| Term |
Definition |
Discussion |
Examples & Illustrations |
| Rationale |
A statement explaining why this particular
project is being proposed at this particular
time.
|
|
Henry is convinced that if this project is not
undertaken immediately, the Company’s
growth ambitions in Asia will be seriously
handicapped.
|
| Realise (a target outcome) |
To successfully generate a target outcome |
Outcomes are realised—while outputs are
delivered.
|
|
| Reference group Ref/Gp |
A reference group is a formally constituted
forum of key stakeholders—charged with filling
a defined role in the project.
|
Ref/Gps report into the project (in the
organisational sense) through either the PM or
the SC.
Ref/Gps have highly specific ToRs—and so
may have a very short tenure.
|
|
| Resolving (an infeasibility) |
Taking actions to reduce the level of
infeasibility to zero. The available actions
depend on both the type and severity of the
infeasibility.
|
There are, in general, four sorts of action
available to resolve an infeasibility:
- If the project is time infeasible:
- Descope.
- Add resources.
- Allow deadlines to slip.
- Increase the project’s risk exposure.
- If the project is cost infeasible:
- Descope.
- Extend the timeframe.
- Increase the budget.
- Increase the project’s risk exposure.
Refer also time-infeasible and cost-infeasible
projects.
|
|
| Resource plan |
A component of a project plan—indicating the
full scope of resources that will be demanded
by the project’s WBS.
|
There are two parts to a resource plan:
- An acquisition plan.
- An HR plan
The cost of a project is equal to value of the
resource plan.
The project budget must be set equal to the
cost of the project
|
|
| Resources |
See inputs. |
|
|
| Result |
An effect attributable to the execution of a
process.
|
“Results” is a collective label for two (otherwise
distinct) elements of the ITO model:
|
|
| Risk |
A scenario in which the worth of a project
changes. A risk is made up of three
(sequential) elements:
|
A risk can cause the worth of a project to
increase or decrease—but the focus of risk
management tends to be on those risks that
are associated with a decrease in the worth of
a project.
|
|
