages as part of earned value management calculations. Search
Control chart: A chart that compares process results with historical averages and control limits to show whether a process meets expectations.
Core process: A process that follows an established order and is central to the performance of the system or project of which it is part.
Corrective action: A step taken to bring work back into alignment with performance expectations after it has failed to meet them.Uncovering the benefits of PESTLE analysis for informed decision-making
Cost baseline Unlocking organisational potential with the POPIT model: The sum of work package estimates, contingency reserve, and other associated costs by which project performance is assessed.Simon Buehring
Cost benefit analysis19 Feb 2026Simon Buehring: An analysis used to weigh project costs against anticipated tangible benefits. 19 Feb 2026Request a quote
Cost engineeringDiscover the impact of PESTLE analysis on strategic planning. Scroll down to see how this tool can guide your business decisions and enhance your competitive edge.: The application of scientific and engineering principles to aspects of cost management. Discover how the POPIT model can enhance organisational efficiency and effectiveness. Read on to find practical insights and strategies for successful implementation.
Cost management plan: A plan detailing how project costs will be planned, funded, and controlled.
Cost of quality: The cost associated with ensuring project quality.
Cost overrun: When unexpected costs cause a project’s actual cost to exceed the budget. Manage Consent
Cost performance indexBusiness analyst certification: What it is and how to get certified: A measure of cost efficiency calculated as the ratio of earned value to actual cost. Unlock your creative and organisational potential with mind mapsTo provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Cost Plus Fixed Fee Contract (CPFC)Simon Buehring: A contract where the seller is reimbursed for costs and paid a predetermined fixed fee.30 Apr 2026Simon Buehring
Cost Plus Incentive Fee Contract (CPIF) 19 Feb 2026: A contract where the seller is reimbursed for costs and paid an additional fee if they meet specified performance criteria.Discover the essentials of business analyst certification, from leading qualification types to preparation, costs, and career benefits. Start your path to professional recognition and new business analysis opportunities.
Cost Plus Percentage Of Cost Contract (CPPC) Explore the potential of mind maps to enhance your creativity and organisational skills. Scroll down to learn practical tips and techniques that you can start using today.Functional: A contract where the seller is reimbursed for costs and paid an additional amount equal to a percentage of costs incurred.
Cost reimbursable contract: A contract where a seller is reimbursed for costs and paid an additional sum as profit.
Cost variance: The difference between earned value and actual cost. Functional
Cost/schedule impact analysis: An analysis determining the effects of a change on a project’s cost or schedule.Ultimate guide to business analysis careers Always active
Crashing What is a business analyst?: A schedule compression technique used to speed up project work by increasing resources on critical path activities.Simon Buehring
Critical Chain Project Management (CCPM)19 Feb 2026 Simon Buehring: An approach emphasizing resources needed to complete project activities over activity order and durations set in a schedule. 19 Feb 2026
Critical Incident Stress Debriefing (CISD)Explore the various career paths in business analysis, from entry-level to senior roles. Understand salary prospects and job roles by reading further.: A psycho-educational exercise for small groups who have experienced a traumatic event. Discover what a business analyst does and how they are pivotal in achieving company goals. Learn more about the role's importance here.
Critical path The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.: The sequence of activities through a project network from start to finish, the sum of whose durations determines the overall project duration.
Critical path activity: A scheduled activity that is part of a project’s critical path.
Critical path method: A technique used to estimate the shortest project duration and determine float for non-critical path activities. Preferences
Critical success factorUnlocking potential with SMART goals in goal setting: An aspect of a project crucial to its success. ISEB Business Analysis
Criticality indexSimon Buehring: A percentage representing how frequently an activity is on the critical path in project simulations.19 Feb 2026PreferencesSimon Buehring
Current finish date 19 Feb 2026: The most up-to-date estimate of when an activity will finish.Explore the power of SMART goals to boost productivity and success. This comprehensive guide offers practical advice and tips. Scroll down to start transforming your goal-setting process today.
Current start date Learn about the ISEB Business Analysis, a suite of professional qualifications that enhance BA skills. Scroll down for more information.: The most up-to-date estimate of when an activity will start.
Cut-off date: The end date of a reporting period.

D

Data date The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.: A point at which a project’s status is measured and documented.





: The phase of a portfolio life cycle where projects, programmes, and changes required to meet strategic objectives are identified and evaluated.Unlock your creative and organisational potential with mind maps
Defined Unlocking potential with SMART goals in goal setting: The third level of a typical maturity model where processes are documented and standardised.Simon BuehringThe technical storage or access that is used exclusively for statistical purposes.
Definition19 Feb 2026 Simon Buehring: The second phase of a project life cycle where requirements are refined and ways of achieving them are identified. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.19 Feb 2026
DeliverableExplore the potential of mind maps to enhance your creativity and organisational skills. Scroll down to learn practical tips and techniques that you can start using today.: A final product or product component that must be provided to a client or stakeholder according to contractual stipulations. Explore the power of SMART goals to boost productivity and success. This comprehensive guide offers practical advice and tips. Scroll down to start transforming your goal-setting process today.
Delphi technique: An estimation method based on expert consensus through rounds of individual estimates and group reviews.
Dependency: A logical relationship between project activities in a network diagram that determines when a dependent activity may begin. Marketing
Design (stage): A stage within the implementation phase where the design of project deliverables is finalised.
Design authority: The person or organisation with overall design responsibility for project products. MarketingDiscovering new horizons with most analysis in business
Detailed design: The in-depth design of the chosen solution, ready for full implementation. Simon Buehring
Deterministic estimate 19 Feb 2026: A predetermined estimate with no possibility of an alternative outcome.
Development Explore how MOST analysis can enhance your business strategy and unlock new opportunities. Continue reading to learn practical steps and see real-world applications.: The working up of a preferred solution to an optimised solution during project phases.
Deviations: Departure from the established plan or requirements. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Direct labour: Labour specifically identified with a particular activity, incurred for the exclusive benefit of the project. Manage options
Disbenefit Manage services: A consequence of change perceived as negative by one or more stakeholders. Manage {vendor_count} vendors
Do nothing option Read more about these purposes: The result or consequence of not proceeding with the project or programme.
Drawdown Accept: The removal of funds from an agreed source resulting in a reduction of available funds.
Dummy activity Deny: In activity-on-arrow diagrams, a logical link that may require time but no other resource.
DurationGive us a callView preferences: The length of time needed to complete the project or an activity.
Duration compression Save preferences: The shortening of a +44 (0)207 148 5985 project schedule View preferences without reducing scope, often resulting in increased cost.Or chat with us using the link at the bottom of the screen.{title}
Dynamic Systems Development Method (DSDM)Contact us with questions about the courses on this page, or about which project management certification or training is best for you.{title}: An agile development method for developing business solutions within tight timeframes.Finance FAQs{title}

EContactManage Consent

Earliest finish dateCookies: The earliest possible date by which an activity can finish within logical and imposed constraints.PrivacyTo provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Earliest start dateTerms: The earliest possible date when an activity can start within logical and imposed constraints.Customer Support
Earned hours: The time credited as a result of completing a given activity or group of activities.[email protected] Give us a call
Earned valueJoin Our TeamFunctional: A measure of progress expressing costs committed and work achieved in the same units.
Earned value analysis[email protected] +44 (0)207 148 5985: An analysis of project progress comparing actual money and hours spent to the value of work achieved. Copyright © 2005-2026 Knowledge Train Limited.
Earned value management Registered in UK: 5566983. Or chat with us using the link at the bottom of the screen.: A project control process based on a structured approach to planning, cost collection, and performance measurement. Registered VAT: GB872413526.FunctionalContact us with questions about the courses on this page, or about which project management certification or training is best for you.
Effort Knowledge Train Finance FAQs: The number of labour units necessary to complete work, usually expressed in labour hours, days, or weeks.® Always active Contact
Effort-driven activity is a registered trademark of Knowledge Train Limited. Cookies: An activity whose duration is governed by resource usage and availability. 20 Old Bailey, London, EC4M 7AN, England, United Kingdom. Privacy
Effort estimate Knowledge Train are experts in project management, PRINCE2, agile and change management training and certification. Choose from a full range of instructor-led and self-paced Terms: A calculated approximation of the effort needed to complete an activity.project management courses Customer Support
Effort management, a: The most efficient allocation of time and resources to project activities.PRINCE2 course [email protected]
EFQM Excellence Model, or an The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.Join Our Team: A model for diagnosing organisational excellence.agile project management course
Elapsed time to boost your career. [email protected]: The total number of calendar days needed to complete an activity.PRINCE2 Copyright © 2005-2026 Knowledge Train Limited.
Emergent change® Registered in UK: 5566983.: Unplanned change managed by an organisation through incremental, iterative, or evolutionary approaches., MSPPreferences Registered VAT: GB872413526.
End activity® Knowledge Train: An activity with no logical successors., ITIL ®
End user® is a registered trademark of Knowledge Train Limited.: The person or organisation that will use the facility produced by the project., P3OPreferences 20 Old Bailey, London, EC4M 7AN, England, United Kingdom.
Enhance® Knowledge Train are experts in project management, PRINCE2, agile and change management training and certification. Choose from a full range of instructor-led and self-paced: A response to an opportunity that increases its probability, impact, or both., PRINCE2 project management courses
Enterprise project management office® , a: An organisation responsible for the governance infrastructure of project, programme, and Agile, RESILIA PRINCE2 courseportfolio management® , or an ., and the Swirl logo are registered trademarks of the PeopleCert group. Used under licence from PeopleCert. All rights reserved. AgilePM agile project management course
Environment® to boost your career.: The societal and/or organisational setting of a project, programme, or portfolio. and AgileBAThe technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.PRINCE2
Escalate® ®: The process by which issues are drawn to the attention of a higher level of management. are registered trademarks of Agile Business Consortium Limited. All rights reserved. The APMG International AgilePM and Swirl Device logo, APMG International AgileBA and Swirl Device Logo, APMG International Change Management and APMG International Better Business Cases and Swirl Device logo are trademarks of The APM Group Limited, used under permission of The APM Group Limited. All rights reserved. Better Business Cases™ is a trademark of Her Majesty’s Treasury. All rights reserved. DevOps Foundation , MSP
Estimate® ®: A forecast of the probable time or cost of completing work. is a registered mark of the DevOps Institute. “PMI”, “PMBOK , ITIL
Estimate At Completion (EAC)®Statistics®: A value expressed in money and/or hours representing the projected final costs of work when completed. Guide”, “PMP” and “CAPM” are registered marks of Project Management Institute, Inc. Knowledge Train Scrum Essentials™, Business Learning Library (BLL)™, Business Analysis Learning Library (BALL)™, Agile Learning Library (ALL)™, IT Learning Library (ITLL)™, and Compliance Learning Library (CLL)™ are trademarks of Knowledge Train Limited. All rights reserved. , P3O
Estimated Cost to Complete (ECC)Knowledge Train Ltd is an Introducer Appointed Representative of NewDay Cards Ltd for the Newpay finance product provided by NewDay Ltd. NewDay Cards Ltd acts as a credit broker, not a lender. We will introduce you exclusively to Newpay finance products provided by NewDay Limited under this Introducer Appointed Representative arrangement. Finance available from other lenders is not covered by this arrangement. NewDay Ltd and Newday Cards Ltd are authorised and regulated by the Financial Conduct Authority (ref nos 690292 and 682417 respectively). ®: The value expressed in money or hours representing the cost of work required to complete an activity. , PRINCE2
Estimating Statistics®: The use of tools and techniques to produce forecasts of the probable time or cost of completing work. Agile, RESILIA
Estimating funnel ®: A representation of increasing levels of estimating accuracy achieved through project phases. , and the Swirl logo are registered trademarks of the PeopleCert group. Used under licence from PeopleCert. All rights reserved. AgilePM
Ethical procurementSearch®: Procurement in accordance with established ethics or moral values. and AgileBA
Ethics frameworks ®: Recognised standards of conduct and behaviour within the project, programme, and portfolio profession. are registered trademarks of Agile Business Consortium Limited. All rights reserved. The APMG International AgilePM and Swirl Device logo, APMG International AgileBA and Swirl Device Logo, APMG International Change Management and APMG International Better Business Cases and Swirl Device logo are trademarks of The APM Group Limited, used under permission of The APM Group Limited. All rights reserved. Better Business Cases™ is a trademark of Her Majesty’s Treasury. All rights reserved. DevOps Foundation
Event-driven ®The technical storage or access that is used exclusively for statistical purposes.: Describing an action prompted by the occurrence of an event. is a registered mark of the DevOps Institute. “PMI”, “PMBOK
Event chain diagram ®The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.: A visual representation of a schedule network based on event chain methodology. Guide”, “PMP” and “CAPM” are registered marks of Project Management Institute, Inc. Knowledge Train Scrum Essentials™, Business Learning Library (BLL)™, Business Analysis Learning Library (BALL)™, Agile Learning Library (ALL)™, IT Learning Library (ITLL)™, and Compliance Learning Library (CLL)™ are trademarks of Knowledge Train Limited. All rights reserved.
Event chain methodology Knowledge Train Ltd is an Introducer Appointed Representative of NewDay Cards Ltd for the Newpay finance product provided by NewDay Ltd. NewDay Cards Ltd acts as a credit broker, not a lender. We will introduce you exclusively to Newpay finance products provided by NewDay Limited under this Introducer Appointed Representative arrangement. Finance available from other lenders is not covered by this arrangement. NewDay Ltd and Newday Cards Ltd are authorised and regulated by the Financial Conduct Authority (ref nos 690292 and 682417 respectively).: A schedule network analysis method that enables uncertainty modelling.
Exception managementRequest a quote: An approach focusing on instances where planned and actual results are significantly different.
Exceptions Marketing: Occurrences causing deviation from a plan, such as issues, change requests, and risks.
Expected monetary value Search: The product of an event’s probability of occurrence and the financial gain or loss that will result.
Expediting Marketing: The facilitation and acceleration of progress by removing obstacles.
Expended hoursManage Consent: The hours spent to achieve an activity or group of activities.
ExpenditureTo provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.: A charge against available funds, evidenced by a voucher, claim, or another document.
Exploit: A response to an opportunity that maximises both its probability and impact.
Extended life cycle Request a quoteThe technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.: A life cycle approach adding an adoption phase to facilitate cooperation between change and business-as-usual teams.Functional
External constraint Manage options: A constraint from outside the project. Manage services
External environment Manage {vendor_count} vendors: The environment external to the organisation carrying out the project. Read more about these purposes
External suppliersFunctional: Suppliers external to the organisation carrying out the project. Accept

F Always active Manage Consent
Facilitation Deny: An approach to working with groups collaboratively to create energy and solve problems. To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Facility View preferences: The final result, outcome, or deliverable of the project.
Factors Save preferences: Situations that affect or influence outcomes.
Fast trackingThe technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.FunctionalView preferences: A schedule compression technique where critical path activities are performed concurrently instead of consecutively. {title}
Feasibility study {title}: An evaluation of how likely a project is to be completed effectively. {title}
Final account Manage consent: The account that finally closes a purchase order or contract.PreferencesFunctionalManage consent
Financial management: The process of estimating and justifying costs to secure funds, control expenditure, and evaluate outcomes. Always active
Financing and funding: The means by which capital for a project is secured and made available.Preferences
Finish-to-finish: A dependency indicating that one activity cannot finish until another activity has finished.
Finish-to-finish lag: The minimum time that must pass between the finish of one activity and the finish of its successor(s).
Finish-to-start The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.: A dependency indicating that one activity cannot start until another activity has finished.
Finish-to-start lag: The minimum time that must pass between the finish of one activity and the start of its successor(s).The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Fitness for purpose: The degree to which Preferencesproject management processes and deliverables satisfy stakeholder needs.
Fixed dateStatistics: A calendar date associated with a schedule that cannot be moved or changed. Preferences
Fixed or non-recurring cost: A cost not influenced by volume of business or quantity.
Fixed price contractStatistics: A contract based on firm legal commitments to complete required work.
Float: The flexibility with which an activity may be rescheduled.
Flow diagram: A graphic representation of workflow and logical sequence of work elements. The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Force-field analysis: A technique to identify pressures promoting or resisting change.
ForecastThe technical storage or access that is used exclusively for statistical purposes.: A prediction of a defined future state, typically related to project duration and cost.
Forecast costsThe technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.Statistics: A projection of future costs that the project will incur.
Forecast final cost: A projection of total costs at project completion.
Forecast outturn cost Statistics: The cost of actual expenditure, accruals, and estimated costs to complete the work.
Form of contractMarketing: The type of contract to be used, often a standard form relevant to the business or industry sector.
Forward pass: A technique to calculate earliest start and finish dates for activities.
Free floatMarketing: Spare time at the end of an activity that can be used without delaying its successor.
Function The technical storage or access that is used exclusively for statistical purposes.: A specialist department providing dedicated services.
Functional analysis The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.: Identification and analysis of functional attributes of different solutions.
Functional Analysis and System Technique (FAST): An evolution of the value analysis process linking simply expressed functions to describe complex systems.
Functional departmentsThe technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.: Specialist departments providing dedicated services.
Functional managerManage optionsMarketing: The person responsible for business and technical management of a functional group.Manage services
Functional organisationManage {vendor_count} vendors: A management structure where specific functions are grouped into specialist departments.Read more about these purposes
Functional requirements Marketing: The working characteristics of a product based on end-user needs.Accept
Functional specification: A document specifying required functions of a system and applicable constraints.Deny
Funding: The means by which money for a project is secured and made available.View preferences
Funding profile: An estimate of funding requirements over time.Save preferences
G The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Gantt chartView preferences: A graphical representation of project activities against time.{title}Manage options
Gate{title}Manage services: A point between phases where a go/no go decision is made about remaining work.{title}Manage {vendor_count} vendors
Gate reviewManage ConsentRead more about these purposes: A formal point where a project’s worth, progress, cost, and execution plan are reviewed.
Go/No goTo provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.Accept: A form of control where a decision is made whether to continue work.
Goal Deny: A one-sentence definition of what will be accomplished, incorporating an event signifying completion.
Governance View preferences: The framework of authority and accountability that defines and controls project outputs, outcomes, and benefits.Functional
Governance board Save preferences: A body providing sponsorship to a project, representing financial, provider, and user interests.
Guarantees View preferences: Legally enforceable assurance of performance of a contract. {title}
HFunctional{title}
Hammock {title}: A summary task linked to a group of activities, with duration determined by the total elapsed duration of linked activities. Always active Manage Consent
Handover: The point where deliverables are commissioned and given to the permanent organisation. To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Health and safety management: The process of identifying and minimising threats to workers throughout the project life cycle .
Health and safety planThe technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.Functional: A plan identifying health and safety strategies and procedures for a project.
Health and safety risk assessment: A legislative requirement for all employers and self-employed individuals.
Health, safety and environmental management: The process of applying standards to minimise accidents, injuries, or environmental damage.PreferencesFunctional
Hierarchical coding structure: A multi-level tree structure coding system where every code except those at the top has a parent code. Always active
High-level requirements: A high-level statement of project needs.Preferences
Host organisation: The organisation providing strategic direction and primary investment for a project.
Hybrid life cycle: An approach combining linear and iterative life cycles for different phases or activities.
Hypercritical activities The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.: Activities on the critical path with negative float.
I
Idea developmentThe technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.: Developing evaluated opportunities to understand benefits and costs.
Idea evaluation Preferences: Ranking identified opportunities according to their appropriateness.
Impact: The assessment of a risk’s effect on an objective if it occurs.Statistics
Impact analysis Preferences: An assessment of the merits of a course of action or potential impact of a requested change.
Implementation: The third phase of the project life cycle where the project management plan is executed, monitored, and controlled.Statistics
Imposed finish: A finish date imposed on an activity by external circumstances or constraints.
Imposed start: A start date imposed on an activity by external circumstances or constraints.
In progress activity The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.: An activity that has been started but not yet completed.
Influence diagram: A pictorial representation of how variables affect one another.The technical storage or access that is used exclusively for statistical purposes.
Influencing: The act of affecting the behaviours and actions of others.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.Statistics
Information management: The collection, storage, curation, dissemination, archiving, and destruction of information.
Infrastructure: Support for Statisticsprojects , Marketing programmes , and portfolios , focal point for their development and maintenance.Marketing
Initial: The first level of a typical maturity model where processes are typically ad hoc and occasionally chaotic. The technical storage or access that is used exclusively for statistical purposes.
Initiation: The process of committing to begin a project, establishing clear reference terms and management structure. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Integrated assurance: The coordination of assurance activities where there are multiple assurance providers.
Integrated baseline review: A review held following the establishment of the initial baseline. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Integrated planning: The application of management processes bringing together planning of benefits, success criteria, scope, quality, time, resources, cost, risk, communications, etc.MarketingManage options
Integration Manage services: The process of bringing people, activities, and other things together to perform effectively. Manage {vendor_count} vendors
Integrative management Read more about these purposes: Management processes that bring together planning of various project aspects.Marketing
Interdependencies Accept: The management of dependencies between projects Deny and business-as-usual activities.
Interface management View preferences: The management of relationships between different departments or organisations on a project.
Interface management plan Save preferences: A plan identifying and showing how to manage internal and external project interfaces.The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Internal environment View preferences: The environment internal to the organisation carrying out the project.Manage options{title}
Internal Rate of Return (IRR)Manage services{title}: The discount rate that makes the net present value of all cash flows equal to zero.Manage {vendor_count} vendors{title}
InterrelationshipRead more about these purposesManage consent: The relationship between activities managed by a team or individual. Manage consent
InvestmentAccept: The outlay of money or time for income, profit, or other benefit.
Investment appraisalDeny: Analysis considering investment profitability over an asset’s life alongside affordability and strategic fit.
Investment decisionView preferences: The decision justifying investment in a project, based on robust investment appraisal.
Invitation To Tender (ITT)Save preferences: An invitation to a supplier to bid for the supply of goods or services.
Island of stabilityView preferences: A review point at the end of a programme tranche when progress is reviewed and the next tranche planned.{title}
Issue{title}: A problem breaching or about to breach delegated tolerances, requiring sponsor support to resolve.{title}
Issue logManage consent: A log of all issues raised during a project, showing details, evaluation, decisions, and current status.Manage consent
Issue management: The process of identifying and addressing issues to remove threats they pose.
Issue register: A log of all issues raised during a project.
J
Joint Venture (JV): A joint ownership of a firm by two or more parties engaged in a particular venture.
Just In Time (JIT): A philosophy where goods, services, or actions are provided on demand without waiting or storage.

K
Key events: Major events critical to project execution.
Key events schedule: A schedule of major events critical to project execution.
Key milestone: A milestone critical to project success.
Key Performance Indicators (KPI): Measures of success used throughout the project to ensure progress towards success.
Knowledge management: The discipline concerned with how organisations create and use knowledge to improve outcomes.
L
Lag: The minimum necessary lapse of time between the finish of one activity and the start of another.
Latest finish date: The latest possible date by which an activity must finish without affecting total project duration.
Latest start date: The latest possible date by which an activity must start without affecting total project duration.
Lead: A negative lag, by definition an illogical condition.
Leadership: The ability to establish vision and direction, influence and align others towards a common purpose, and empower and inspire people.
Lean: An approach concerned with identifying principles by which environments can become more responsive, flexible, productive, reliable, and cost-effective.
Lessons learned: Documented experiences used to improve future management of projects, programmes, and portfolios.
Letter of intent: A letter indicating intent to sign a contract, usually to allow work to commence prior to signing.
Level one plan: The master plan for the project, with level two and three plans providing successively more detail.
Levelling: The process of resolving resource conflicts by delaying tasks.
Life cycle: A framework comprising distinct high-level stages required to transform an idea into reality.
Life cycle cost: The cumulative cost of a project over its whole life cycle.
Line-of-balance: A scheduling technique for repetitive products showing how resource teams move from product to product.
Linear life cycle: A life cycle aiming to complete a project within a single pass through distinct, sequential phases.
Liquidated damages: The liability in a contract to pay a specified sum for a breach of contract.
Logic: The sequence and interdependencies of activities in a project schedule.
Logic diagram: A graphical representation of the sequential relationship between project activities.
Logical dependency: A dependency based on the relationship between two activities or between an activity and a milestone.
M
Make or buy decision: The decision to make a deliverable internally or buy a finished deliverable from a supplier.
Managed: The fourth level of a typical capability maturity model where metrics are gathered on process performance.
Management by exception: Management focused on problem or critical areas only.
Management development: All aspects of staff planning, recruitment, development, training, and assessment.
Management plan: A plan setting out how an aspect of a project, programme, or portfolio will be delivered.
Management reserve: A sum of money to cover the cost impact of unidentified risks and some very low-probability, high-impact risks.
Marketing: Anticipating user demands and identifying and satisfying their needs.
Master schedule: A high-level summary project schedule identifying major activities and milestones.
Material: Property incorporated into, attached to, or consumed in the performance of a contract.
Material take-off: A list of materials required to build an item, derived from a drawing.
Matrix organisation: An organisational structure where project managers and functional managers share responsibility for assigning priorities and directing work.
Maturity: The sophistication and experience of an organisation in managing projects.
Maturity model: An approach to understand current capabilities and identify a structured path to increase success predictability.
Mechanical completion: The point at which a facility is fully installed and components have been inspected and tested.
Mediation: An attempt to settle a legal dispute through active participation of a third party.
Method: A consistent framework within which project management is performed.
Method statement: A plan detailing how a piece of work is to be carried out.
Methods and procedures: Standard practices used for managing projects throughout a life cycle.
Milestone: A key event selected for its importance in the schedule, often associated with tangible acceptance of deliverables.
Milestone plan: A plan containing milestones that highlight key points of the project.
Milestone schedule: A schedule that identifies the major milestones.
Minimum viable product: A product with just enough features to satisfy early users and provide feedback for future development.
Mission statement: A brief summary that sums up the background, purpose, and benefits of the project.
Mobilisation: Ensures that the project has appropriate organisational and technical infrastructures and mechanisms for putting resources in place.
Model: A way of looking at reality to abstract and simplify it for understanding in a particular context.
Modelling: The process of creating and using a device that duplicates physical or operational aspects of a deliverable.
Monitoring: Recording, analysing, and reporting project performance compared to the plan to identify and report deviations.
Monte Carlo simulation: A technique used to estimate overall risk by predicting the combined effect of estimating uncertainty and specific risk events.
N
Near-critical activity: An activity with low total float that may become critical under adverse conditions.
Need, problem or opportunity: The underlying reason for undertaking a project.
Negotiated contract cost: The estimated cost negotiated in a cost-plus fixed fee contract or the negotiated contract target cost.
Negotiation: A discussion between two or more parties aimed at reaching agreement.
Net Present Value (NPV): The difference between the present value of cash inflows and outflows over a period of time.
Network analysis: Collective term for different ways of analysing a network diagram.
Network diagram: A model of activities and their dependencies used in scheduling.
Network logic: The collection of activity dependencies that show logical relationships between activities.
Non-recurring costs: Expenditures against specific activities expected to occur only once on a given project.
Not earlier than: A restriction indicating an activity may not start or end earlier than a specified date.
Not later than: A restriction indicating an activity may not start or end later than a specified date.
O
Objectives: Predetermined results towards which effort is directed.
Operational life: Part of an extended life cycle when deliverables are operated and maintained.
Operations management: The management of activities that create core services or products provided by an organisation.
Operations phase: The period during which the completed deliverable is used and maintained for its intended purpose.
Opportunity: A positive risk event that, if it occurs, will have a beneficial effect on objectives.
Optimising: The fifth level of a typical maturity model where continuous process improvement is enabled by quantitative feedback.
Optioneering: An approach to exploring multiple options to optimally satisfy stakeholders’ needs.
Order of magnitude estimate: An estimate to give a very approximate indication of likely outturn costs.
Organisation: The management structure applicable to the project and the organisational environment in which it operates.
Organisation design: The design of the most appropriate organisation for a project.
Organisation structure: The organisational environment defining reporting and decision-making hierarchy.
Organisational Breakdown Structure (OBS): A hierarchical way to divide the organisation into management levels and groups for planning and control purposes.
Organisational culture: The unwritten rules influencing individual and group behaviour and attitudes.
Organisational roles: Roles performed by individuals or groups in a project.
Original budget: The initial budget established at or near the time a contract was signed or a project authorised.
Original duration: The duration of activities or groups of activities as recorded in the baseline schedule.
Other Direct Costs (ODC): Accounting elements that can be isolated to specific activities, other than labour and material.
Outcome: The changed circumstances or behaviour resulting from the use of an output.
Output: The tangible or intangible product typically delivered by a project.
Outturn cost: The expected final cost of a project.
Overhead: Costs incurred in business operation that cannot be directly related to individual products or services.
Overrun: Costs incurred in excess of the contract target costs or estimated costs.
Owner: The person or organisation for which the project is ultimately undertaken and who will benefit from the facility in the long term.

P
P3 assurance: The process of providing confidence to stakeholders that projects, programmes, and portfolios will achieve their objectives.
P3 management team: A collective term for those involved in the sponsorship and day-to-day management of a project, programme, or portfolio.
P3 management: The collective term for project, programme, and portfolio management.
Parallel activities: Two or more activities that can be done at the same time.
Parallel life cycle: A life cycle where phases are conducted in parallel.
Parametric estimating: An estimating technique using statistical relationships between historic data and other variables.
Pareto diagram: A histogram ordered by frequency of occurrence showing how many results were generated by each identified cause.
Partnering: An arrangement between organisations to manage a contract cooperatively.
Payback: An investment appraisal technique.
Percent complete: A measure of the completion status of a partially completed activity.
Performance: The term used to describe the quality of delivery and deliverables of the project.
Performance management: Techniques used in managing individual and team performance.
Performance measurement techniques: Methods used to estimate earned value.
PESTLE: A technique for analysing project context by considering political, economic, sociological, technical, legal, and environmental factors.
Phase: The major subdivision of a life cycle.
Phase reviews: A review that takes place at the end of a life cycle phase.
Physical models: A representation of the three-dimensional, solid aspects of a deliverable.
Physical percent complete: The percentage of work content of an activity achieved.
Physical performance: Actual performance of work that can be measured.
Pilot: A form of testing a new development and its implementation prior to committing to full release.
Plan: An intended future course of action.
Planned activity: An activity not yet started.
Planned cost: The authorised budget assigned to scheduled work to be completed.
Planned value: The cost profile of a resource-optimised schedule used as the baseline to monitor actual spend and earned value.
Planning: Determines what is to be delivered, how much it will cost, when it will be delivered, how it will be delivered, and who will carry it out.
Portfolio: A collection of projects and/or programmes used to structure and manage investments at an organisational or functional level.
Portfolio management: The selection, prioritisation, and control of an organisation’s projects and programmes in line with strategic objectives and capacity to deliver.
Portfolio prioritisation process: The evaluation and prioritisation of projects within a portfolio.
Post-project review: A review undertaken after project deliverables have been handed over to produce lessons learned.
PRAM: An abbreviation of the APM Risk Management SIG’s publication Project Risk Analysis and Management Guide.
Precedence diagram method: A method of representing projects as networks, with activities represented by nodes and relationships by arrows.
Precedence network: A model of activities and their dependencies used in scheduling.
Pre-commissioning: Work carried out prior to commissioning to demonstrate it may be safely undertaken.
Predecessor: An activity that must be completed before a specified activity can begin.
Predecessor activity: An activity that logically precedes the current activity.
Prime or lead contractor: A main supplier responsible for much or all of the work on a contract.
PRINCE2™: A project management methodology (PRojects IN Controlled Environments).
Prioritise: The phase of a portfolio life cycle where priorities are set by strategic objective, return on investment, or another chosen metric.
Probabilistic network: A network containing alternative paths with associated probabilities.
Probability: The likelihood of a risk occurring.
Problem: Concerns that the project manager deals with on a day-to-day basis.
Procedures: Individual aspects of project management practice forming an integral part of a method.
Procedures manual: A book of reference describing standard project procedures.
Procurement: The process of acquiring products and services from an external provider.
Procurement strategy: The high-level approach for securing goods and services from external suppliers.
Product: A tangible or intangible component of a project’s output.
Product Breakdown Structure (PBS): A hierarchy of deliverables required to be produced on the project.
Product description: The description of the purpose, form, and components of a product.
Product flow diagram: A diagram representing how products are produced by identifying their derivation and dependencies.
Product life cycle: A life cycle approach adding operation and termination phases to reflect the whole life of an asset.
Productivity factor: The ratio of earned hours against expended hours.
Professionalism: The application of expert knowledge within a specific field and acceptance of related standards.
Profile of expenditure: A project’s budget phased over time to allow cash flow forecasting.
Program evaluation and review technique: A network analysis technique calculating standard deviations for the schedule based on three-point estimates of activity durations.
Programme: A unique, transient strategic endeavour undertaken to achieve beneficial change incorporating related projects and business-as-usual activities.
Programme benefits review: A review to assess if targets have been reached and measure performance levels in resulting business operations.
Programme brief: A description of the capability that the organisation seeks from changes to its business and/or operations.
Programme director: The senior manager responsible for the overall success of the programme.
Programme directorate: A committee that directs the programme when there is no individual to direct it.
Programme management: The coordinated management of projects and business-as-usual activities to achieve beneficial change.
Programme manager: The individual responsible for managing a programme.
Programme mandate: What the programme is intended to deliver in terms of new services and/or operational capability.
Programme support office: A group giving administrative support to the programme manager and executive.
Progress: The partial completion of a project, or a measure of the same.
Progress payments: Payments made to a contractor during the life of a fixed price contract based on an agreed formula.
Progress report: A regular report summarising project progress including key events, milestones, costs, and other issues.
Project: A unique, transient endeavour undertaken to bring about change and achieve planned objectives.
Project appraisal: The discipline of calculating the viability of a project.
Project assurance: Independent monitoring and reporting of the project’s performance and deliverables.
Project-based working: A collective term for project, programme, and portfolio management.
Project board: A group providing high-level direction to the project.
Project brief: The document produced during a project’s concept phase outlining requirements.
Project budget: The sum of money allocated for a project.
Project calendar: A calendar listing time intervals in which activities or resources can or cannot be scheduled.
Project charter: A document setting out working relationships and agreed behaviours within a project team.
Project closure: The formal end point of a project.
Project context: The environment within which a project is undertaken.
Project director: The manager of a very large project or person at board level responsible for project management.
Project environment: The societal and/or organisational setting of a project.
Project evaluation review: A documented review of project performance produced at predefined points.
Project file: A file containing overall project plans and important documents.
Project financing and funding: The means by which capital for a project is secured and made available.
Project initiation: The process of committing to begin a project.
Project Initiation Document (PID): A document approved by the project board defining the project’s terms of reference.
Project life cycle cost: The cumulative cost of a project over its whole life cycle.
Project management: The application of processes, methods, knowledge, skills, and experience to achieve specific objectives for change.
Project Management Information System (PMIS): The systems, activities, and data allowing information flow in a project.
Project management maturity: A model describing evolutionary levels of an organisation’s project management processes.
Project Management Office (PMO): An organisational structure providing support for projects, programmes, and/or portfolios.
Project Management Plan (PMP): The output of integrated planning for a project or programme.
Project management processes: The generic processes applied to each phase of the project life cycle.
Project management software: Computer application software designed to help with planning and controlling projects.
Project management team: Members of the project team directly involved in its management.
Project manager: The individual responsible for the successful delivery of the project.
Project mandate: The initial terms of reference for the project.
Project master schedule: A high-level summary project schedule.
Project objectives: Things to be achieved by the project, usually including technical, time, cost, and quality objectives.
Project office: An entity serving the organisation’s project management needs.
Project organisation: Provides maximum authority to the project manager and integration of functional capabilities within projects.
Project plan: See Project management plan.
Project planning: The development and maintenance of a project plan.
Project portfolio: See Portfolio.
Project procedures manual: See Procedures manual.
Project professional: A term describing people in roles associated with managing projects, programmes, or portfolios.
Project progress report: See Progress report.
Project quality management: See Quality management.
Project risk: The exposure of stakeholders to the consequences of variation in outcome.
Project risk management: A structured process allowing individual risk events and overall project risk to be understood and managed proactively.
Project roles and responsibilities: The roles and responsibilities of those involved in the project.
Project schedule: The tool communicating what work needs to be performed, which resources will perform it, and the timeframes for performance.
Project scope management: See Scope management.
Project sponsor: The individual ultimately responsible for the project.
Project start-up: The creation of the project team and making it effective.
Project status report: A report on the status of accomplishments and variances to spending and schedule plans.
Project steering group: See Steering group.
Project strategy: A comprehensive definition of how a project will be developed and managed.
Project success: The satisfaction of stakeholder needs measured by success criteria identified and agreed at project start.
Project success criteria: See Success criteria.
Project support experts: Individuals with expertise in particular aspects of project support.
Project support office: See Project office.
Project team: A set of individuals, groups, and/or organisations responsible to the project manager for working towards a common purpose.
Project variance: Changes to cost or schedule within the current work plan or scope.
Provider: A person or company providing goods or services.
Provider selection and management: The processes of identifying and selecting management providers through the project life cycle.
Punch list: A list of outstanding activities to be completed prior to final acceptance of deliverables.

Q

Qualitative risk analysis: A generic term for subjective methods of assessing risks that cannot be identified accurately.
Quality: The fitness for purpose or degree of conformance of outputs or processes to requirements.
Quality Assurance (QA): The process of evaluating overall project performance regularly to provide confidence that quality standards will be satisfied.
Quality assurance plan: A plan guaranteeing a quality approach and conformance to all customer requirements for all project activities.
Quality audit: An official examination to determine whether practices conform to specified standards.
Quality control: Inspection, measurement, and testing to verify that project outputs meet acceptance criteria.
Quality criteria: The characteristics of a product determining whether it meets requirements.
Quality guide: Describes quality and configuration management procedures for people involved with quality reviews and technical exceptions.
Quality management: A discipline for ensuring outputs, benefits, and processes meet stakeholder requirements and are fit for purpose.
Quality management system: The complete set of quality standards, procedures, and responsibilities for a site or organisation.
Quality planning: Takes the defined scope and specifies acceptance criteria used to validate that outputs are fit for purpose.
Quality review: A review of a product against an established set of quality criteria.
Quantitative risk analysis: The estimation of numerical values of risk probability and impact on a project.

R
Rapid Application Development (RAD): A method of minimising time necessary to complete development projects.
Reactive risk response: An action taken after a risk event has occurred.
Recurring costs: Expenditures against specific activities occurring on a repetitive basis.
Reduce: A response to a threat that reduces its probability, impact, or both.
Regulatory: A restriction due to the need to conform to a regulation or rule.
Reimbursement: Method by which a contractor will be paid for work undertaken.
Reject: A response to an opportunity where no action is taken.
Relationship: A logical connection between two activities.
Remaining duration: The time needed to complete the remainder of an activity or project.
Repeatable: The second level of a typical maturity model where basic processes are established.
Replanning: Actions performed for remaining effort within project scope.
Replenishable resource: A resource that can be restocked when depleted, such as raw materials or money.
Reporting: The formal communication of project information to stakeholders.
Request For Change (RFC): A proposal for a change to the project.
Request For Proposal (RFP): A bid document used to request proposals from prospective sellers of products or services.
Request For Quotation (RFQ): Equivalent to a request for proposal but with more specific application areas.
Requirements: The stakeholders’ wants and needs clearly defined with acceptance criteria.
Requirements definition: A process ensuring the project includes all required work and then defines that work.
Requirements management: The process of capturing, assessing, and justifying stakeholders’ wants and needs.
Reserve: A planned allotment of time, cost, or other resources for unforeseeable elements within a project.
Residual value: The written-down value of a capital item at the end of the period.
Resource allocation: The process of attributing labour and non-labour resources to activities.
Resource availability: The level of availability of a resource, which may vary over time.
Resource calendar: A calendar defining working and non-working patterns for specific resources.
Resource-driven activity durations: Activity durations driven by the need for scarce resources.
Resource histogram: A view of project data showing resource requirements, usage, and availability using vertical bars against a horizontal timescale.
Resource level: A specified level of resource units required by an activity per time unit.
Resource levelling: An approach used during resource optimisation that delays activities to keep resource usage below specified limits.
Resource loading: The number of resources devoted to a specific activity in a particular time period.
Resource management: The acquisition and deployment of internal and external resources required for project delivery.
Resource optimisation: Methods for ensuring labour and non-labour resources are matched to the schedule.
Resource plan: A part of the project management plan stating how the project will be resource loaded and what supporting services are required.
Resource planning: A process evaluating what resources are needed to complete a project and determining the quantity needed.
Resource pool: The available resources to a project or a group of people who can generally do the same work.
Resource requirement: The requirement for a particular resource by a particular activity.
Resource scheduling: A process ensuring resources are available when needed and not underutilised where possible.
Resource smoothing: An approach used to utilise float or adjust resource requirements to smooth out peaks and troughs of resource usage.
Resources: All labour and non-labour items required to undertake the scope of work to the required quality.
Responsibility assignment matrix: A diagram or chart showing assigned responsibilities for elements of work.
Responsible organisation: A defined unit within the organisation structure assigned responsibility for accomplishing specific activities or cost accounts.
Retention: A part of payment withheld until the project is completed to ensure satisfactory performance.
Return on investment (ROI): An expression of the value of an investment in change based on the gain in benefit relative to the cost.
Re-usable resource: A resource that becomes available for other uses when no longer needed.
Reviews: Project reviews take place throughout the project life cycle to check likely or actual achievement of specified objectives.
Re-work: Repeating work already completed to remove defects and meet acceptance criteria.
Right first time: Completing a deliverable which, on first testing, meets agreed acceptance criteria with no defects and no re-work required.
Risk: The potential of a situation or event to impact on the achievement of specific objectives.
Risk analysis: An assessment and synthesis of estimating uncertainty and/or specific risk events to understand their significance.
Risk analysis and management: A process allowing individual risk events and overall risk to be understood and managed proactively.
Risk appetite: How much risk investors are willing to tolerate in achieving their objectives.
Risk assessment: The process of quantifying the likelihood of risks occurring and assessing their likely impact on the project.
Risk attitude: The perception-driven choice of a person or group about an individual risk or overall project riskiness.
Risk avoidance: See Avoid (a threat).
Risk Breakdown Structure (RBS): A hierarchical breakdown of the risks on a project.
Risk budget: A sum of money that is part of overall cost contingency to cover the cost impact of identified risks.
Risk context: The institutional and individual environment affecting how risk arises and should be managed.
Risk efficiency: The principle of risk-taking to achieve the minimum level of exposure for a given level of expected return.
Risk event: An uncertain event or set of circumstances that would, if it occurred, have an effect on the achievement of objectives.
Risk exposure: The degree to which a risk taker could be affected by an adverse outcome.
Risk identification: The capture of threats and opportunities to the project objectives.
Risk log: A document providing identification, estimation, impact evaluation, and countermeasures for all project risks.
Risk management maturity: A measure of the extent to which a project or organisation formally applies effective risk management.
Risk management plan: A document defining how risk management is to be implemented in the context of a particular project.
Risk manager: The person in charge of matters connected with risk on a project.
Risk monitoring: The process of observing the state of identified risks (also referred to as risk tracking).
Risk owner: The individual or group best placed to assess and manage a risk.
Risk prioritising: Ordering of risks according to their risk value and which need to be considered for reduction, avoidance, and transfer.
Risk ranking: The allocation of a classification to the probability and impact of a risk.
Risk reduction: Action taken to reduce the likelihood and impact of a risk.
Risk register: A document listing identified risk events and corresponding planned responses.
Risk response: An action or set of actions to reduce the probability or impact of a threat, or increase the probability or impact of an opportunity.
Risk response planning: The planning of responses to risks.
Risk techniques: Used to identify, assess, and plan responses to individual risks and overall risk.
Roll out: The process of delivering nearly identical products to multiple users, usually after testing.
Rolling wave planning: The process of planning short-term work in detail and longer-term work in outline only.

S
S-curve: A graphic display of cumulative costs, labour hours, or other quantities, plotted against time.
Safety plan: The standards and methods that minimise to an acceptable level the likelihood of accident or damage.
Sales: A marketing technique used to promote a project.
Sanction: Authorisation for the project or part of a project to proceed.
Scenario planning: A method used to anticipate potential future scenarios, useful in preparing to deal with emergent change.
Schedule: A timetable showing forecast start and finish dates for activities or events within a project.
Schedule dates: Start and finish dates calculated with regard to resource or external constraints as well as project logic.
Schedule Performance Index (SPI): The ratio of work accomplished versus work planned, for a specified time period.
Schedule variance: The difference between the earned value and the planned value at any point in time.
Scheduled finish: The earliest date on which an activity can finish, considering resource or external constraints and project logic.
Scheduled start: The earliest date on which an activity can start, considering resource or external constraints and project logic.
Scheduling: The process used to determine overall project duration, including identification of activities, logical dependencies, and estimating durations.
Scope: The totality of outputs, outcomes, and benefits and the work required to produce them.
Scope change: Any change in project scope requiring a change in cost or schedule.
Scope creep: The continual extension of the scope of some projects.
Scope management: The process whereby outputs, outcomes, and benefits are identified, defined, and controlled.
Scope of work: A description of the work to be accomplished or resources to be supplied.
Scope statement: A documented description of the project identifying boundaries, output, approach, and content.
Scope verification: A process ensuring all identified project deliverables have been completed satisfactorily.
Secondary risk: The risk that may occur as a result of invoking a risk response or fallback plan.
Sensitivity analysis: An investigation of the effect on the outcome of changing parameters or data in procedures or models.
Sequence: The order in which activities will occur with respect to one another.
Setting: The relationship of the project, programme, or portfolio with its host organisation.
Share: A risk management response to an opportunity that increases its probability, impact, or both by sharing with a third party.
Simulation: A process whereby some dynamic aspect of a system is replicated without using the real system.
Six sigma: A quality management programme to achieve ‘six sigma‘ levels of quality.
Slack: An alternative term for float. See Free float and Total float.
Slip chart: A pictorial representation of predicted completion dates of milestones (also referred to as a trend chart).
Slippage: The amount of float time used up by the current activity due to a delayed start or increased duration.
Snagging: The process of identifying minor small deficiencies that have to be rectified before acceptance of work.
Social capital: The pattern and intensity of networks among people and shared values arising from those networks.
Social system: The network of relationships between people involved in the project and how influences between actors work as a whole.
Sole source: The only source known to be able to supply particular equipment or services, or undertake a particular contract.
Solicitation: The process by which bids or tenders are obtained for the provision of goods or services.
Source selection: Choosing from potential contractors.
Spiral model: A management model used particularly for development projects.
Sponsor: A critical role as part of the governance board, accountable for ensuring work is governed effectively and delivers objectives meeting identified needs.
Sprint: A regular repeatable work cycle in agile development, typically a few weeks long.
Stage: A subdivision of the development phase created to facilitate approval gates at suitable points in the life cycle.
Stage payment: A payment made part-way through a project on completion of a pre-determined milestone.
Stakeholder: Individuals or groups who have an interest or role in the project or are impacted by it.
Stakeholder analysis: The identification of stakeholder groups, their interest levels, and ability to influence the project.
Stakeholder engagement: The systematic identification, analysis, planning, and implementation of actions designed to influence stakeholders.
Stakeholder grid: A matrix used to identify the relative importance of stakeholders to a project.
Stakeholder identification: The process of identifying stakeholders in a project.
Stakeholder management: See Stakeholder engagement.
Starting activity: An activity with no predecessors that does not have to wait for any other activity to start.
Start-to-finish: A dependency indicating that one activity cannot finish until another activity has started.
Start-to-start: A dependency indicating that one activity cannot start until another activity has started.
Start-to-start lag: The minimum time that must pass between the start of one activity and the start of its successor(s).
Start-up: The formal process of making a new project team effective or commissioning a completed facility.
Start-up meeting: The initial meeting with the project team at the start of a project or phase.
Statement of scope: See Scope statement.
Statement of work: An annex to the main body of a contract defining the detail of deliverables, timescales, and management procedures.
Status report: A description of where the project currently stands, usually in the form of a written report.
Steering group: A group comprising the sponsor, senior managers, and sometimes key stakeholders, setting strategic direction for a project.
Story point: A method of estimating completion/forecasting work yet to complete on a user story in iterative life cycles.
Strategic intent: The aspirational plans, overarching purpose, or intended direction needed to reach an organisational vision.
Strategic management: The identification, selection, and implementation of an organisation’s long-term goals and objectives.
Strategic sourcing: An analysis of buying strengths and weaknesses enabling procurement strategies to maximise advantages and respond to supply disruption risks.
Strategy: The high-level plan enabling the project to reach a successful conclusion, describing how it is to be executed.
Subcontract: A contractual document legally transferring responsibility for providing goods, services, data, or hardware from one firm to another.
Subcontractor: An organisation that supplies goods or services to a supplier.
Subject matter experts: Users with subject matter knowledge and expertise who may contribute to defining requirements and acceptance criteria.
Subproject: A group of activities represented as a single activity in a higher level of the same project.
Success criteria: The satisfaction of stakeholder needs for the deployment of a project.
Success factors and maturity: Management practices that, when implemented, increase the likelihood of project success. The degree of establishment indicates organisational maturity.
Successor: An activity whose start or finish depends on the start or finish of a predecessor activity.
Sunk costs: Costs that are unavoidable, even if the remaining work is terminated.
Super-critical activity: An activity behind schedule with negative float.
Supplier: A contractor, consultant, or organisation that supplies resources to the project.
Supply chain management: The management of the chain of organisations through which goods pass from raw materials to the ultimate purchaser.
Surety: An individual or organisation agreeing to be legally liable for the debt, default, or failure of a principal to satisfy a contractual obligation.
Sustainability: An approach balancing environmental, social, economic, and administrative aspects to meet current stakeholder needs without compromising future generations.
SWOT (analysis): A technique used to identify strengths, weaknesses, opportunities, and threats inherent in a project.
System: The complete technical output of the project including technical products.
Systems analysis: The analysis of a complex process or operation to improve its efficiency.
Systems engineering: A systematic approach to realising a project that takes account of all related systems and subsystems.
Systems management: Management including prime activities of systems analysis, design, engineering, and development.
T
Talent management: The ability to attract, motivate, and retain high-quality people to deliver strategic goals and objectives.
Target completion date: The date planned to complete an activity or project.
Target start date: The date planned to start work on an activity or the project.
Task: The smallest indivisible part of an activity when broken down to a level best understood and performed by a specific person or organisation.
Team: A group of people working in collaboration or cooperation towards a common goal.
Team building: The ability to gather the right people to join a project team and get them working together for project benefit.
Team development: The process of developing skills, as a group and individually, that enhance project performance.
Team leader: The person responsible for leading a team.
Team member: A person accountable to and with work assigned by the project manager.
Teamwork: A group of people working in collaboration or cooperation towards a common goal.
Technology management: The management of the relationship between available and emerging technologies, the organisation, and the project.
Temporary organisation: A specific project, programme, or portfolio team brought together to implement project-based work.
Tender: A document proposing to meet a specification in a certain way and at a stated price.
Tender document: The document issued to prospective suppliers when inviting bids or quotations.
Tender list: A list of approved suppliers to whom a specific enquiry may be sent.
Tendering: The process of preparing and submitting a tender, quotation, or bid.
Termination: The decommissioning and disposal of a deliverable at the end of its useful life.
Terms and conditions: All the clauses in a contract.
Terms of reference: A specification of a team member’s responsibilities and authorities within the project.
Testing: The process of determining how aspects of a deliverable perform when subjected to specified conditions.
Theory of constraints: A theory expounded by Goldratt, leading to the critical chain schedule management technique.
Threat: A negative risk event that, if it occurs, will have a detrimental effect on objectives.
Three-point estimate: An estimate giving optimistic best case, pessimistic worst case, and most likely values.
Time analysis: The process of calculating early and late dates for each activity based on duration and logical relations.
Time recording: The recording of effort expended on each activity to update a project plan.
Time scheduling: Techniques used to develop and present schedules showing when work will be performed.
Time sheet: A means of recording actual effort expended against project and non-project activities.
Time variance: The scheduled time for work to be completed less the actual time.
Timebox: A fixed unit of time during which work is performed, typically used in iterative approaches.
Time-driven: Control actions or reports triggered by the passage of a defined interval.
Tolerance: A level of delegated permission to vary performance from specified parameters.
Top down cost estimating: Estimating total project cost based on historical costs and other variables, then subdividing to individual activities.
Total float: Time by which an activity may be delayed or extended without affecting overall duration or violating a target finish date.
Total Quality Management (TQM): A strategic, integrated management system for customer satisfaction guiding all employees in every aspect of their work.
Traffic light reports: A type of progress report explaining current status using traffic light colours.
Tranche: A subdivision of the deployment phase of a programme designed to enable an incremental approach to development.
Transfer: A response to a threat that reduces its probability, impact, or both by transferring to a third party.
Transition: The fourth phase in a linear cycle where results are handed over, commissioned, and accepted by the sponsor.
Trend chart: See Slip chart.
Trends: A general tendency observed on a project.
Triple constraint: A way of describing the fundamental trade-off between time, cost, and quality in delivering project scope.
Turnaround report: A report created for managers to enter progress status against activities scheduled to be in progress during a particular time window.
Turnkey contract: A comprehensive contract where the contractor is responsible for complete supply of a facility.

U
Uncertain event: See Risk event.
Uncertainty: A state of incomplete knowledge about a proposition, usually associated with risks.
User acceptance test: A formal test demonstrating the acceptability of a product to the user.
User requirements: Requirements governing project deliverables as expressed by the user.
User requirements statement: A document defining user needs from the user’s perspective.
User story: An informal, simple language description of system features, often written from an end user’s perspective.
Users: The group of people intended to work with deliverables to enable beneficial change.
V
V life cycle: A graphical representation of a life cycle where horizontal lines connect related front and backend phases.
Validate: Testing that the deliverable meets requirements.
Validation: The process of providing evidence that a deliverable meets user needs.
Valuation: A calculation of payment due under contract terms, often undertaken at stages in large contracts.
Value: A standard, principle, or quality considered worthwhile or desirable.
Value engineering: Concerned with optimising conceptual, technical, and operational aspects of deliverables.
Value for money ratio: The ratio of monetary and non-monetary benefits to the investment of resources committed.
Value management: A structured approach to defining what value means to the organisation and reviewing whether it can be improved.
Value tree: A graphical representation of the relationship between different factors driving value.
Variable or recurring cost: A cost influenced by volume of business or quantity, such as a recurring operational cost.
Variation: A change in scope or timing of work that a supplier is obliged to do under a contract.
Variation order: The document authorising an approved technical change or variation.
Vendor: A company or person contractually committed to provide goods (either direct or through a supplier).
Verification: Proof of compliance with specified requirements, determined by test, analysis, inspection, or demonstration.
Verify: Testing that the deliverable meets the specification and designs.
Version control: The recording and management of different versions of the project’s products.
Virtual models: A visual representation of a deliverable, used to test its operational performance.
Virtual team: A team where people are separated by geography and potentially time zone.
Vision statement: An outward-facing description of new capabilities resulting from project or programme delivery.
VUCA conditions: A phrase describing an organisational context with inherent uncertainty, standing for volatility, uncertainty, complexity, and ambiguity.
W
Warranty: A promise given by a contractor regarding the nature, usefulness, or condition of supplies or services delivered.
Waterfall method: A type of life cycle where phases are sequential. See Linear life cycle.
Weighted Average Cost of Capital (WACC): The minimum average return an organisation must earn on existing assets to satisfy capital providers.
What-if assessment: The process of evaluating alternative strategies.
What-if simulation: A technique evaluating the impact of scope, schedule, or methodology changes on contract dates or baseline schedule.
Whole-life costs: The fixed and variable capital and operational costs required to develop, use, and terminate a product or asset.
Work: The total number of hours, people, or effort required to complete an activity.
Work breakdown code: A code representing the ‘family tree’ of an element in a work breakdown structure.
Work Breakdown Structure (WBS): Defines the total work to be undertaken and provides a structure for all control systems.
Work load: The amount of work units assigned to a resource over a period of time.
Work package: A discrete element of project scope at the lowest level of each branch of the work breakdown structure.
Work package manager: A person responsible for leading and managing part of a project to achieve specific aims agreed with the project manager.
Work units: Units providing measurement for resources, such as labour hours for people.
Working group: A group of two or more people to which work is delegated and interrelationships between activities are managed through a single person.
Workplace stress: The adverse reaction people have to excessive pressure or other types of demand placed upon them.
X
X-Bar control charts: Charts displaying means and sample ranges for periodically gathered, same-size samples of product or process characteristics.
Y
Yield: The return on an investment.
Z
Zero defects: A measure of quality where the deliverable is defect-free.
Zero float: A condition where there is no excess time between activities. An activity with zero float is considered critical.

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