0.14 A glossary of project management terms  (Page 3/8)

Constraints

Constraints are limitations that are outside the control of the project team and need to be managed around. They are not necessarily problems. However, the project manager should be aware of constraints because they represent limitations that the project must execute within. Date constraints, for instance, imply that certain events (perhaps the end of the project) must occur by certain dates. Resources are almost always a constraint, since they are not available in an unlimited supply.

Critical path

The critical path is the sequence of activities that must be completed on schedule for the entire project to be completed on schedule. It is the longest duration path through the workplan. If an activity on the critical path is delayed by one day, the entire project will be delayed by one day (unless another activity on the critical path can be accelerated by one day).

Closeout

The completion of all work on a project.

Communication plan

A statement of project’s stakeholders’ communication and information needs.

Concept phase

The first phase of a project in the generic project lifecycle, in which the need is examined, alternatives are assessed, the goals and objectives of the project are established and a sponsor is identified.

Confidence level

A level of confidence, stated as a percentage, for a budget or schedule estimate. The higher the confidence level, the lower the risk.

Conflict management

Handling of conflicts between project participants or groups in order to create optimal project results.

Conflict resolution

To seek a solution to a problem, five methods in particular have been proven through confrontations, compromise, smoothing, forcing and withdrawal.

Constraints

Constraints are limitations that are outside the control of the project team and need to be managed around. They are not necessarily problems. However, the project manager should be aware of constraints because they represent limitations that the project must execute within. Date constraints, for instance, imply that certain events (perhaps the end of the project) must occur by certain dates. Resources are almost always a constraint, since they are not available in an unlimited supply.

Contingencies

A Contingency is the planned allotment of time and cost for unforeseeable elements with a project. Including contingencies will increase the confidence of the overall project.

Control

The process of comparing actual performance with planned performance, analyzing the differences, and taking the appropriate corrective action.

Costs

The cost value of project activity.

Costs budgeting

The allocation of cost estimates to individual project components.

Cost overrun

The amount by which actual costs exceed the baseline or approved costs.

Crashing

The process of reducing the time it takes to complete an activity by adding resources.

Critical

An activity or event that, if delayed, will delay some other important event, commonly the completion of a project or a major milestone in a project.

Critical path method (cpm)

A mathematically based modeling technique for scheduling a set of project activities, used in project management.