A task that occurs in a schedule with a defined duration, start, and finish time. It is assigned to a resource to perform. It is used interchangeably with the term “task.”
What is an Activity?
100
the amount of time in days between the time available to perform a task and the time required to perform the task? It is measured in calendar days.
What is Float?
100
is the latest time an activity can start without causing
delay to a succeeding activity. It is the latest finish of all activities preceding it.
What is Late Start?
100
is the date in which the owner/end user can take beneficial occupancy of the project for its intended purpose. It is traditionally the date in which the warranty period begins.
What is Substantial Completion?
100
is a difference from what was planned or anticipated. Most often used in addressing the difference in budget or schedule from what was planned.
What is Variance?
200
contract modification that modifies scope, and possibly time and/or cost? These can be added to or deducted from the contract sum.
What is a Change Order?
200
those costs that are nonproduction costs or overhead costs? There is no direct relationship to a specific task but to the project as a whole.
What are Indirect Costs
200
is the amount of time in days a dependent task must be delayed to begin or end.
What is Lag?
200
is the amount invoiced by the contractor for work completed in that period (typically monthly).
What is a Progress Payment?
200
is a decomposition of the work into smaller or more detailed components. It has multiple levels.
What is a Work Breakdown Structure (WBS)?
300
one or more tasks that can occur simultaneously without impacting the other task(s)?
What are concurrent tasks?
300
is the maximum amount of time a task can be delayed from
its Early Start (ES) without delaying the ES of any activity immediately following it.
What is Free Float?
300
is a mathematical curve used to predict the reduction in time
resulting from a task being performed repeatedly.
What is a Learning Curve?
300
is a schedule illustrating the logic and sequencing of tasks to put the project back on track after it has slipped.
What is a Recovery Schedule?
300
is a change or action taken by or involving one side or party only. It most often refers to an owner’s contractual right to issue change orders during the life of the project.
What is Unilateral?
400
the difference (in dollars) between what was earned in performing the task(s) and what it actually costs to perform the task? Positive values are favorable and negative values are unfavorable.
What is cost variance?
400
is the point in time when an activity starts or finishes.
What is Event?
400
is a logic diagram arranged in a predetermined format to illustrate the tasks, sequencing, dependencies, and relationships between specific tasks on a schedule.
What is a Network Diagram?
400
is the difference (in dollars) between what was planned on being earned and what was actually earned for a task(s). Positive values are favorable and negative values are unfavorable.
What is Schedule Variance?
400
is the Budget at Completion (BAC) less the Estimate at Completion (EAC)
What is Variance at Completion (VAC)?
500
the value of the work planned or scheduled to be accomplished within a specific time period as illustrated
in the schedule. It is one of the principle measurement tools of the project control process?
What is BCWP or Budgeted Cost of Work Performed?
500
is the value of work (in dollars or labor‐hours) done to
date either by line item on the Schedule of Values SOV or by the total SOV. It is calculated by measuring physical progress as a percentage and multiplying it by the total value of the line item in the SOV.
What is Earned Value?
500
is a method of simulating task durations using probabilities. The method identifies the percentage of times, tasks, and paths that are critical over numerous simulations.
What is Monte Carlo Simulation?
500
is the budgeted cost of work performed (BCWP) divided by the budgeted cost of work scheduled (BCWS). It is a ratio of the earned value to the planned value. Values greater than 1.0 are considered favorable; values less the 1.0 are unfavorable.