5th Edition Glossary - Association for Project Management

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Glossary of project management termscontrolled change of configurationthroughout the project or product lifecycle. See BS EN ISO 10007 for guidanceon configuration management, includingspecialist terminology.Configuration status accounting Arecord and report of the current statusand history of all changes to the configuration.It provides a complete recordof what has happened to the configurationto date.Conflict management The process ofidentifying and addressing differencesthat if unmanaged would affect projectobjectives. Effective conflict managementprevents differences becomingdestructive elements in a project.Conformance audit An audit of theoperation of the programme or projectmanagement or other process to identifywhether the defined processes arebeing adhered to.Consideration In contract law – somethingof value. It may be money, an actor a promise. It is one of the keyelements required to have a bindingcontract.Constraints Things that should beconsidered as fixed or must happen.Restrictions that will affect the project.Consumable resource A type ofresource that only remains availableuntil consumed (for example a material).See replenishable resource.ContextSee project context.Contingency The planned allotmentof time and cost or other resources forunforeseeable risks within a project.Something held in reserve for theunknown.Contingency budget The amount ofmoney required to implement a contingencyplan.Contingency plan* Alternative course(s)of action to cope with project risks or ifexpected results fail to materialise.Continuing professional development(CPD) A personal commitment madeby an individual to keep their professionalknowledge up to date andimprove their capability, with a focus onwhat the person learns and how theydevelop throughout their career.Continuous improvement Continuousimprovement is a business philosophypopularised in Japan where it is knownas Kaizen. Continuous improvementcreates steady growth and improvementby keeping a business focused onits goals and priorities. It is a plannedsystematic approach to improvementon a continual basis.Contract A mutually binding agreementin which the contractor is obligatedto provide services or productsand the buyer is obligated to providepayment for them.Contractor A person, company orfirm who holds a contract for carryingout the works and/or the supply ofgoods or services in connection with theproject.Contract price The price payable bythe customer under the contract for theproper delivery of supplies and servicesspecified in the scope of work of thecontract.Contract target cost The negotiatedcosts for the original defined contractand all contractual changes that havebeen agreed and approved, but excludingthe estimated cost of any authorised,unpriced changes.Contract target price The negotiatedestimated costs plus profit or fee.Control charts Control charts displaythe results, over time, of a process. They132
Glossary of project management termsare used in quality management todetermine if the process is in need ofadjustment.Coordination Coordination is the actof ensuring that work carried out bydifferent organisations and in differentplaces fits together effectively.Corrective action Changes made tobring future project performance backinto line with the plan.Cost account A cost account defineswhat work is to be performed, who willperform it and who is to pay for it.Another term for cost account is controlaccount.Cost account manager (CAM) A memberof a functional organisation responsiblefor cost account performance, andfor the management of resources toaccomplish such activities.Cost–benefit analysis* An analysis ofthe relationship between the costs ofundertaking an activity or project,initial and recurrent, and the benefitslikely to arise from the changed situation,initially and recurrently.Cost breakdown structure* (CBS) Thehierarchical breakdown of a project intocost elements.Cost budgeting The allocation of costestimates to individual project activitiesor deliverables.Cost centre* A location, person, activityor project in respect of which costsmay be ascertained and related to costunits.Cost code* A unique identity for aspecified element of work. A codeassigned to activities that allows costs tobe consolidated according to the elementsof a code structure.Cost control system Any system ofkeeping costs within the bounds of budgetsor standards based upon workactually performed.Cost curve A graph plotted against ahorizontal timescale and cumulativecost vertical scale.Cost estimating The process of predictingthe costs of a project.Cost incurred A cost identified throughthe use of the accrued method ofaccounting or a cost actually paid. Costsinclude direct labour, direct materialsand all allowable indirect costs.Cost managementcost management.See budgeting andCost performance index (CPI)* Aterm used in earned value management.A measure, expressed as a percentageor other ratio of actual cost tobudget plan. The ratio of work accomplishedversus work cost incurred for aspecified time period. The CPI is an efficiencyrating for work accomplished forresources expended.Cost performance report A regular costreport to reflect cost and schedule statusinformation for management.Cost plan A budget that shows theamounts and expected dates of incurringcosts on the project or on a contract.Cost plus fixed fee contract A type ofcontract where the buyer reimbursesthe seller for the seller’s allowable costsplus a fixed fee.Cost plus incentive fee contract A typeof contract where the buyer reimbursesthe seller for the seller’s allowable costsand the seller earns a profit if definedcriteria are met.Cost-reimbursement type contracts Acategory of contracts based on paymentsto a contractor for allowable133
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5th Edition Glossary - Association for Project Management

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