| Term |
Definition |
Discussion |
Examples & Illustrations |
| Fitness-for-purpose |
Suitability for utilisation by a project customer. |
Fitness-for-purpose is a binary concept related
only to a project’s outputs. Outputs are either
fit-for-purpose or they are not. The term has
two senses:
- Ex ante—where fit-for-purpose of an output
is:
- expressed in terms of a (technical) specification.
- decided by testing that the output meets its specification.
- Ex post—where fit-for-purpose is decided
by testing the “correctness” of the adopted
specification.
|
|
| Fitness-for-purpose feature |
A characteristic of an output that makes it
suitable for utilisation.
|
A critical property of an output from a project.
The set of fit-for-purpose features of an output
provide the foundation for its eventual
specification.
|
A requirement that the new procurement
process is not to include the issue of invoices
from suppliers is an example of a fit-for-purpose
feature (of the new process).
|
| Flow of value |
The stream of benefits (or disbenefits) that a
stakeholder experiences—arising the project.
|
Flows of value can be either:
- Positive—giving rise to a gain in value
(benefit); or,
- Negative—giving rise to a loss of value
(disbenefit).
|
The reduced procurement costs arising from
Project BuyRite represent a flow of value to
ICO.
The faster payments for deliveries represents
a flow of value for ICO’s vendors.
|
| Fortuitous outcomes |
Outcomes that are not targeted in a project’s
scoping statement. Fortuitous outcomes can
play no part in the ex ante appraisal of a
project.
|
Fortuitous outcomes are (erroneously)
accepted in some project methodologies as
benefits.
Outcomes are either:
- Targeted—and hence claimed as benefits
(for which an owner is made
accountable); or,
- Treated as fortuitous (for which no-one is
made accountable), but which cannot be
claimed (ex ante) as benefits.
|
|
| Freedom |
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| Funder |
A stakeholder who provides funds and/or
approves the allocation of labour to the project.
|
A project can have multiple funders. |
To avoid confusion with the concept of who
owns the money, we define the funder as the
person who has the authority to make the final
decision about accepting the business case.
In this case Henry Crun (as CEO) has
assumed that role.
|
