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The expected total cost of a schedule activity, a work breakdown structure component, or project when the defined scope of work will be completed. EAC is equal to the actual cost (AC) plus the estimate to complete (ETC) for all of the remaining work. EAC = AC plus ETC. The EAC may be calculated based on performance to date or estimated by the project team based on other factors, in which case it is often referred to as the latest revised estimate. See also earned value technique and estimate to complete.
Industry:Business services
The stage in the progress of the work when the work, or designated portion of the work, is sufficiently complete in accordance with the contract documents so that the owner can occupy or utilize the work for its intended use.
Industry:Business services
A collection of logically-related project activities, usually culminating in the completion of a major deliverable. Project phases (also called phases) are mainly completed sequentially, but can overlap in some project situations. Phases can be subdivided into subphases and then components; this hierarchy, if the project or portions of the project are divided into phasess, is contained in the work breakdown structure. A project phase is a component of a project life cycle. A project phase is not a project management process group.
Industry:Business services
The expected additional cost needed to complete all the remaining work for a schedule activity, work breakdown structure component, or the project. See also earned value technique and estimate at completion.
Industry:Business services
The date on which a contractor reaches a point of completion, when subsequent interfacing contractors can productively begin work or the owner can occupy the project, in whole or in part, without undo interference.
Industry:Business services
An assessment of the adverse effect of the risk occurring. Used in risk analysis as one part of the assessment of a risk, the other being likelihood.
Industry:Business services
The five process groups required for any project that have clear dependencies and that are required to be performed in the same sequence on each project, independent of the application area or the specifics of the applied project life cycle. The process groups are initiating, planning, executing, monitoring and controlling, and closing.
Industry:Business services
Document that includes only major variations from plan (rather than all variations).
Industry:Business services
The schedule activity that follows a predecessor activity, as determined by their logical relationship.
Industry:Business services
A subset of project management that includes the processes required to acquire goods and services to attain project scope form outside the performing organization. It consists of procurement, planning, solicitation planning, solicitation, source selection, contract administration, and contract closeout.
Industry:Business services
