Venture Administration Phrases and Acronyms

The following time you’re listening to a presentation and the speaker says, “if you happen to’re not utilizing EVM to handle your EACs, how are you going to maintain observe of your EBITDA?!”, and also you assume, if solely there have been a spot the place all these mission administration phrases and acronyms have been defined, you’ll know the place to look.

A&D

Aerospace and protection

AC

Precise price

ACWP

Precise price for work carried out

AEC

Structure engineering development

Agile

A sort of software program growth technique through which the mission workforce begins with a quite simple mission design, and provides functionalities via brief iterations.

Agile State-Gate

Combines the construction, phases and gates of the stage-gate course of (see beneath), with the self-organised groups and brief cycle iterations of Agile (see above) methodologies – typically derived from Scrum (see beneath).

ALF

Annual license payment

API

Utility programming interface, the mechanisms that permit software program purposes to speak with each other. Take a look at our Software Systems Integration web page to see how our software program answer can talk and combine with different options.

APR

Annual proportion charge

BAC

Finances at completion

BAU

Enterprise as ordinary

BCR

Profit price ratio

BCWP/S

Budgeted price of labor carried out/scheduled

BEP

Break-even level

BOE

Foundation of estimate

BOM

Invoice of supplies

BRD

Enterprise requirement doc

BS

Info and figures that aren’t completely, ahem, dependable.

BTO

Construct/t to order

Burn-Down Chart

A sort of chart utilized in agile methodologies to measure the quantity of labor remaining towards time.

CAD/E/M

Laptop aided design/engineering/manufacturing

Capability Planning

Capacity planning is a set of instruments, methods and strategies to estimate the quantity of manufacturing wanted to match projected demand within the brief, medium and long run.

CAPEX

Capital expenditure

CBR

Value profit ratio

CBS

Value breakdown construction

CEACA

Present estimate at completion quantity

CIP

Capital enchancment program

CO

Change order

CPA

Value efficiency evaluation/evaluation

CRM

Buyer relationship administration

Crystal Methodologies

A household of light-weight pc growth strategies that have been created to go well with various kinds of initiatives, relying on their measurement and complexity.

CSR

Company social duty

CSCI

Laptop software program configuration merchandise

CST

Customer success team, made up of the Cora Buyer Portal, the Cora Success Packs and the Cora Evaluate Service, all of which have been designed to assist our prospects get the utmost profit from our go well with of services.

CRUD

Create learn replace delete

CV

Value variance

DCAA

Protection contract audit company

DCMA

Protection contract administration company

DMADV

Outline measure analyze design confirm

DSDM

Dynamic programs growth technique, a heavier agile (see above) mission supply framework, centered on delivering functionalities inside tight time and funds constraints.

E2ET

Finish to finish testing

EAC(s)

Estimate at completion(s)

EBITDA

Earnings earlier than curiosity taxes depreciation and amortization, an alternate measure of profitability to ‘internet revenue’.

Environment friendly Frontier

A technique derived from monetary portfolio principle to seek out out the optimum mission portfolio, to maximise worth.

Enterprise Agile Framework

A sort of agile methodology to scale agile ideas and practices to a selected enterprise.

EPMO

Enterprise mission administration workplace(r)

EPPM

Enterprise program/mission portfolio administration

ERP

Enterprise useful resource planning software program is used to centralize information and streamline programs. Study extra in our weblog: How does ERP Software compare to PPM Software?

ESG

Environmental social governance

ETO

Engineer to order

EV

Earned worth

EVM

Earned value management, a system for monitoring prices towards deliverables over the course of a mission’s lifecycle.

FDD

Function pushed growth, an agile growth technique for bigger scale initiatives utilizing options as fundamental models of labor, with very brief iterations.

GANTT Chart

A form of bar chart exhibiting a mission’s schedule.

Gated Course of

The place a mission is damaged down into smaller phases or phases, every delimited by a gate.

HML

Excessive medium low

ICP

Ultimate buyer profile

ICT

Data and communication expertise

JIT

Simply-in-time

KPI

Key efficiency indicator

LSD

Lean software program growth, based on ideas of simplicity and economic system and usually thought-about a part of agile (see above), lean is used to assist eradicate waste and pace up supply.

MACD

Preserve add change delete

NE

New estimate

NDA

Non-disclosure settlement

NPD

New product growth

NPS

Web promoter rating

NPV

Web current worth

NRE

Non-recurring engineering

OBS

Organizational breakdown construction

OCE

Unique price estimate

OKR

Goals and key outcomes:  What are OKRs?

OEM

Unique tools producer

P&L

Revenue and loss

PACE

Product and cycle-time excellence

Parametric estimation

A technique for estimating mission price and period utilizing predefined algorithms, significantly within the Life Sciences and E&C (see above)

PCTD

Venture price thus far

PLM

Venture lifecycle administration

PMB

Efficiency measurement baseline

PMO

Venture administration workplace(r)

PO

Buy order

PPA

Predictive Venture Analytics. So, what is Predictive Analytics and Predictive Project Analytics? It’s a department of superior analytics that makes predictions about future outcomes utilizing historic mission information mixed with situation planning, threat responses, and many others.

PPM

Project portfolio management, a system for organizing and managing a corporation’s initiatives, and its portfolio of initiatives, in order that they generate the best doable returns.

PV

Deliberate worth

Useful resource Administration

Resource management, a system and set of instruments to allocate assets throughout initiatives and a portfolio of initiatives, in order that they mix as effectively and successfully as doable.

Street mapping

A visible planning method aimed toward constructing a big-picture view of a posh topic.

ROI

Return on funding

QA

High quality assurance

RAID

Threat assumptions challenge dependencies

RAG

Purple amber inexperienced

RCE

Revised price estimate

RFI/P/Q

Request for data/proposal/citation. Take a look at our free RFP template for PPM Software

RIO

Threat points alternatives

RPA

Robotics Course of Automation is the replication of human actions to carry out a sequence of steps that result in some kind of helpful exercise with none human intervention. Study extra about using Robotic Process Automation in Project Management

SCAT

Service continuity accreditation testing

SCM

Strategic capacity management, a system and set of instruments to match demand, and predicted demand, with accessible manufacturing capabilities.

SCRUM

An agile software program growth methodology based mostly on incremental processes, that makes use of 30-day iterations (“Sprints”) and small, self-organizing groups.

Six Sigma

A administration framework utilizing statistical strategies to maximise the standard of an organisation’s finish merchandise, by figuring out and eliminating sources of defects and decreasing variability.

SME

Small to medium enterprise/Subject material knowledgeable

SOW

Assertion of labor

SPM

Strategic portfolio management, a system and set of instruments to assist organizations align their lengthy and medium time period strategic objectives, with their useful resource administration and capability planning (see above).

SRO

Technique realization workplace(r): What is a strategy realization office?

Stage-Gate

A mission administration mannequin utilizing a five-stage, phase-gate course of to assist construction and pace up new product growth initiatives.

SWOT

Strengths weaknesses alternatives threats

VRCE

Variance from revised price estimate

Waterfall

A product growth methodology through which a mission is damaged into phases that observe one another sequentially, in a gentle stream downwards.

WBS

Work breakdown construction

WIP

Work in progress

XP

Excessive programming, one of many first agile (see above) software program growth strategies, emphasizing excellence of growth expertise over advanced mission administration.