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EAC Estimate at Completion Earliest Feasible Date The earliest date on which the activity could be scheduled to start based on the scheduled dates of all its predecessors, but in the absence of any resource constraints on the activity itself. This date is calculated by resource scheduling. Earliest Finish The earliest day that the work item can finish if it starts on its earliest start and is completed in its expected time. Early Start In the critical path method, the earliest possible date on which the uncompleted portions of an activity (or the project) can finish based on the network logic and any schedule constraints. Early finish dates can change as the project progresses and changes are made to the project plan. Earned Hours The time in standard hours credited as a result of the completion of a given task or a group of tasks. Earned Value 1. A method for measuring project performance. it compares the amount of work that was planned with what was actually accomplished to determine if cost and schedule progress is as planned. See also Actual Cost of Work Performed, Budgeted Cost of Work Scheduled, Budgeted Cost of Work Performed, Cost Variance, Cost Performance Index, Schedule Variance, and Schedule Performance Index. 2. The Budgeted Cost of Work Performed for an activity or group of activities Earned Value Analysis Earned Value can be used as a basis for calculating cost performance to date with that which was planned, or budgeted. A series of cost fields need to be established including: * ACWP - Actual Cost of Work Performed (Spent Cost) * BAC - Baseline at Completion * BCWP - Budgeted Cost of Work Performed(Earned Value/Achieved Cost) * BCWS - Budgeted Cost of Work Scheduled(Elapsed Cost/Baseline Cost to Date) * CV - Cost Variance * CPI - Cost Performance Indicator * EAC - Estimated Actual at Completion * FTC - Forecast to Completion * SC - Scheduled Cost * SPI - Scheduled Performance Indicator * SV - Schedule Variance * Variance Earned Value Cost Control The quantification of the overall progress of a project in dollar terms so as to provide a realistic yardstick against which to compare the actual cost to date. Earned Value Management A management technique that relates resource planning to schedules and to technical cost and schedule requirements. All work is planned, budgeted, and scheduled in time-phased increments constituting a cost and schedule measurement baseline. ECC Estimated Cost to Complete EF Early Finish Date EFC Estimated Final Cost Effective Interest The true value of interest rate computed by equations for compound interest rate for a 1-year period. Effectiveness The extent to which the goals of a project are attained, or the degree to which a system can be expected to achieve a set of specific requirements. Efficiency The ratio of the useful work obtained to the energy expended. Efficiency Factor A measure of overall performance used in a work measurement system. It is calculated by dividing the standard time to perform the work by the actual time. Effort The number of labor units required to complete an activity or other project element. Usually expressed as staff hours, staff days, or staff weeks. See also duration. Effort Remaining The estimate of effort remaining to complete an activity. Effort-Driven Activity An effort-drive activity provides the option to determine activity duration through resource usage. The resource requiring the greatest time to complete the specified amount of work on the activity will determine its duration. Eighty-Twenty Rule A term created by Pareto, an Italian sociologist, meaning that a process or methodology will accommodate 80% of the situations that arise, with 20% of the situations requiring handling on a case-by-case basis. Elapsed Duration The amount of time needed to complete a task. Elapsed Time The total number of calendar days (excluding non-work days such as weekends or holidays) that is needed to complete an activity. It gives a "real world view" of how long an activity is scheduled to take for completion. Element A basic component e.g. of the work breakdown structure. Element Definition Dictionary A listing of terms and their meanings representing the contents or elements of a work breakdown structure. Employee Relations Those formal activities and procedures used by an organization to administer and develop its workforce. EMR See Expenditure Management Report End Activity An activity with no logical successors. End Item See Deliverable or Product. End Stage Assessment A mandatory management control at the end of each stage. work may not proceed on the next stage until the project board has approved current status and future resource plans and technical plans at this assessment. End-Phase Assessment See Post Project Review Endorsement Written Approval. Endorsement signifies personal understanding and acceptance of the thing endorsed, and recommends further endorsement by higher levels of authority if necessary. Endorsement of commitment by a person invested with appropriate authority signifies authorization. See Approve, Authorize. Engineering Change Notice The formal release of an engineering change. Engineering Change Proposal ("ECP") A proposal submitted by the seller in response to a buyer request for an ECP to change the existing contract effort. Only the buyer can initiate the request for an Engineering Change Proposal. This activity is usually preceded by a Request For Change. The user, buyer, or the seller can initiate a Request For Change to the contract. It is an exploratory activity. Engineering Change Request A request to consider a technical change to the technical baseline submitted to a Change Control Board. Engineering Cost Estimate Cost estimate derived by summing detailed cost analysis of the individual work packages and adding appropriate burdens. Usually determined by a contractor's performing organizations, price analysts, and cost accountants. Engineering Process The set of activities relating to a construction output. Enterprise Project Management The application of the project management discipline throughout an enterprise. Environment Characteristic A particular property of the environment. Environment, project The combined internal and external forces, both individual and collective which assist or restrict the attainment of the project objectives. These could be business or project related or may be due to political, economic, technological or regulatory conditions. Environmental Requirements Regulatory conditions that pertain to the natural environment that must be met in the planning and execution of a project. Equipment Procurement The acquisition of equipment/ material to be incorporated into the project. Equitable Adjustment The price or target cost adjustment to which a contractor is entitled upon the occurrence of some special event, such as the issuance of a contract change. Error A discrepancy between a computed, observed, or measured value or condition and the true, specified, or theoretically correct value or condition. Error Probability The likelihood of a mistake. ES Early Start Date ESAR Extended Subsequent Applications Review Escalated Base Price The base price estimate adjusted for inflation up to the time of tender. Escalation An anticipated rise in uncommitted costs of resources (labor, material, equipment) over time, due to reduced purchasing power of money. A component of a cost type. The allowance for escalation is a component within the anticipated award cost of a cost class. Essential Characteristics The minimum operational, functional, maintenance, performance, reliability, and safety requirements which must be fulfilled to meet the needs of the user(s). Estimate An assessment of the likely quantitative result. Usually applied to project costs and durations and should always include some indication of accuracy (e.g., + or - 15%). Usually used with a modifier (e.g., preliminary, conceptual, feasibility). Some application areas have specific modifiers that imply pre-set accuracy ranges (e.g., order of magnitude estimate, budget estimate, and definitive estimate in construction). Estimate An evaluation of all the costs of the elements of a project or effort as defined by an agreed-upon scope. See order of magnitude estimate, budget estimate, and definitive estimate. Estimate at Completion ("EAC") The expected total cost of an activity, a group of activities, or of the project when the defined scope of work is completed. Most techniques for forecasting EAC include some adjustment of the original cost estimate based on project performance to date. Also shown as "estimated at completion." Often shown as EAC = Actuals-to-date + ETC. See also earned value and estimate to complete. Estimate Class A A detailed projection of time and costs for next planning horizon, having an expected precision variance of 10% or less; team involved in this estimate and willing to commit to it. Also called a Commitment Estimate. Estimate Class B An estimate based on at least two levels of a documented work breakdown structure, having an expected precision variance of 25% or less; project manager and/or subject matter experts developed this estimate. Also called a Preliminary Estimate. Estimate Class C Ballpark estimate used only in preliminary discussion of feasibility having a precision variance of 50% or more; not to be used for making commitments. Also called a Sizing Estimate. Estimate Class D An estimate based on a comprehensive statement of requirements in mission terms and an outline solution. Such an estimate is strictly an indication of the final cost and completion date. Estimate Conversion The re-assembly of the components of an estimate into a fiscal or project budget, typically for approval and control purposes. Estimate To Complete ("ETC") The expected additional cost of an activity, a group of activities, or of the project when the defined scope of work is completed. Most techniques for forecasting ETC include some adjustment of the original cost estimate based on project performance to date. See also earned value and estimate at completion. Estimate at Completion ("EAC") An estimate of the cost at completion based on the original planned performance. The EAC is given by the sum of the remaining cost and ACWP. Estimated Completion Date The predicted date at which all requirements for a defined task will be completed. Estimated Cost to Complete ("ECC") The remaining costs to be incurred to satisfy the complete scope of a project at a specific data date. The difference between the cost to date and the forecast final cost. Estimated Final Cost ("EFC") Forecast Final Cost. Estimating Calculating approximately the probable cost or value. Estimating Costs The process of forecasting a future result in terms of cost, based upon information available at the time. Estimating Factor A multiple used to estimate cost or price based on a linear relationship with a product characteristic or an element of cost. ETC Estimate To Complete EV Expected Value and Earned Value Evaluate To appraise or determine the value of information, resources, or options. Evaluation A thorough appraisal or determination of the value of information, resources, or options. Evaluation Factors Those elements (technical, cost, management, etc.) the buyer considers most important and is the basis for proposal evaluation. Evaluation of Progress A careful assessment of the work completed to date as compared to the baseline plan. Even Loading An even distribution of budget over an activity or project's duration. Event An event is an identifiable single point in time on a project. Event oriented A planning approach focusing on events rather than activities. Event Oriented Schedule Systems which present information in terms of events (i.e. points in time). See Arrow Diagramming. Event-on-Node A network diagramming technique in which events are represented by boxes (or nodes) connected by arrows to show the sequence in which the events are to be completed. Used in the original Program Evaluation and Review Technique. Evolutionary Development A development approach where successive increments build on previous versions. The product "evolves" to its final state rather than being developed that way in a single development effort. Evolutionary Prototype The progressive maturing of a software or hardware product by building a model and developing it into the final product by the progressive introduction of required performance. Examination An element of inspection consisting of investigation, without the use of special laboratory appliances or procedures, of supplies and services to determine conformance to those specified requirements which can be determined by such investigations. Examination is generally non-destructive and includes, but is not limited to visual, auditory, olfactory, tactile, gustatory, and other investigations; simple physical manipulation; gauging, and measurement. Exception An exclusion or deviation from a specified or accepted reference set. Exception Reporting The process of documenting those situations where there are significant deviations from the quality specifications of a project. The assumption is made that the project will be developed within established boundaries of quality. When the process falls outside of those boundaries, a report is made on why this deviation occurred. Exception Reports Documentation that focuses its attention on variations of key control parameters that are critical rather than on those that are progressing as planned. Excusable Compensable Delays Delays that are caused by the owner's actions or inactions. Also, the contractor is entitled to a time extension and damage compensation for extra costs associated with the delay. See also Excusable Delays; Excusable Non-compensable Delays; Non-Excusable Delays and Concurrent Delays. Excusable Delays Delays that are not attributable to the contractor's action or inactions. Excusable delays when founded, entitle the contractor to a time extension if the completion date is affected. See also Excusable Compensable Delays; Excusable Non-compensable Delays; Non-Excusable Delays and Concurrent Delays. Excusable Non-compensable Delays Delays that are neither the contractor's nor the owner's fault. The contractor is entitled to a time extension but not to damage compensation. Non-excusable Delays are delays that are caused by the contractor's or its subcontractor's actions or inactions. Consequently, the contractor is not entitled to a time extension or delay damages. On the other hand the owner may be entitled to liquidated or other damages. See also Excusable Delays; Excusable Compensable Delays; Non-Excusable Delays and Concurrent Delays. Execution Period See Execution Phase. Execution Phase The period within the project life cycle during which the actual work of creating the project's deliverables is carried out. Executive Authority The individual or collective body representing the source of project management's authority. This authority may be channeled through a project sponsor, or project director. Executive Control Gate A control gate identified, defined, and included in the project schedule by executive management. Executive Control Point A point between project stages when top management has the opportunity to review the project status, the plan for the ensuing stage, verify its consistency with their latest business objectives and give, or withhold, approval to proceed. Expanding In an outline, making visible the collapsed tasks that are immediately subordinate to summary tasks. Expectations Looking forward to events that are about to happen. Expected Monetary Value The product of an event's probability of occurrence and the gain or loss that will result. Expected Value A way for comparing the values/costs of different scenarios. It is calculated by multiplying the probability of an outcome times the estimated cost of that outcome. See also Most Likely Value. Expected Working Period A proposed period of work, or the normal working day, week, month, year, that is expected of an employee. Expediting Facilitating and accelerating progress by the removal of obstacles. Expended Disbursed or spent. Expenditure The conversion of resources. An expenditure is an event. Conversions of resources may take several forms: 1. Exchange: conversion of title or ownership (e.g., dollars for materials), 2. Consumption: conversion of a liquid resource to a less recoverable state, i.e., expenditures of time, human resources, dollars to produce something of value, or the incorporation of inventoried materials into fixed assets. Expenditure Authority The senior management responsible for giving permission for, or the actual approval of, disbursement of funds. Expenditure Management Report ("EMR") A fiscally-oriented project expenditure report that includes a number of special Cost Types. Expenditure to Budget A comparison of, or the difference between, the amount expended and the corresponding budget allocation. Expenditure to Date The amount recorded as actually disbursed and accrued on an activity or whole project up to the current cutoff or data date. Expense Cost of operation and maintenance of activities on the accrual basis for a fiscal period as distinguished from cost of acquisition of property. Experiment An effort to discover or confirm some principle or effect usually in some scaled down form such as a mockup, or surrogate form such as a computer model. Expert One who is skilled in a particular area by virtue of learning and experience. Expertise A specialized, in-depth body of knowledge, skills, and competence that is a major, identifiable component of the relevant discipline. Extended Subsequent Applications Review ("ESAR") A formal review performed in lieu of a full C/SCSC demonstration review, when contractor conditions have changed or when programs change from one phase to another. For example, when a program moves from research and development into production, when contractors move programs from one facility to another, or when contractors make significant changes to their C/SCSC systems descriptions. External Literally: outside. Usually refers to someone, or some influence, that is not part of or from the organization or the project team. External Constraint A constraint from outside the project network. External Procurement Sources Extra-firm sources including industry contacts, market data, competitive intelligence and regulatory information which could aid procurement decision-making. Externalities Conditions that are beyond the influence of the project team. Extinction The end of all activity on a project, usually before meeting its stated objectives. The end results of a project terminated by extinction are neither terminated by inclusion or integration. Extra Work Order See field order Extra Works Requirements that require additional effort that were not contemplated in the original contract or agreement. |