APM BOK Glossary Flashcards
(167 cards)
1
Q
“Acceptance criteria”
A
“Acceptance criteria The requirements and
essential conditions that have to be achieved
before a deliverable is accepted.”
2
Q
“Activity “
A
“Activity (1). A task, job, operation or
process consuming time and possibly other
resources. (2). The smallest self-contained
unit of work in a project.”
3
Q
Actual Cost (AC)
A
Actual Cost (AC) This is what the work achieved actually cost. Also known as the actual cost of work performed (ACWP)
4
Q
“Adoption”
A
“Adoption The optional additional phase in a
linear life cycle that facilitates the use of
project outputs to enable the acceptance and
use of benefits.”
5
Q
“Agile.”
A
“Agile A family of development
methodologies where requirements and
solutions are developed iteratively and
incrementally throughout the life cycle.”
6
Q
“Analogous estimating
“
A
"Analogous estimating An estimating technique based on the comparison with, and factoring from, the cost of similar, previous work. Also known as comparative estimating."
7
Q
“Analytical estimating”
A
“Analytical estimating An estimating
technique that uses detailed specifications to
estimate time and cost for each product or
activity. Also known as bottom-up
estimating.”
8
Q
“Assurance”
A
“Assurance The process of providing
confidence to stakeholders that projects,
programmes and portfolios will achieve their
objectives for beneficial change.”
9
Q
“Baseline”
A
“Baseline The reference levels against which
a project, programme or portfolio is
monitored and controlled.”
10
Q
“Benefit”
A
“Benefit A positive and measurable impact
of change.”
11
Q
“Benefits management”
A
“Benefits management The identification,
definition, planning, tracking and realisation
of benefits.”
12
Q
“Benefits realisation.”
A
“Benefits realisation The practice of
ensuring that benefits are derived from
outputs and outcomes.”
13
Q
“Breakdown structure”
A
"Breakdown structure A hierarchical structure by which project elements are decomposed. Examples include: cost breakdown structure (CBS), organisational breakdown structure (OBS), product breakdown structure (PBS), and work breakdown structure (WBS)."
14
Q
“Buffer”
A
“Buffer A term used in critical chain for the
centralised management of schedule
contingencies.”
15
Q
“Business-as-usual.”
A
“Business-as-usual An organisation’s normal
day-to-day operations. Also referred to as
steady-state.”
16
Q
“Business case”
A
“Business case Provides justification for
undertaking a project, programme or
portfolio. It evaluates the benefit, cost and
risk of alternative options and provides a
rationale for the preferred solution.”
17
Q
“Business information modelling (BIM)”
A
"Business information modelling (BIM) involves the generation and management of digital representations of physical and proprietary data) which can be extracted,exchanged or networked to support decision-making regarding a building orother built asset. Related to configurationmanagement. functional characteristics of buildings and places. Building information models are digital files (often but not always inproprietary formats and containing"
18
Q
“Business readiness”
A
“Business readiness is a continuous concern
and activity through the life of a project or
programme that seeks to understand
attitudes to change and any barriers so that
people are ready to accept outputs and
adopt new ways of working to realise
benefit.”
19
Q
“Change control”
A
“Change control The process through which
all requests to change the approved baseline
of a project, programme or portfolio are
captured, evaluated and then approved,
rejected or deferred.”
20
Q
“Change freeze”
A
“Change freeze A point after which nofurther changes to scope will beconsidered.”
21
Q
“Change management”
A
“Change management The overarching
approach taken in an organisation to move
from the current to a future desirable state
using a coordinated and structured approach
in collaboration with stakeholders.”
22
Q
“Change register (or log).”
A
“Change register (or log) A record of all
proposed changes to scope.”
23
Q
“Change request”
A
“Change request A request to obtain formal
approval for changes to the approved baseline.”
24
Q
“Closure”
A
“Closure The formal end point of a project,
programme or portfolio; either because
planned work has been completed or
because it has been terminated early.”
25
"Communication"
"Communication The process of exchanging
information and confirming there is shared
understanding."
26
"Communities of practice"
"Communities of practice are a type of
learning network used within and between
organisations to maintain, develop and share
knowledge."
27
"Complexity"
"Complexity Relates to the degree of
interaction of all the elements that make up a
project, programme or portfolio and is
dependent on such factors as the level of
uncertainty, interaction between
stakeholders and degree of innovation."
28
"Concept"
"Concept The first phase in a linear life cycle
that develops an initial idea through initial
studies and high-level requirements
management, and assessment of viability
including an outline business case."
29
"Configuration"
```
"Configuration The functional and
physical characteristics of a product as
defined in its specification and achieved
through the deployment of project
management plans."
```
30
"Configuration management
"Configuration management encompasses
the technical and administrative activities
concerned with the creation, maintenance,
controlled change and quality control of
the scope of work."
31
"Conflict resolution"
"Conflict resolution The process of
identifying and addressing differences that if
left unmanaged would affect successful
completion of objectives."
32
"Context "
"Context A collective term for the societal
and/or organisational setting of a project,
programme or portfolio. Also known as
environment."
33
"Contingency"
"Contingency Provision of additional time or
money to deal with the occurrence of risks
should they occur. See also risk budget and
management reserve."
34
"Continuing professional development
| (CPD) "
"Continuing professional development
(CPD) is the term used to describe the
requirement for any professional to
continually develop their competence."
35
"Contract "
"Contract An agreement made between two
or more parties that creates legally binding
obligations between them. The contract sets
out those obligations and the actions that can
be taken if they are not met."
36
"Cost of capital."
"Cost of capital A term used in investment
appraisal to reflect the percentage return an
investment must deliver to satisfy lenders.
Value is only created when the return is
greater than the cost of capital. See
also weighted average cost of capital
(WACC)."
37
"Cost planning and control"
"Cost planning and control The estimation
of costs, the setting of an agreed budget, and
management of actual and forecast costs
against that budget."
38
"Control "
"Control Tracking performance against
agreed plans and taking the corrective action
required to meet defined objectives."
39
"Critical chain"
"Critical chain A resource based approach to
scheduling, useful when time is critical and
derived from the critical path, that protects
critical chains of activities with buffers."
40
"Critical path"
"Critical path A sequence of activities
through a precedence network from start to
finish, the sum of whose durations
determines the overall duration."
41
"Critical path analysis"
```
"Critical path analysis An activity based
scheduling technique that determines the
overall duration of the identified work
based on estimates and logical
dependencies. The method of determining
the critical path."
```
42
"Decision bias"
"Decision bias Psychological biases affecting
individuals and groups when making
risk-based decisions."
43
"Decision gate"
"Decision gate A point in the life cycle
between phases that is used to review and
confirm viability of the work in line with the
business case. Alternatively called stage
gates or gates."
44
"Delphi technique"
"Delphi technique the generation of an
estimate through individual expert
judgement followed by facilitated team
consensus."
45
"Earned Value (EV) "
"Earned Value (EV) A measure of progress that
expresses costs committed and work
achieved in the same units. Also known as the budgeted cost of work performed. (BCWP)"
46
"Earned value management"
"Earned value management A project
control process, based on a structured
approach to planning, cost collection and
performance measurement. It facilitates the
integration of project scope, time and cost
objectives and the establishment of a
baseline plan of performance measurement."
47
"Emergent change"
"Emergent change Unplanned change that
is managed by an organisation through
incremental, iterative or evolutionary
approaches."
48
"Escalation"
"Escalation The process by which issues are
drawn to the attention of a higher level of
management."
49
"Estimate"
"Estimate A forecast of the probable time or
| cost of completing work."
50
Estimate at Completion (EAC)
Estimate at Completion (EAC) This is the ACWP to date, plus the most knowedgeable estimate of the remaining requirements, scope, schedule, and cost.
51
"Estimating"
"Estimating The use of a range of tools and
techniques to produce forecasts of the
probable time or cost or completing work."
52
"Event-driven"
"Event-driven Control actions or reports that
| are triggered by a specific event"
53
"Extended life cycle"
"Extended life cycle A life cycle approach
that adds an adoption phase to a linear or
iterative life cycle with the purpose of
ensuring the accountability and governance
of the investment stays with the change
teams until change is fully embedded. If
provides the missing connection to benefit
realisation in a linear life cycle and facilitates
cooperation and knowledge sharing between
change and business-as-usual teams."
54
"Facilitation"
"Facilitation An approach to working with
groups in a collaborative way to create
energy and make it easy for the group to
solve problems."
55
"Float"
"Float A term used to describe the flexibility
with which an activity may be rescheduled.
There are various types of float, such as total
float and free float."
56
"Fixed or non-recurring costs VS Variable or recurring costs "
"Fixed or non-recurring costs happen once in a project life and
contribute a single cost, for example machine setup, site activation,
research and development, etc.
Variable or recurring costs occur periodically as an event in a project
and contribute multiple costs with a cumulative effect, for example
component machining, maintenance at failure events, production line
tasks, etc. "
57
"Forecast"
"Forecast A prediction of a defined
future state, typically related to the
duration and out-turn cost of a project or
programme."
58
"Funding"
"Funding The means by which the money
required to undertake a project, programme
or portfolio is secured and then made
available as required"
59
"Gantt chart."
"Gantt chart A graphical representation of
| activity against time."
60
"Governance"
"Governance The framework of authority
and accountability that defines and controls
the outputs, outcomes and benefits from
projects, programmes and portfolios. The
mechanism whereby the investing
organisation exerts financial and technical
control over the deployment of the work and
the realisation of value."
61
"Governance board"
"Governance board A body that provides
sponsorship to a project, programme or
portfolio. The board will represent financial,
provider and user interests. Members of a
governance board oversee deployment and
make decisions through the chosen life
cycle. Alternatively called steering
committee, steering group, project board,
programme board etc."
62
"Handover"
"Handover The point, as part of the transition
phase of a linear life cycle where deliverables
are commissioned and handed over to the
permanent organisation to adopt"
63
"Host organisation"
"Host organisation The organisation that provides the strategic direction of the project, programme or portfolio and is the primary investor and recipient of benefits.
Used interchangeably with investing organisation and client organisation."
64
"Hybrid life cycle."
"Hybrid life cycle A pragmatic approach to
achieving beneficial change that combines a
linear life cycle for some phases or activities
with an iterative life cycle for others."
65
"Influencing"
"Influencing The act of affecting the
| behaviours and actions of others."
66
"Information management"
"Information management The collection,
storage, curation, dissemination, archiving
and destruction of documents, images,
drawings and others sources of information"
67
"Integrated assurance"
"Integrated assurance The coordination of
assurance activities where there are a
number of assurance providers. Can follow a
three lines of defence model from corporate
governance."
68
"Integrated planning."
"Integrated planning The application of
management processes that bring together
the planning of benefits, success criteria,
scope, quality, time, resources, cost, risk,
communications etc to create the project
management plan."
69
"Internal rate of return (IRR)"
"Internal rate of return (IRR) is used to
determine the profitability of a potential
investment. It is the discount rate that makes
the net present value zero."
70
"Investment appraisal"
"Investment appraisal The analysis done to
consider the profitability of an investment
over the life of an asset alongside
considerations of affordability and strategic
fit. An input to the investment decision."
71
"Investment decision"
"Investment decision The decision made by
the sponsor and governance board that
justifies the investment in a project,
programme or portfolio. Investment
decisions rely on robust investment appraisal."
72
"Issue"
"Issue A problem that is now, or is about to
breach delegated tolerances for work on a
project or programme. Issues require
support from the sponsor to agree a
resolution."
73
"Iterative life cycle"
"Iterative life cycle A life cycle that repeats
one or more of the phases of a project or
programme before proceeding to the next
one with the objective of managing
uncertainty of scope by allowing objectives to
evolve as learning and discovery takes place"
74
"Knowledge management"
```
"Knowledge management The holistic,
cross-functional discipline and set of
practices concerned with the way
organisations create and use knowledge to
improve outcomes."
```
75
"Leadership"
"Leadership The ability to establish vision
and direction, to influence and align others
towards a common purpose, and to empower
and inspire people to achieve success."
76
"Life cycle"
"Life cycle A framework comprising a set of
distinct high-level stages required to
transform an idea of concept into reality in an
orderly and efficient manner. Life cycles offer
a systematic and organised way to undertake
project-based work and can be viewed as the
structure underpinning deployment."
77
"Linear life cycle"
"Linear life cycle A life cycle that aims to
complete a project within a single pass through
a set of distinct phases that are completed
serially and span from the development of the
initial concept to the deployment of an ultimate
output, outcome or benefits."
78
"Management plan"
"Management plan A plan that sets out how
an aspect of a project, programme or
portfolio will be delivered, for example a
configuration management plan. Individual
management plans are component parts of
the overall project management plan (PMP)
that is the output of integrated planning."
79
"Maturity model"
"Maturity model An approach to understand
the current capabilities, processes and
behaviours deployed in the management of
projects and to identify a structured path to
increase the predictability of success."
80
"Milestone"
"Milestone A key event selected for its
importance in the schedule commonly
associated with tangible acceptance of
deliverables."
81
"Minimum viable product"
"Minimum viable product A product with
just enough features to satisfy early users,
and to provide feedback for future product
development."
82
"Monte Carlo simulation"
"Monte Carlo simulation A technique often
used in the estimation of overall risk for a
project, programme or portfolio that enables
the combined effect of estimating uncertainty
and specific risk events to be predicted."
83
"Net present value (NPV)"
"Net present value (NPV) is the difference
between the present value of cash inflow and
the present value of cash outflow over a
period of time. It is the monetary value used
to judge the value of an investment at a
particular discount rate."
84
"Network diagram"
"Network diagram A model of activities and
their dependencies used in scheduling. Also
known as a precedence network."
85
"Objectives"
"Objectives A generic term for predetermined
results towards which effort is
directed. Objectives may be defined in terms
of outputs, outcomes and/or benefits."
86
"Organisational culture"
"Organisational culture the unwritten rules
that influence individual and group
behaviour and attitudes. Applicable at
multiple levels of organisation, including
national culture or project culture."
87
"Opportunity"
"Opportunity A positive risk event that, if it
occurs, will have an upside/ beneficial effect
on the achievement of one or more
objectives."
88
"Optioneering"
"Optioneering An approach to exploring
multiple options to optimally satisfy
stakeholders needs requiring creativity and
lateral thinking."
89
"Outcome"
"Outcome The changed circumstances or
behaviour that results from the use of an
output and leads to realisation of benefits"
90
"Output"
"Output The tangible or intangible product
typically delivered by a project. Used
interchangeably with deliverable and
product."
91
"Planned Value (PV)"
"Planned Value (PV) the cost profile of a resource
optimised schedule used as the baseline to
monitor actual spend and earned value.
Alternatively called the Budgeted Cost of
Work Scheduled (BCWS)."
92
"Project-based working"
"Project-based working A collective term
for project, programme and portfolio
management. Used interchangeably with
management of projects."
93
"Parametric estimating"
"Parametric estimating An estimating
technique that uses a statistical relationship
between historic data and other variables to
calculate an estimate."
94
"Phase"
"Phase The major subdivision of a life
| cycle."
95
"Portfolio"
"Portfolio A collection of projects and/or
programmes used to structure and manage
investments at an organisational or functional
level to optimise strategic benefits or
operational efficiency."
96
"Portfolio management "
"Portfolio management The selection,
prioritisation and control of an organisation’s
projects and programmes in line with its
strategic objectives and capacity to deliver."
97
"Procurement"
"Procurement is the process by which products and services are acquire
from an external provider for incorporation into the project, programme
or portfolio.
It includes:
• The development of a procurement strategy;
• Preparing contracts;
• Selecting and acquiring suppliers;
• Managing the contract. "
98
"Procurement strategy"
```
"Procurement strategy The high level
approach for securing the goods and
services required from external suppliers to
satisfy project, programme and portfolio
needs. See also strategic sourcing."
```
99
"Product."
"Product A tangible or intangible component
of a project’s output. Used interchangeably
with deliverable and output."
100
"Product life cycle"
"Product life cycle A life cycle approach that
adds operation and termination phases to a
linear life cycle to reflect the whole life of an
asset. Enabling a full asset life cycle
perspective encourages engagement with
long-term future implications of projectrelated
actions."
101
"Professionalism"
"Professionalism The application of expert
and specialised knowledge within a specific
field and the acceptance of standards relating
to that profession."
102
"Programme"
"Programme A unique, transient strategic
endeavour undertaken to achieve beneficial
change and incorporating a group of related
projects and business-as-usual (steady-state)
activities."
103
"Programme management"
"Programme management The coordinated
management of projects and business-asusual
(steady-state) activities to achieve
beneficial change."
104
"Project"
"Project A unique, transient endeavour
undertaken to bring about change and to
achieve planned objectives."
105
"Project management"
"Project management The application of
processes, methods, knowledge, skills and
experience to achieve specific objectives
for change."
106
"Project management plan (PMP)"
"Project management plan (PMP) The
output of process of integrated planning for a
project or programme"
107
```
"Project (programme or portfolio)
management office (PMO)"
```
"Project (programme or portfolio)
management office (PMO) An
organisational structure that provides support
for projects, programmes and/or portfolios."
108
"Project professional"
"Project professional The term used to
describe those people in roles associated
with the management of projects,
programmes or portfolio"
109
"Quality"
"Quality The fitness for purpose or the
degree of conformance of the outputs of
a process or the process itself to
requirements."
110
"Quality Assurance VS Quality Control"
"Quality assurance attempts to build in quality through the consistent use of standard processes and procedures, supported by training and feedback.
Is performed by a person independent of the project.
Quality control consists of inspection, measurement and testing to verify that the project outputs meet acceptance criteria defined during quality planning.
Is performed by a member of the project team.
Quality control activities are applied to both management outputs and specialist outputs as they are being created.
Quality assurance is conducted as soon as the project starts. It shows an independent view of how the project is being managed in relation to adherence to frameworks and processes. "
111
"Quality planning"
"Quality planning takes the defined scope
and specifies the acceptance criteria used to
validate that the outputs are fit for purpose to
the sponsor."
112
"Reports"
"Reports (1). The presentation of information
in an appropriate format (e.g. management
report). (2). A written record or summary, a
detailed account or statement, or a verbal
account. (3). A term used to refer to a role
that is subordinate to another role in an
organisation structure."
113
"Requirements"
"Requirements the stakeholders’ wants and
needs clearly defined with acceptance
criteria."
114
"Requirements management"
"Requirements management The process
of capturing, assessing and justifying
stakeholders’ wants and needs."
115
"Resource allocation"
"Resource allocation The process by which
labour and non-labour resources are
attributed to activities."
116
"Resource levelling"
```
"Resource levelling An approach used
during resource optimisation that delays
activities such that resource usage is kept
below specified limits. Also known as
resource limited scheduling."
```
117
"Resource management"
"Resource management The acquisition
and deployment of the internal and external
resources required to deliver the project,
programme or portfolio."
118
"Resources"
"Resources All the labour and non-labour
items required to undertake the scope of
work to the required quality."
119
"Resource optimisation"
```
"Resource optimisation A collective
term used to describe the methods for
ensuring that labour and non-labour
resources are matched to the schedule.
See also resource levelling and resource
smoothing."
```
120
"Resource smoothing."
"Resource smoothing An approach used as
part of resource optimisation that involves
utilising float or increasing or decreasing the
resources required for specific activities,
such that any peaks and troughs of resource
usage are smoothed out avoiding extension
of the duration where possible. Also known
as time limited resource scheduling."
121
"Responsibility assignment matrix"
"Responsibility assignment matrix A
diagram or chart showing assigned
responsibilities for elements of work. It is
created by combining the work breakdown
structure with the organisational breakdown
structure."
122
"Return on investment (ROI)"
"Return on investment (ROI) an expression
of the value of an investment in change
based on the gain in benefit relative to the
cost."
123
"Risk"
"Risk The potential of situation or event to
impact on the achievement of specific
objectives."
124
"Risk analysis"
"Risk analysis An assessment and synthesis
of estimating uncertainty and/or specific risk
events to gain an understanding of their
individual significance and/or their combined
impact on objectives."
125
"Risk appetite"
"Risk appetite How much risk investors are
willing to tolerate in achieving their
objectives. Expressed as risk thresholds or
tolerances"
126
"Risk attitude"
"Risk attitude The perception driven choice
of a person or group about an individual risk,
or overall riskiness of a project, programme
or portfolio."
127
"Risk event"
"Risk event An uncertain event or set of
circumstances that would, if it occurred, have
an effect on the achievement of one or more
objectives."
128
"Risk analysis and management"
"Risk analysis and management A
process that allows individual risk events
and overall risk to be understood and
managed proactively, optimising success by
minimising threats and maximising
opportunities."
129
"Risk owner"
"Risk owner the individual or group best
| placed to assess and manage a risk"
130
"Risk register"
"Risk register A document listing identified
risk events and their corresponding planned
responses. Used interchangeably with risk
log or risk repository."
131
"Risk response"
"Risk response An action or set of actions to
reduce the probability or impact of a threat,
or to increase the probability or impact of an
opportunity."
132
"Rolling wave planning"
"Rolling wave planning The process
whereby short term work is planned in detail
and longer term work is planned in outline
only."
133
"Scenario planning"
"Scenario planning A method used to
anticipate potential future scenarios that is
useful in preparing to deal with emergent
change."
134
"Schedule"
"Schedule A timetable showing the
forecast start and finish dates for activities
or events within a project, programme or
portfolio."
135
"Scope"
"Scope The totality of the outputs, outcomes
and benefits and the work required to
produce them."
136
"Scope management"
"Scope management The process whereby
outputs, outcomes and benefits are
identified, defined and controlled."
137
"Share"
"Share A risk management response to an
opportunity that increases its probability,
impact or both by sharing the risk with a third
party."
138
"Social system"
"Social system The network of relationships
between people (actors) involved in the
project, programme or portfolio and how the
influences between actors work as a whole."
139
"Sponsor"
```
"Sponsor A critical role as part of the
governance board of any project,
programme or portfolio. The sponsor is
accountable for ensuring that the work is
governed effectively and delivers the
objectives that meet identified needs"
```
140
"Stakeholder"
"Stakeholder Individuals or groups who have
an interest or role in the project, programme
or portfolio, or are impacted by it."
141
"Stakeholder engagement"
"Stakeholder engagement The systematic
identification, analysis, planning and
implementation of actions designed to
influence stakeholders."
142
"Statement of work"
"Statement of work An annex to the main
body of a contract that defines the detail of
deliverables, timescales and management
procedures relevant to the contract."
143
"Story point"
"Story point A method of estimating the
completion/forecasting work yet to complete
on a user story when using an iterative life
cycle."
144
"Strategic intent"
"Strategic intent The term used to describe
the aspirational plans, overarching purpose
or intended direction of travel needed to
reach an organisational vision."
145
"Strategic sourcing"
```
"Strategic sourcing An analysis of the
buying strengths and weaknesses of
an organisation that enables procurement
strategies to maximise buying advantages
and respond to risks of supply
disruption."
```
146
"Success criteri"
"Success criteria The satisfaction of
stakeholder needs for the deployment of a
project. Note this is a different performance
measure to benefits which are focused on
the strategic intent and delivering beneficial
change."
147
"Sustainability"
"Sustainability An approach to business that
balances the environmental, social, economic
and administrative aspects of project-based
working to meet the current needs of
stakeholders without compromising or
overburdening future generations."
148
"Talent management"
"Talent management The ability to attract,
motivate and retain high quality people to
deliver the strategic goals and objectives of
the organisation."
149
"Team."
"Team A group of people working in
collaboration or by cooperation towards a
common goal."
150
"Temporary organisation (team)."
```
"Temporary organisation (team) A
generic term used to describe a specific
project, programme or portfolio team
brought together specifically to implement
project-based work. Used to contrast the
organisational structure for projectbased
work from the permanent
organisation."
```
151
"Threat"
"Threat A negative risk event; a risk event
that if it occurs will have a downside/
detrimental effect on one or more
objectives."
152
"Three-point estimate"
"Three-point estimate An estimate in which
optimistic best case, pessimistic worst case
and most likely values are given."
153
"Timebox"
"Timebox A generic term used in iterative
life cycle approaches to refer to an
iteration with a fixed end date that is not
allowed to change, thereby adjusting the
scope and quality to deliver on time and
to cost."
154
"Time scheduling"
"Time scheduling A collection of techniques
used to develop and present schedules that
show when work will be performed"
155
"Tolerance"
"Tolerance A level of delegated permission
to vary performance from specified
parameters."
156
"Tranche"
"Tranche A sub-division of the deployment
phase of a programme designed to enable an
incremental approach to development of
outputs, outcomes and benefits."
157
"Transition"
"Transition The fourth phase in a linear cycle
where results are handed-over,
commissioned and accepted by the sponsor,
culminating in formal closure."
158
"Triple constraint"
```
"Triple constraint A way of describing
the fundamental trade-off between
time, cost and quality in delivering the
scope of a project. Often also called the iron
triangle."
```
159
"Users"
"Users The group of people who are
intended to work with deliverables to enable
beneficial change to be realised."
160
"User story"
"User story An informal, simple language
description of one or more features of a
system or tool. User stories are often written
from the perspective of an end user or user
of a system."
161
"Value"
"Value A standard, principle or quality
considered worthwhile or desirable. In value
management terms value is defined as the
ratio of ‘satisfaction of requirements’ over
‘use of resources’."
162
"Value management"
```
"Value management A structured
approach to defining what value means to
the organisation. It is a framework that
allows needs, problems or opportunities to
be defined and then enables review of
whether these can be improved to
determine the optimal approach and
solution."
```
163
"Virtual team"
"Virtual team A team where the people are
separated by geography and potentially
time-zone."
164
"V life cycle"
```
"V life cycle A graphical representation
of a life cycle where horizontal lines
connect related front and back-end phases,
useful specifically in verifying how
requirements will be checked during
deployment."
```
165
"VUCA conditions (volatility, uncertainty,
| complexity and ambiguity)"
"VUCA conditions (volatility, uncertainty,
complexity and ambiguity) A phrase used
to describe an organisational context where
there is inherent uncertainty that makes it
difficult to predict and plan with great
accuracy."
166
"Whole-life costs"
"Whole-life costs The fixed and variable
capital and operational costs required to
develop, use and terminate a product or
asset."
167
"Workplace stress"
"Workplace stress The adverse reaction that
people have to excessive pressure or other
types of demand placed upon them."
