Actual Cost: Total costs incurred for a task.
Baseline: The project’s original plan. Usually, the project’s first set of start and finish dates.
Budget: A fiscal plan of operations for a given time period. A list of planned expenses.
Budget at Completion: The estimated total cost of the project when it is complete.
Champion: A person who is responsible for the successful completion of a project.
Cost Overrun: Actual Cost has exceeded the Budget.
Cost Control: Controlling changes to the project’s budget.
Cost Variance: The difference between the budget (estimated) cost of a task and the actual cost of the task.
Current Finish Date: The current estimate of when the task will be complete.
Current Start Date: The current estimate of when the task will be started.
Duration: The time between the start and finish of each task.
Earned Value (EV): Earned value is synonymous with the term BCWP (Budget Cost for Work Performed). The actual measured performance; the value of the completed work.
Gantt Chart: A common way of showing tasks over time. A graphic display of schedule information. In the typical gantt chart, schedule tasks are listed down the left side of the chart, dates are shown across the top, and task durations are shown as horizontal bars.
Level of Effort (LOE): Work which doesn’t yield a final product. Examples: coordination, follow-up and other support activities.
Master Schedule: A summary level project schedule which highlights key major project components and key milestones.
Milestone: An important event.
Milestone schedule: A summary schedule which identifies a project’s key milestones.
Project Management Institute (PMI): A non-profit group dedicated to improving project management, providing education and certification to project managers and more. (www.pmi.org)
Project Plan: A formal, approved document used to guide both project execution and project control.
Project Schedule: The planned dates for performing activities and the planned dates for meeting milestones.
PERT: Program Evaluation Review Technique, a project management method developed by the United States Navy.
Planned Value: The sum of the approved cost estimates scheduled to be performed during a given period (usually up to the status date.)
Remaining Duration: The amount of time needed to finish a task.
Resource: Something that is needed to complete the project. Can be a person or equipment.
Schedule: The planned dates for performing activities/tasks and for meeting deliverables.
Statement of Work (SOW): A document describing the work to be done on the contract.
Task: A project activity. A step in the project.
Task List: The list of steps in a project.
Time Now or Current Date Line: A vertical line showing the date on which the status of the project was last done. Often this date is the same as the current date. If a task is on schedule, it will usually be shaded up to the time now line. If it is ahead of schedule it will be shaded beyond the time now line. If it is behind schedule the shading will not reach the time now line.
Work Breakdown Structure (WBS): A tree-like representation of the work to be done on a project. The WBS graphically shows the division of work.