1) Activity duration a) The length of time that it takes to complete an activity. b) A unique code identifying each activity in a project. c) The state of completion of an activity. 2) Baseline a) A positive and measurable impact of change. b) The reference levels against which a project, programme or portfolio is monitored and controlled. c) A review of what other organisations are doing in the same area. For those organisations who appear to be particularly successful in what they do and how they do it and are taken to be examples to be emulated, i.e. used as benchmarks. 3) Categorise a) A change to a project’s baseline scope, cost, time or quality objectives. b) A request to obtain formal approval for changes to the approved baseline. c) A phase in the portfolio life cycle where the component projects and programmes may be grouped according to shared characteristics. 4) Closure a) Negotiation that seeks to create a ‘win-win’ scenario where all parties involved get part or all of what they were looking for from the negotiation. b) The formal end point of a project, programme or portfolio; either because planned work has been completed or because it has been terminated early. c) The process of exchanging information and confirming there is shared understanding. 5) Define a) The phase of a portfolio life cycle where the projects, programmes and change to business-as-usual required to meet strategic objectives are identified and evaluated. b) The process of bringing people, activities and other things together to perform effectively. c) A response to an opportunity that maximises both its probability and impact. 6) Budgeting a) Time-phased financial requirements. b) A term used in critical chain for the centralised management of schedule contingencies. c) An organisation’s normal day-to-day operations. Also referred to as steady state.

Project management

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