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Terms that might come up in a
conversation about Gantt charts . |
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| Buzz Word |
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Meaning |
| Actual Cost for Work Performed
(AC) |
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Total amount spent on a task up
to the current date. |
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| Budget At Completion
(BAC) |
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Overall approved budget for a
task. |
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| Budget |
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A fiscal plan of operations for a
given time period. |
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| Burden |
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Overhead expenses allocated for a
project's direct labor or material. |
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| Cost/Schedule Control System
Criteria (C/SCSC) |
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A set of 35 defined standards.
Since 1967, these standards have been used to ensure the government that
contracts are managed properly. In December of 1996, these 35
standards were superseded by 32 earned value management standards. |
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| Cost Variance |
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The difference between the BCWP
(earned value) and the ACWP (actual costs) |
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| Cost Performance Report (CPR) |
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A cost report, generated monthly
by the contractor to show cost and schedule information. |
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| Cost/Schedule Status Report (C/SSR) |
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A report used for smaller value
contracts which don't warrant the full C/SCSC, showing cost and schedule. |
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| Demonstration Review (DR) |
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The first formal review of a
contractor's control system to determine whether the system meets C/SCSC
requirements. |
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| Earned Value (EV) |
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Earned value is synonymous with
the term BCWP (Budget Cost for Work Performed). The actual measured
performance; the value of the completed work. LEARN
MORE. |
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| Estimate at Completion (EAC) |
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A value which represents the
expected cost of the project at completion. EAC shows the actual
costs to date plus the estimated cost for completing the project. |
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| Estimate to Completion (ETC) |
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Represents the value of the work
required to finish a task. |
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| Extended Subsequent Applications
Review (ESAR) |
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Performed instead of a C/SCSC
review when contractor conditions have changed. (contractor moves, work
moves into a new phase, or when other changes occur) |
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| Gantt Chart |
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A common way of showing tasks
over time. Gantt chart EXAMPLES |
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| Level of Effort (LOE) |
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Work which doesn't yield a final
product. Examples: coordination, follow-up and other support
activities. |
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| Milestone |
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An important event. |
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| Organizational Breakdown
Structure (OBS) |
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A structure which shows work
responsibilities. The top level shows top management and the
structure is detailed downward to the lower levels of management. |
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| Statement of Work (SOW) |
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A document describing the work to
be done on the contract. |
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| Work Breakdown Structure (WBS) |
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A tree-like representation of the
work to be done on a project. The WBS graphically shows the division
of work. |
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