Successful Project Management

 

Appendix B: Glossary

Acceptance. A risk management strategy involving no action whatsoever unless the risk actually occurs.

Activity. Something that must be completed in order to achieve your project goals.

Actual cost (AC). In earned value management (EVM), how much we spent for the work we have accomplished at this moment in the project.

Analogous estimate. An estimate based on the actual cost of a similar project.

Assumptions. For planning purposes, assumptions are things we consider to be true, real, or certain, without actual proof or demonstration. We might assume that organizational priorities will not shift in the next six months, or that the work is technically feasible even though it has not been done before. Assumptions are often ...