Glossary

Acceptance

Formal agreement that a deliverable meets its agreed acceptance criteria. The sponsor or customer signs, with the users. It often starts the warranty and releases the final payment.

Closure, transition and handover

Acceptance criteria

The checks a deliverable must pass before it is accepted, agreed before the work starts. In agile work, a definition of done adds checks shared by every item.

Requirements and scope

Active listening

Full attention to the facts and the feeling behind them, saying back what you heard, and asking before you answer (after Rogers and Farson, 1957).

Communication and knowledge transfer

Activity

A piece of work with a clear end and an owner, taken from a work package. The schedule puts activities in order and in time.

Schedule

Activity on node

A network in which each activity is a box and each arrow a dependency. PMI® calls the drawing method precedence diagramming; APM speaks of a precedence network.

Critical path and resource levelling

Adoption and benefits realisation

Adoption is people using the outputs. Realisation turns that use into measured benefits, mostly after handover; APM makes the sponsor accountable for measuring it.

Organisational change and transformation

Analogous, parametric and bottom-up

Estimating from a similar past job; from a quantity times a rate from past data; from each work package, added up. APM also says comparative (analogous) and analytical (bottom-up).

Estimation

APM Body of Knowledge

APM's reference book for project work, eighth edition. The PFQ and PMQ exams use its terms.

Introduction: project management certifications and this series

Assurance

Checks by people independent of the team, which give the sponsor and board confidence that the project will meet its objectives. Wider than quality assurance.

Governance, roles and assurance

Baseline

The approved version of scope, schedule and cost (APM adds quality) that progress is measured against. PMI®: performance measurement baseline; APM: deployment baseline.

Integrated planning and status reporting

The approved version of the scope, schedule or budget that progress and changes are measured against. It moves only by a decided change.

Change control

Basis of estimates

PMI®'s name for the record behind an estimate: its assumptions, constraints, level of detail, range and confidence. APM stresses recording the assumptions.

Estimation

BATNA and walk-away point

BATNA: best alternative to a negotiated agreement (Fisher and Ury), what you do if talks fail. Its value sets your walk-away point (APM: bottom line; Raiffa: reservation price).

Procurement and contracts

Benefit owner and benefit profile

The benefit owner, in the business, makes a benefit happen and measures it after handover. APM's benefit profile records its measure, baseline, target and owner.

Business case, benefits and value

Burndown and burnup

A burndown plots the work left against an ideal line from the total to zero. A burnup plots the work done and the total scope, so added scope shows as a step.

Agile planning and metrics

Business case

The justification for a project: the need, the options, their costs, benefits and risks, and a recommendation. The sponsor owns it. The ICB4 says business or organisational justification.

Business case, benefits and value

Capacity

The work a person or team can take on in a period, after meetings, leave and other duties. In iterative work, a stable team's capacity is fixed and the work is fitted to it.

Resources

Cause-and-effect diagram and five whys

A fishbone (Ishikawa) diagram sorts the possible causes of one effect into groups. The five whys go deep down one group, until the answer is a cause you can fix and prevent.

Quality tools

Change and transformation

Change improves how things are done today. Transformation is a deeper shift to something new, led by a vision (ICB4, APM). PMI®'s outline speaks of organizational change.

Organisational change and transformation

Change control

The project process that logs, assesses and decides changes to a baseline. The ICB4 calls it change management; PMI® and APM keep that term for organisational change.

Change control

Change control board

PMI®: a group that approves, defers or rejects changes and records why. APM makes the sponsor accountable for the decision. Often the steering group plays this role.

Change control

Change curve

A picture of how morale and performance often dip after a change is announced, then recover as people adopt the new way. Adapted from Kübler-Ross's stages of reaction.

Organisational change and transformation

Change freeze

A set period when new change requests wait, for example around go-live or a busy season, so that no new risks are added (APM BoK).

Change control

Change log

The record of every change request, proposed or approved: who asked, the impact, the decision and why, the owner and the status. APM also says change register.

Change control

Change management

Helping people and groups move from today's way of working to a new one, so that the benefits come. Not change control, which guards the approved baselines.

Organisational change and transformation

Closure report

The last report: the result against the plan, what was accepted, open matters with owners, and how benefits will be tracked. APM: project closure report; PMI®: final report.

Closure, transition and handover

Code of conduct

A body's written rules for ethical practice. IPMA® and PMI® call theirs a code of ethics and professional conduct; APM's is a code of professional conduct.

Ethics, compliance and sustainability

Committed cost

A cost bound by an order or a contract but not yet paid. The ICB4 calls these liabilities; APM speaks of commitments.

Cost, budget and finance

Common and special cause variation

Common cause: the normal noise of a stable process; change the process to reduce it. Special cause: something changed, signalled by a point outside the limits or a run of seven.

Quality tools

Communication plan

What goes to whom and why, when, how, and who owns it. ICB4: information plan. PMBOK® Guide: communications management plan. APM: communication plan.

Communication and knowledge transfer

Competence

Being able to use knowledge, skills and abilities to get the results you want (after the ICB4's definition).

Introduction: project management certifications and this series

Compliance

Keeping the project within the rules that apply to it, from binding law to voluntary standards, and being able to show the evidence.

Ethics, compliance and sustainability

Cone of uncertainty

The range of an estimate is wide early and narrows as facts arrive (Boehm, 1981; named by McConnell, 1997). APM calls it the estimating funnel.

Estimation

Configuration management

Keeping one agreed, traceable version of each product: items identified, changes controlled, status reported, audited. The ICB4 says scope configuration.

Change control

Conflict

A clash that matters to the people in it: over what to do, how to do it, or relationships. Handled with respect, it can improve decisions.

Conflict and crisis

Conflict of interest

A personal stake that could bias, or seem to bias, a decision you take for the project. All three codes ask you to declare it.

Ethics, compliance and sustainability

Contingency and management reserve

Contingency covers identified risks (APM: risk budget). Management reserve covers risks nobody has found (APM adds some very unlikely, very severe ones), held above the project manager.

Risk, opportunity and issues

Contingency plan

A response prepared now and started only by a trigger. PMI®: contingent response strategy; APM: contingent (reactive) response. The ICB4 also lists fallback plans.

Risk, opportunity and issues

Control account

A group of work packages with one owner, where budget, schedule and actual costs are compared. A PMI® term, also used with earned value.

Cost, budget and finance

Control cycle

Plan, measure, compare, act, report. Inside the agreed thresholds you correct the work; beyond them you escalate and change the plan through change control.

Integrated planning and status reporting

Control limits

The mean of a stable period plus and minus three standard deviations, by a common convention. They show what the process does, not what is required.

Quality tools

Cost aggregation

Adding cost estimates up from work packages to control accounts to the whole project, so the budget is built from the work. PMI®'s name for the step.

Cost, budget and finance

Cost baseline

PMI®'s term for the approved budget spread over time, without the management reserve; changed only through change control. APM treats the cash flow forecast as the first baseline.

Cost, budget and finance

Cost of capital and hurdle rate

The rate Finance sets for discounting: what the organisation's money costs (APM: WACC), or the lowest return it accepts. Public bodies often use a lower rate.

NPV, IRR and payback

Cost of quality

Prevention and appraisal (getting it right) against internal and external failure (getting it wrong), after Feigenbaum (1956). More prevention pays only up to an optimal point.

Quality and continuous improvement

CPD and PDUs

Continuing professional development: planned learning after you certify. IPMA® and APM say CPD; PMI® counts professional development units (PDUs).

Ethics, compliance and sustainability

Crashing and fast-tracking

Two ways to shorten a schedule without cutting scope: add resources to critical activities (it costs money), or overlap activities (it risks rework). PMI®: schedule compression.

Schedule

Crisis

A sudden event that threatens the project's goals at once, often with no conflict before it. Not a conflict stage: act, communicate, recover.

Conflict and crisis

Critical path

The longest chain of dependent activities. It sets the earliest finish, so a delay on it delays the project. Activities off it have float.

Schedule

The longest path through the network, so it sets the shortest possible duration. Its activities have no float: a delay on any of them moves the end date.

Critical path and resource levelling

Cycle time and throughput

Cycle time runs from the start of an item to its finish (PMI®'s lead time runs from the board to delivery). Throughput: items finished per week. Little's law: cycle time = WIP ÷ throughput.

Agile planning and metrics

Definition of done

A checklist that every item must pass before it counts as finished (PMBOK® Guide glossary; the Scrum Guide). Acceptance criteria belong to one item; the definition of done applies to all.

Quality and continuous improvement

Dependency

A link between two activities: finish-to-start, start-to-start, finish-to-finish or start-to-finish. Hard links come from the work, the law or a contract; soft links are a choice.

Schedule

Discount factor

What one euro in year t is worth today at rate r: 1 ÷ (1 + r)^t. At 5%, it is 0.952 for year 1 and 0.907 for year 2.

NPV, IRR and payback

Distributed team

A team whose members work in different places or time zones. PMI® and the ICB4: virtual team. APM: dispersed team (also virtual or remote). The PMQ adds hybrid teams.

Teams, diversity and inclusion

Diverge, then converge

A pattern for team decisions: first collect options and views, often from each person alone; then narrow them to one choice, made by whoever holds the authority.

Teams, diversity and inclusion

Diversity and inclusion

Diversity: the range of different people in a team. Inclusion: a setting where each of them is welcome, heard and able to contribute. Diversity pays only with inclusion.

Teams, diversity and inclusion

Early-life support

A set period after go-live when the project team stays on to fix problems fast, before the permanent support team works alone. It ends on agreed measures, not a date.

Closure, transition and handover

Effort and duration

Effort is the amount of work, in person-days. Duration is the time from start to finish. Duration = effort ÷ the people, each counted by their share of time.

Resources

Emotional intelligence

Knowing and managing your own emotions, and reading and handling other people's. The PMBOK® Guide groups it in four areas; two of them are about yourself.

Leadership and vision

Engagement levels

Unaware, resistant, neutral, supportive, leading (the PMBOK® Guide's names). Mark each group now and needed; APM's analysis uses support, opposition or undecided.

Stakeholders and engagement

Estimate at completion (EAC)

The forecast total cost. Each common formula rests on an assumption, for example that the cost efficiency so far continues: BAC ÷ CPI.

Earned value

Examination content outline

PMI®'s public blueprint of what the PMP® exam tests: three domains, their tasks and their weights.

Introduction: project management certifications and this series

Exception report

A report sent between the regular ones as soon as a forecast will break an agreed limit, with the cause, the options and a recommendation.

Integrated planning and status reporting

Expectation management

Steering what stakeholders expect, so they expect what the project will really deliver, and when. The ICB4 builds it on the communication plan.

Stakeholders and engagement

Expected monetary value (EMV)

Probability times impact in money, added up over the risks. It is an average, not a forecast of one outcome.

Risk, opportunity and issues

Five conflict modes

Competing, collaborating, compromising, avoiding and accommodating (after Thomas and Kilmann). The PMBOK® Guide names five matching techniques, such as force/direct.

Conflict and crisis

Fixed price and cost plus

Fixed price: an agreed price for a defined scope, so the supplier carries the cost risk. Cost plus fee (PMI®: cost-reimbursable): actual costs plus a fee, so the buyer carries most of it.

Procurement and contracts

Forecast of the final cost

Spent, plus committed, plus the estimate still to come. PMI® calls it the estimate at completion. Compare it with the whole budget.

Cost, budget and finance

Forward and backward pass

Two sweeps through the network. Forward gives early starts and finishes, taking the largest finish where arrows meet. Backward gives late dates, taking the smallest start.

Critical path and resource levelling

Funding and financing

The ICB4 says funding for money from inside the organisation and financing for money from outside, such as a loan. PMI® and APM say funding for both.

Cost, budget and finance

Gate

A decision point between phases: look back at what was delivered, look forward at the business case, then go on, change course or stop. PMI®: phase gate; APM: decision gate.

Life cycles and delivery approaches

Governance

Who holds authority over a project and who answers for what: who may decide, within which limits, how reports flow up, and who checks.

Governance, roles and assurance

Hybrid

A mix: for example a predictive frame with fixed milestones and gates, and iterative teams inside it. Most projects end up here.

Life cycles and delivery approaches

ICB4

IPMA®'s Individual Competence Baseline, version 4: the standard its certifications assess. Free to download from IPMA®.

Introduction: project management certifications and this series

Information and message

Information is what the sender sends; the message is what the receiver takes from it. The ICB4 separates the two. Communication works when they match.

Communication and knowledge transfer

Integrated project management plan

One plan that joins scope, schedule, cost, resources, risk, quality and communication, and checks that they agree. APM abbreviates it PMP®, which is not PMI®'s exam.

Integrated planning and status reporting

Integrity and reliability

Integrity: acting on your own values. Reliability: others can count on you to do what you agreed, or to warn early when you cannot.

Ethics, compliance and sustainability

Internal rate of return (IRR)

The discount rate at which the NPV is zero. Compare it with the hurdle rate. It ignores size, and cash flows that change sign twice can give two IRRs.

NPV, IRR and payback

Investment appraisal

APM's term for judging an investment, with simple measures such as return on investment and discounted ones such as NPV, IRR and net present social value.

NPV, IRR and payback

Issue

For APM, a problem that breaks, or will break, the limits delegated to the project, so the sponsor decides. Others use it for any risk that has happened.

Risk, opportunity and issues

Iterative (agile)

Short, fixed timeboxes that each end with a working result shown to users; the backlog is reordered as they learn. PMI® groups it under adaptive.

Life cycles and delivery approaches

Latent, emergent, escalated

The ICB4's three broad stages of conflict: felt but not acted on; open, but still calm and factual; emotional, with sides taken.

Conflict and crisis

Leadership and management

Management runs the means: plans, budgets, staffing, control. Leadership sets direction, aligns people and inspires them (after Kotter). A project manager needs both.

Leadership and vision

Leading and lagging indicators

Lagging indicators show what has happened, such as work done or money spent. Leading ones warn early, such as open defects or blocked work. PMI®'s guide names both.

Integrated planning and status reporting

Leading yourself

Knowing your values, first reactions and limits, and managing your time, stress and learning. ICB4: self-reflection and self-management. APM: leadership of self.

Leadership and vision

Lessons learned

Knowledge gained on a project that should change how this project or the next one works. Collect lessons throughout, not only at the end, and act on them.

Communication and knowledge transfer

Life cycle and phase

The phases a project passes through from the first idea to the close. Each phase delivers something that is checked before the next one starts.

Life cycles and delivery approaches

Make or buy

Deciding whether to do a piece of work in-house or buy it, on full costs, skills, capacity, control and risk. PMI® calls it make-or-buy analysis; APM sets make-or-buy criteria.

Procurement and contracts

Measurement baseline

The approved plan of scope, schedule and cost that progress is measured against. PMI®: performance measurement baseline. APM: deployment baseline.

Earned value

Mediator and arbitrator

A mediator helps the parties talk and find their own solution. An arbitrator hears both sides and decides for them.

Conflict and crisis

Mid-level and Senior

This series' two levels. Mid-level: you lead projects of moderate complexity. Senior: you lead complex projects and other people.

Introduction: project management certifications and this series

Milestone

A key point or event with no duration, such as the end of a stage. This series names each one as a state reached, with a check and a person who decides.

Schedule

MoSCoW

Must have, should have, could have, won't have this time. Described by Dai Clegg and Richard Barker (1994); a core practice of the DSDM agile framework.

Requirements and scope

Net present value (NPV)

Each year's net cash flow times its discount factor, added up, with the investment as a minus in year 0. Above zero, the project earns more than the rate.

NPV, IRR and payback

Organisational culture

The unwritten rules of how things are done in a group. Schein sees three levels: visible artefacts, stated values, and shared assumptions that nobody questions.

Organisational change and transformation

Output, outcome and benefit

Output: what the project delivers. Outcome: what changes when people use it. Benefit: the measurable gain from that change. PMI® often says deliverable for output.

Business case, benefits and value

Parallel running

Keeping the old way going beside the new one until the new one meets agreed criteria. It is safer, but costs double effort for a while.

Closure, transition and handover

Pareto chart

Bars for the causes of a problem, the largest first, with a line of their cumulative share, so the vital few stand out. ‘80/20’ is a rule of thumb (after Juran).

Quality tools

Payback period

The time until the cash coming back equals the cash put in. Discounted payback adds present values, so it comes later. Both ignore cash after payback.

NPV, IRR and payback

PESTLE

A checklist of forces outside the organisation: political, economic, social, technological, legal, environmental. Usually traced to Francis Aguilar's 1967 study of environmental scanning.

Business case, benefits and value

Planned value, earned value, actual cost

PV: the budget of the work planned by the status date. EV: the budget of the work really done. AC: what the done work cost, counted the way the budget was.

Earned value

Plan–do–check–act (PDCA)

A loop for improving in small, tested steps. After Shewhart (1939) and Deming, who taught it in Japan from 1950 and later preferred ‘study’ to ‘check’.

Quality and continuous improvement

PMBOK® Guide

PMI®'s guide to the project management body of knowledge, now in its eighth edition, with The Standard for Project Management.

Introduction: project management certifications and this series

Positions and interests

A position is what someone asks for; an interest is why they ask (after Fisher and Ury). Agreements built on interests last longer.

Conflict and crisis

Power and authority

Authority is the formal right to decide. Power is wider: expertise, respect and relations count too. In PMI®'s grids, power means authority and influence is a separate axis.

Stakeholders and engagement

Power–interest grid

Places each stakeholder by power over the project and interest in its outcome, to choose where to start. Traced to Mendelow (1981); described by Eden and Ackermann (1998).

Stakeholders and engagement

Predictive (linear)

Scope fixed early, planned in detail, one pass through the phases. PMI® says predictive, APM linear, the ICB4 waterfall.

Life cycles and delivery approaches

Product owner, developers, scrum master

Scrum's three accountabilities: the product owner orders the backlog for value, the developers build the increment, and the scrum master helps the team use Scrum and removes obstacles.

Agile planning and metrics

Psychological safety

A shared belief in a team that people can ask, disagree or admit a mistake without being embarrassed or punished (after Edmondson). It does not lower standards.

Teams, diversity and inclusion

Push, pull and interactive

The PMBOK® Guide's three methods. Push: sent to people, like a report. Pull: fetched from a shared place, like a project site. Interactive: a live exchange, like a meeting.

Communication and knowledge transfer

Quality

Fitness for purpose, and conformance to the agreed requirements. APM names both; the PMBOK® Guide measures it by acceptance criteria, the definition of done and fitness for use.

Quality and continuous improvement

Quality assurance and quality control

Assurance checks the process, with audits and reviews, to prevent defects. Control checks each deliverable against its acceptance criteria, with tests and inspections, to find them.

Quality and continuous improvement

RACI

A common coding for a responsibility chart. Responsible: the people doing the work. Accountable: the one owner, who approves the result. Consulted: asked before. Informed: told after.

Governance, roles and assurance

RAG status

Red, amber or green, each tied to a threshold agreed before the first report. PMI® shows them as stoplight charts in dashboards; APM speaks of traffic lights.

Integrated planning and status reporting

Reduce or mitigate

Lowering the chance or the impact of a threat. APM and the ICB4 say reduce; PMI® says mitigate.

Risk, opportunity and issues

Requirement

What a result must have or do to meet a need. Needs often go unsaid, so they are drawn out, written down, traced to an objective and agreed.

Requirements and scope

Resistance

Holding back from a change, often from fear of losing a skill, status, control or certainty. It can point to a real flaw, so treat it as information.

Organisational change and transformation

Resource

Anything the work needs that someone must provide: people and their skills, equipment, facilities, materials and tools. Money is one too, but budgets are managed as finance.

Resources

Resource calendar

PMI®'s term for when each person or item is available to the project, including leave, part-time work and other commitments.

Resources

Resource histogram

Bars showing how many people the plan needs in each period, against a line for the people available. Bars above the line are overloads.

Critical path and resource levelling

Resource manager or line manager

The person with authority over staff lent to a project. PMI® and APM say resource manager; the ICB4 speaks of line management in the permanent organisation.

Resources

Resource smoothing and levelling

Smoothing holds the end date and shifts work only inside float (APM: it may also change the people). Levelling keeps the people limit and lets the date move. PMI® spells it leveling.

Critical path and resource levelling

Root cause analysis

Finding the underlying cause of a defect, so that fixing it stops the defect coming back. The ICB4 and PMI® use this name; APM files it under diagnostic analytics.

Quality tools

Scope and exclusions

What the project delivers and the work that produces it, plus a written list of what it does not include. The ICB4 and APM count outcomes and benefits in scope.

Requirements and scope

Scope creep

Scope that grows while time, cost and resources stay the same (after the PMBOK® Guide). A change that is logged, assessed and decided by the right person is not creep.

Requirements and scope

Servant leadership

Leading by serving the team first: meeting its needs, removing blocks and helping people grow (after Greenleaf). PMI® defines it; APM links it to self-managing teams.

Leadership and vision

Shared vision

A short, plain picture of the future the project creates and why it matters, agreed with key stakeholders, repeated often and kept current. PMI®'s outline says common vision.

Leadership and vision

Situational leadership

Fitting direction and support to how able and how willing a person is on one task (after Hersey and Blanchard, 1969). PMI® and APM use the term; the ICB4 names no model.

Leadership and vision

Specification limits

The limits the requirements set. PMI®: specification limits; APM: acceptance criteria; the ICB4: target values for quality indicators. They are not control limits.

Quality tools

SPI and CPI

The schedule and cost performance indices: EV ÷ PV and EV ÷ AC. Below 1 means behind schedule, or over budget. APM reads the SPI as productivity.

Earned value

Sponsor

The senior person accountable for the business case and the benefits. Secures the funding, often chairs the board, and is the project manager's first point of escalation.

Governance, roles and assurance

Sprint

A fixed period of one month or less in which a team turns backlog items into a usable increment. Scrum's word; PMI® also says iteration; APM and the ICB4 say timebox.

Agile planning and metrics

Stages of team development

Forming, storming, norming, performing and adjourning (after Tuckman, 1965, and Tuckman and Jensen, 1977). A pattern, not a timetable: teams stall, slip back or skip.

Teams, diversity and inclusion

Stakeholder

Anyone who takes part in a project, is affected by it, can affect it, or cares how it turns out, inside or outside the organisation.

Stakeholders and engagement

Stakeholder engagement

Identifying, analysing, planning and acting to win and keep people's support. APM prefers it to ‘stakeholder management’; the ICB4 and PMI® use both.

Stakeholders and engagement

Standard deviation (SD)

The spread of an estimate. PERT's shortcut is (P − O) ÷ 6. For a chain of independent activities, square the SDs, add them, and take the square root.

Estimation

Steering board

Senior people who direct the project and take decisions beyond the project manager's limits. The ICB4 and PMI®: steering committee; APM: governance board or project board.

Governance, roles and assurance

Story points and planning poker

Story points: relative sizes of work items. Planning poker: each member picks a card in private, all show at once, and the highest and lowest explain before the team votes again.

Estimation

Strategic resource plan

The ICB4's top layer of the resource plan: who is responsible for each part of resourcing, such as who asks for people, who lends them and who settles a clash.

Resources

Sunk cost

Money already spent. It is gone whatever you decide, so a decision to continue, change or stop weighs only the costs and benefits still to come.

Business case, benefits and value

Sustainability

Weighing a project's long-term social, environmental and economic effects (people, planet, profit). APM's PMQ syllabus adds administrative ones.

Ethics, compliance and sustainability

Tacit and explicit knowledge

Explicit knowledge can be written down and shared. Tacit knowledge lives in people as skill and judgement, and moves mainly by working together (after Polanyi, 1966).

Communication and knowledge transfer

Tailoring

Fitting the approach, the governance and the processes to one project: add what it needs, drop what only costs effort, and review the fit.

Life cycles and delivery approaches

Target cost

A contract with an agreed target cost. Overruns and savings against the target are shared between buyer and supplier by an agreed ratio.

Procurement and contracts

Threat and opportunity

Uncertain events that would harm or help the objectives. PMI® and APM call both ‘risk’; the ICB4 says ‘risk and opportunity’.

Risk, opportunity and issues

Three-point estimate

Optimistic (O), most likely (M) and pessimistic (P) values. Triangular mean (O + M + P) ÷ 3; PERT mean (O + 4M + P) ÷ 6. PMI®'s guide says multipoint estimating.

Estimation

Thresholds and tolerances

How far a measure may drift before someone must act or escalate. PMI®: control thresholds. APM: tolerances. The ICB4 asks you to signal cost breaches.

Earned value

Time and materials (T&M)

The buyer pays for the time used at agreed rates, plus materials, and carries the risk of how long the work takes. A cap (APM: a not-to-exceed limit) limits it.

Procurement and contracts

Timebox and release plan

A timebox is a fixed period, often two weeks, in which the scope flexes. A release plan groups several timeboxes and shows what each should deliver.

Schedule

To-complete performance index (TCPI)

The cost efficiency the remaining work needs to meet a target: the work left, BAC − EV, divided by the money left, BAC − AC (or EAC − AC once a new EAC is approved).

Earned value

Tolerance and threshold

A preset limit within which the project manager may decide. APM: tolerance. PMI®: threshold (PMI® keeps ‘tolerance’ for the allowed variation of a quality requirement).

Governance, roles and assurance

Total float and free float

Total float: how long an activity can slip before the end date moves (late start − early start). Free float: how long before the next activity must start later.

Critical path and resource levelling

Transition and handover

Moving the result into use by the people who will run it. The ICB4 says handover; PMI®, transition to operations; APM, transition into use, into business as usual.

Closure, transition and handover

Value

What the benefits are worth, set against the costs and any disbenefits (harm the change causes). PMI®: value worth the effort and expense. APM: value for money.

Business case, benefits and value

Velocity

The story points of accepted work that one team finishes in a sprint. A basis for a forecast given as a range; never a target, and never compared between teams.

Agile planning and metrics

Verification and validation

Verification: was it built as specified? The project checks it. Validation: does it meet the real need? Users or the client check it, ending in formal acceptance.

Quality and continuous improvement

Warranty period

A period after acceptance in which the supplier must fix defects at its own cost. After it, a fix is a paid change.

Closure, transition and handover

Work breakdown structure (WBS)

A tree that divides all of the project's work into smaller parts, down to work packages with clear boundaries and one owner each.

Requirements and scope

Work-in-progress (WIP) limit

The most items allowed in one column of a Kanban board at a time. When a column is full, people help finish work before new work starts.

Agile planning and metrics

Working agreement

The rules a team writes for how it works: meetings, decisions, conflicts, what done means. PMI®: team charter. APM: project charter. ICB4: team norms and rules.

Teams, diversity and inclusion

Zone of possible agreement (ZOPA)

The range between the two sides' walk-away points. A deal is possible only inside it; with no overlap, each side takes its BATNA.

Procurement and contracts