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.
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.