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.