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Baseline: The collective key performance, scope, and cost parameters for the project. The (project) baseline includes the entire project budget including contingency.
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Business case: Information used to assess project costs and benefits.
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Confidence Level (CL): An indicator of over or under running the project cost based on probabilistic risk analysis. An 80% CL implies that there is an 80% probability that the project will be completed at or under the established baseline cost.
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Configuration Management: The technical and administrative direction and surveillance actions taken to identify and document the functional and physical characteristics of an item; to control changes to an item and its characteristics; and to record and report change processing and implementation status.
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Contingency: Contingency is the portion of the project budget that is available for risk uncertainty within the project scope, but outside the scope of the contract. Contingency needed to achieve a 50% confidence level is generally included in the near-term baseline budget profile. The additional contingency needed to achieve an 80% confidence level is not included in the near-term baseline budget profile and is referred to as “Unfunded Contingency.”
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EMIS: Environmental Management Integrated Schedule - a project schedule showing a logical set of interconnected activities necessary to complete a project.
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Funding profile: The estimated funds by fiscal year that will be available for a project.
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Life-cycle cost (LCC): The sum total of cost from 1997 through project completion and is computed as a sum of the following three project cost segments:
- Prior Year (PY) Cost: PY cost is the project cost from 1997 (since EM started tracking project costs) through the beginning of near-term baseline.
- Near-term Cost: Cost associated with the near-term project baseline. Near-term cost is established at both the 50% and 80% confidence levels.
- Out-year Planning Estimate Range (OPER): Cost range for project scope in the period beyond the near-term and through project completion.
LCC = PY cost + Near-term Cost (80% CL) + High end of OPER. LCC is sometimes also reported as a range based on prior year cost and the sum of the lower ends and higher ends of the near-term (50% CL) and out-year cost estimate range.
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Project: A unique effort that supports a program mission, having defined points for starting and ending, undertaken to create a product, facility, or system and containing interdependent activities planned to meet a common objective or mission.
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Work Breakdown Structure (WBS): A product-oriented grouping of project elements that organizes and defines the total scope of the project. The WBS is a multi level framework that organizes and graphically displays elements representing work to be accomplished in logical relationships. Each descending level represents an increasingly detained definition of a project component.
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