Project Management Terminology - V

Thursday, April 29, 2010

VALUE   A standard, principle or quality considered worthwhile or desirable. 

VALUE ENGINEERING   A technique for analyzing qualitative and quantitative costs and benefits of component parts of a proposed system. 

VALUE MANAGEMENT   A structured means of improving business effectiveness that includes the use of management techniques such as value engineering and value analysis. 

VALUE PLANNING   A technique for assessing, before significant investment is made, the desirability of a proposal based on the value that will accrue to the organization from that proposal. 

VARIANCE   A discrepancy between the actual and planned performance on a project, either in terms of schedule or cost. 

VARIANCE AT COMPLETION   The difference between Budget at Complete and Estimate at Complete. 

VARIATION   A change in scope or timing of work which a supplier is obliged to do under a contract. 

VARIATION ORDER   The document authorizing an approved technical change or variation. 


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