Glossary of PM Terms
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- Validation
- A term used in C/SCSC to mean approval or compliance with the criteria.
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- Value
- A standard, principle or quality considered worthwhile or desirable.
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- Value Management
- A structured means of improving business effectiveness that includes the use of management techniques such as value engineering and value analysis.
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- Variance
- A discrepancy between the actual and planned performance on a project, either in terms of schedule or cost.
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- Variance at Completion (VAC)
- Variance at Complete is the algebraic difference between Budget at Complete and Estimate at Complete.
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- Variance Threshold
- The amount of a variance which will require a formal Problem Analysis Report, as agreed to by the contractor and the customer. Variance parameters will differ depending on the function, level and stage of the project.
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- Variation Order
- The term used in the construction industry for an approved technical change to the project.
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