Project Management Terminology - I

IMPACT   The assessment of the adverse effects of an occurring risk. 

IMPACT ANALYSIS   Assessing the merits of pursuing a particular course of action. 

IMPLEMENTATION PHASE   The project phase that develops the chosen solution into a completed deliverable. Note: Realisation is the internationally accepted and preferred term for implementation. 

IMPOSED DATE   Point in time determined by circumstances outside the network. Note: A symbol is inserted immediately above the event concerned on activity on arrow networks or adjacent and connected to the appropriate corner of the node on activity on node networks. 

IMPOSED FINISH   A finished date imposed on an activity by external constraints. 

IMPOSED START   A start date imposed on an activity by external constraints. 

IN PROGRESS   An activity that has been started, but not yet completed. 

INCLUSIVE OR RELATIONSHIP   Logical relationship indicating that at least one but not necessarily all of the activities have to be undertaken. 

INCOTERMS   A set of international terms defining conditions for delivery and shipping of equipment and materials. 

INCURRED COSTS   Sum of actual and committed costs, whether invoiced/paid or not, at a specified time. 

INDIRECT COST   Costs associated with a project that cannot be directly attributed to an activity or group of activities.

(Resources expended which are not directly identified to any specific contract, project, product or service, such as overheads and general administration.) 

IN-HOUSE PROJECT   A project commissioned and carried out entirely within a single organization. 

INITIATION   Committing the organization to begin a project. 

INTEGRATED LOGISTICS SUPPORT   Disciplined approach to activities necessary to

a) Cause support considerations to be integrated into product design.

b) Develop support arrangements that are consistently related to design and to each other and

c) Provide the necessary support at the beginning and during customer use at optimum cost. 

INTEGRATION   The process of bringing people, activities and other things together to perform effectively. 

INTERNAL RATE OF RETURN (IRR)   Discount rate at which the net present value of a future cash flow is zero. Note: IRR is a special case of the 'discounted cash flow' procedures. 

INVERTED MATRIX   A project oriented organization structure that employs permanent specialists to support projects. 

ISSUE   An immediate problem requiring resolution.