Project Management Terminology - L

Wednesday, April 28, 2010

LABOR RATE VARIANCES   Difference between planned labor rates and actual labor rates. 


LADDER   Device for representing a set of overlapping activities in a network diagram. Note: The start and finish of each succeeding activity are linked only to the start and finish of the preceding activity by lead and lag activities, which consume only time. 


LAG  
a) In a network diagram, the minimum necessary lapse of time between the finish of one activity and the finish of a overlapping activity.
b) Delay incurred between two specified activities 

LATE DATES   Calculated in the backward pass of time analysis, late dates are the latest dates by which an activity can be allowed to start or finish. 

LATEST EVENT TIME   Calculated from backward pass, it is the latest date an event can occur. 

LATEST FINISH TIME   The latest possible time by which an activity has to finish within the logical activity and imposed constraints of the network, without affecting the total project duration. 

LATEST START TIME   Latest possible time by which an activity has to start within the logical and imposed constraints of the network, without affecting the total project duration. 

LEAD   In a network diagram, the minimum necessary lapse of time between the start of one activity and the start of an overlapping activity. 

LEAD CONTRACTOR   The contractor who has responsibility for overall project management and quality assurance 

LEADERSHIP   Getting others to follow 

LETTER OF INTENT   A letter indicating an intent to sign a contract, usually so that work can commence prior to signing that contract. 

LEVELING   See Resource Leveling. 

LIFE CYCLE   A sequence of defined stages over the full duration of a project. 

LIFE-CYCLE COSTING   When evaluating alternatives, Life Cycle Costing is the concept of including acquisition, operating and disposal costs. 

LIKELIHOOD   Assessment of the probability that a risk will occur. 

LINE MANAGER   The manager of any group that makes a product or performs a service. 

LINKED BAR CHART   A bar chart that shows the dependency linked between activities. 

LOGIC   See Network Logic 

LOGIC DIAGRAM   A diagram that displays the logical relationships between project activities. 

LOGICAL RELATIONSHIP   A logical relationship is based on the dependency between two project activities or between a project activity and a milestone. 

LOOP   An error in a network which results in a latter activity imposing a logical restraint on an earlier activity.

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