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Project Controls and Planning Acronyms List and Glossary of Terms

This document defines over 70 common acronyms and terms used in project controls and planning, such as EVM, WBS, SPI, and PMB. It provides the full definitions for key terms like earned value, budget at completion, estimate to complete, and schedule performance index. The comprehensive list is intended to help readers understand the most frequently used terminology in project management, cost estimating, and schedule control.

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DeepakGawas
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83 views8 pages

Project Controls and Planning Acronyms List and Glossary of Terms

This document defines over 70 common acronyms and terms used in project controls and planning, such as EVM, WBS, SPI, and PMB. It provides the full definitions for key terms like earned value, budget at completion, estimate to complete, and schedule performance index. The comprehensive list is intended to help readers understand the most frequently used terminology in project management, cost estimating, and schedule control.

Uploaded by

DeepakGawas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Project Controls and Planning Acronyms

List and Glossary of Terms


Posted 4:44 am by logikalprojects & filed under Technical Articles.
A comprehensive list of the most common terms and acronyms used in Project Controls
and Planning

AC Actual Cost

AFC Anticipated Final Cost used in EVM

BAC Budget at Complete used in EVM

CAPEX Capital Expenditure

CBA Cost Benefit Analysis

CEN Compensation Event Notification

COWD Cost of Work Done

CPA Critical Path Analysis

CPI Cost Performance Index used in EVM

CPM Critical Path Method

CRF Change Request Form

CSF Critical Success Factor

CV Cost Variance used in EVM

DMS Document Management System

EAC Estimate at Completion same as AFC, used in EVM

EDMS Enterprise (or Electronic) Document Management System

EFQM EFQM Excellence model is a non-prescriptive assessment


framework that can be used to gain a holistic overview of any organisation
regardless of size, sector or maturity

ERR Economic Rate of Return

ETC Estimate to Complete used in EVM

EVM Earned Value Management

EWN Early Warning Notification

IBR Integrated Baseline Review

ICE Institution of Civil Engineers

IRO Issues, Risks and Opportunities

IROM Issue, Risk and Opportunity Management

IRR Internal Rate of Return

ISO International Organisation for Standardisation Quality Standards

ITT Invitation to Tender

KPI Key Performance Indicators

KSC Key Success Criteria

NEC3 Family of contracts used often in major construction projects in the UK

NPV Net Present Value

OBS Organisational Breakdown Structure

OJEU Official Journal of the European Union lists all tenders (above a certain
threshold) from the public sector

OPEX Operational Expenditure

PEST Political, Economic, Social and Technological decision-making


framework

PMI Project Managers Instruction

PMP Project Management Plan

PV Planned Value used in EVM

QRA Quantitative Risk Assessment

RACI Responsible, Accountable, Consulted, Informed Model to define roles


and responsibilities

RBS Resource Breakdown Structure used in the schedule

SMART Specific, Measurable, Agreed, Realistic, Time Specific Key properties


of any objective

SME Subject Matter Expert

SPI Schedule Performance Index used in EVM

SV Schedule Variance used in EVM

SWOT Strengths, Weaknesses, Opportunities, and Threats analysis method

VE Value Engineering

WBS Work Breakdown Structure

ACTUAL COST (AC)


The actual cost derived from the employed accounting system. Also called ACWP.

ACTUAL COST OF WORK PERFORMED (ACWP)


The sum of costs actually incurred in accomplishing the work performed.

APPROVED SYSTEM
An EVM system that has been accepted by a customer, typically documented by an
advance agreement or similar document. Approval may be found at a single geographic
location or in multiple locations. Multiple approved systems may also reside within a
single geographic location.

BUDGET AT COMPLETION (BAC)


The sum total of the time-phased budget.

BUDGETED COST FOR WORK PERFORMED (BCWP)


A measure used to quantify the overall progress of the investment in monetary terms.
BCWP is calculated by applying a performance measurement factor to the planned cost.

(By comparing BCWP with ACWP, it is possible to determine if the investment is under
or over budget.) Another term for BCWP is Earned Value.

BUDGETED COST FOR WORK SCHEDULED (BCWS)


The sum of the budgets for all planned work scheduled to be accomplished within a
given time period. This term is often used to designate the cumulative to-date budget.
Control Account Manager (CAM) A member of the organisation responsible for cost
account performance, and for the management of resources to accomplish such tasks.

CONTROL ACCOUNT PLAN (CAP)


Control Account Plans (CAPs) document the underlying work packages and provide the
CAM with a source to evaluate his or her BCWS, ACWP, and BCWP (Earned Value) of
each for the CAMs Control Accounts.

CORRECTIVE ACTION PLAN (CAP )


Corrective Action Plans are documents that allow Investment Managers to define the
strategy that will be employed to improve the performance of their investments.

COST PERFORMANCE INDEX (CPI)


Ratio of work accomplished versus work cost incurred for a specified time period. The
CPI is an efficiency rating for work accomplished for resources expended.

COST VARIANCE (CV)


The difference between the earned value and the actual cost.

DATA ITEM DESCRIPTION (DID)


Data Item Description contains the format and content preparation instructions for the
data product generated by the specific and discrete task requirements as delineated in
the contract.

EARNED VALUE (EV)


EV quantifies the amount or volume of work completed to date, and is commonly known
as the Budgeted Cost of Work Performed (BCWP). When compared to the planned
value (Budgeted Cost of Work Scheduled) and its actual cost (Actual Cost of Work
Performed), EV provides an objective measure of schedule and cost performance.

EARNED VALUE MANAGEMENT (EVM)


EVM is a methodology that integrates a programmes work scope, schedule, and
resources to enable government and contractor management to objectively track
programme progress throughout the projects life cycle.

EARNED VALUE MANAGEMENT IMPLEMENTATION GUIDE (EVMIG)


The EVMIG provides guidance for understanding earned value management concepts,
defines objective criteria for earned value management systems and provides guidance
in interpreting those criteria for use on large, risky, cost based government programmes.
Procedural aspects for Government personnel for specifying and using earned value
management systems and for evaluating those systems are also provided.

EARNED VALUE MANAGEMENT SYSTEM (EVMS)


EVMS is the integrated set of processes, applications, and practices that follow the
globally accepted guidelines that describe the attributes of an effectively integrated cost,
schedule, and technical performance management system.

ESTIMATE AT COMPLETION (EAC)


A value expressed in either dollars and /or hours, to represent the projected final costs of
work when completed. The EAC is calculated as ETC + ACWP.

ESTIMATE TO COMPLETE (ETC)


The value expressed in either dollars or hours developed to represent the cost of the
work required to complete a task. Cobra calculates the ETC by subtracting the budgeted
cost of work performed from the budget at complete. The ETC is calculated as BAC
BCWP.

INTEGRATED BASELINE REVIEW (IBR)


An IBR is intended to verify the technical content and realism of the related performance
budgets, resources, and schedules. It should provide a mutual understanding of the
inherent risks in the offerors/ contractors performance plans and the underlying
management control systems, and it should formulate a plan to handle these risks.

INTEGRATED MASTER SCHEDULE (IMS)

The IMS is developed for the certain IT Investment so that tasks and milestones are
clearly defined. It is updated regularly to identify IT investment elements that are behind
as well as those ahead of schedule. The IMS maps directly to the CWBS enabling the
investment management team a single point of reference for all activities.

ORGANISATIONAL BREAKDOWN STRUCTURE (OBS)


A hierarchical structure designed to pinpoint the area of an organisation responsible for
each part of an investment.

PERFORMANCE BASED MANAGEMENT SYSTEM (PBMS)


Performance Based Management System incorporates performance measures and
metrics with careful investment planning to effectively manage investments,
programmes, and projects.

PERFORMANCE MEASUREMENT BASELINE (PMB)


The PMB is the time-phased budget plan against which contract performance is
measured. It is formed by the budgets assigned to scheduled cost accounts and the
applicable indirect budgets. It equals the total budget less management reserve and
undistributed budget. Once the PMB is frozen or established, cost and schedule
changes must be processed through formal change control procedures. Authorised
changes must then be incorporated into the PMB in a timely manner and reflected in
both budgets and schedules.

PLANNED VALUE (PV)


The assignment of the budget for each reporting period for each work component. Also
called BCWS.

RESPONSIBILITY ASSIGNMENT MATRIX (RAM)


The RAM correlates the work required by a Contract Work Breakdown Structure
(CWBS) element to the functional organisation responsible for accomplishing the
assigned tasks. The responsibility assignment matrix is created by intersecting the
CWBS with the programme organisational Breakdown Structure (OBS). This intersection
identifies the cost account.

SCHEDULE MANAGEMENT PLAN (SMP)

The Schedule Management Plan defines scope, purpose, and policy; participant roles
and responsibilities; objectives; processes and procedures; organisational
responsibilities and relationships; tools; reporting requirements; and related documents.
It guides the overall implementation of schedule development and management over
time.

SCHEDULE PERFORMANCE INDEX (SPI)


Ratio of work accomplished versus work planned, for a specified time period. The SPI is
an efficiency rating for work accomplishment, comparing work accomplished to what
should have been accomplished

SCHEDULE VARIANCE (SV)


The difference between the budgeted cost of work performed and the budgeted cost of
work scheduled at any point in time (BCWP-BCWS).

STATEMENT OF WORK (SOW)


A description of product and service to be procured under contract; a statement of
requirements.

SUBJECT MATTER EXPERT (SME)


The Subject Matter Expert is the individual(s) who exhibits the highest level of expertise
in performing a specialised job, task, or skill within the organisation. .

VARIANCE AT COMPLETION (VAC)


Variance at Complete is the algebraic difference between Budget at Complete and
Estimate at Complete.

WORK AUTHORISATION DOCUMENT (WAD)


The Work Authorisation Document (WAD) is a document produced by the contractor and
used internally. It is not a deliverable item. Included in the WAD are details concerning
the task work to be performed, a detailed list of task outputs, CDRL items, and other
task-specific deliverables. It also includes the associated budget for the task and
authorising signatures that confirm that the staff member is authorised to work on the
task. It should not include the number of hours that may be charged. The Government
IBR team evaluates the WAD to ensure that the work documented is truly representative

of the work to be performed, that the proper signatures are present, and that the
deliverables listed are complete and accurate

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