Advanced Product Quality Planning - A structured method of defining and establishing the steps necessaty to assure that a product satisfies the customer.
Accured Cost - Earmarked for the project and for which payment is due, but has not been made.
Activity - The smallest unit of work necessary to complete project work package.
Activity List - Documents all the activities necessary to complete a project.
Actual Cost - The realized cost incured for the work performed on an activity during a specific time period.
Advanced Product Quality Planning - A structured method of defining and establishing the steps necessaty to assure that a product satisfies the customer.
Allocation - The assigning of resources for scheduled activities in the most efficient way possible.
Apprenticeship - A form of on-the-job training for practitioners that will give them a license or journeyman's level of competencies.
Approved Manufacturer List - A set of approved relationships between manufacturer parts and a company's internal parts.
Approved Vendor List - Ensures purchased products arrive on time and meet your quality control.
Assembly Bill of Materials - A list of the items and resources that are required to assemble the parent item.
Asset Turnover - A measure of how efficiently assets are used to produce sales.
Authorization - The dicision that triggers the allocation of funding needed to carry out the project.
Authorization Work - The effort which has been defined, plus that work for which authorization has been given, but for which defined contract costs have not been agreed upon.
Availability - Takes into account all events that stop planned production like breaks, lunches, or pre-arranged time.
Avoided Cost - An estimated saving based on preventive measures.
Best Practice - Something that we have learned from experience on a number of similar projects.
Bill of Materials - A list of parts, raw materials, and accessories, descriptions, part name, part number, quantity, reference designation, procurement type, that make up the assembly or entire product.
Bill of Materials Level - The place occupied by a part on the ranking of the bill of materials.
Brainstorming - The unstructured generation of ideas by a group of people.
Budget - The funds allocated to the project that represent the estimated planned expenditures.
Budget at Completion - The sum of all budgets established for the work to be performed.
Budget Cost - The cost anticipated at the start of a project.
Budgeting and Cost Management - The estimating of costs and the setting of an agreed budget, and the management of actual and forcast costs against that budget.
Capital Cost - The carrying cost in a balance sheet or acquiring an asset and bringing it to the condition where it is capable of performing its intended function over a future series of periods.
Cash Flow - Cash receipts and payments in a specific period.
Change Request - Outlines a problem and proposes an action to address the problem.
Changeover - The time required to modify a system or workstation, including teardown and setup.
Child Item - An item that appears in the bill of materials of another item.
Commercial off-the-shelf - Commercially available items that do not require the procuring organization to perform modification to meet requirements.
Concept of Operation - A document describing how a system operates during the life cycle phase to meet stakeholder expectations.
Configurable Bill of Materials - Contains all the components that are required for manufacturing the material to the customer's detailed requiremenrs.
Conflict Management - The process of identifting and addressing differences.
Contingencies - Planned actions for minimizing the damage caused by a problem.
Contract Manufacturer - A third-party manufacturer of parts or products for a company.
Constraint - A condition or occurance that might limit, restrict, or regulate the project.
Corrective Action/Protective Action - Investigates and solves problems, identifies causes, and takes corrective action to solve the problem.
Corrective Action Request - Sent to a supplier when an item or process needs a remedy.
Cost - Expenses, overhead or the price of a product or service.
Cost Baseline - The approved version of work package cost estimates and contingency reserve that can be changed using formal change control procedures.
Cost Benefit Analysis - The relationship between the costs of undertaking a task or project, and the benefits likely to arise from the changed situation.
Cost Management Plan - A component of a project or program management plan that describes how costs will be planned, structured, and controlled.
Cost Performance Index - A measure of the cost efficency of budgeted resources expressed as the ratio of earned value to actual cost.
Cost of Quality - The sum of all costs associated with conformance and nonconformance.
Critical Activity - A critical activity has zero or negative float. This activity has no allowance for work slippage.
Critical Path - The path in a project schedule that has the longest duration.
Critical Path Activity - Any activity on the critical path in a project schedule.
Cycle Time - The time it takes one part to be processed at an individual process step.
Database - An organized collection of data with a means of identification and retrieval.
Data Management - A process to plan for, acquire, access, manage, protect, and use technical data over the entire life cycle of a system.
Deliverable - Any unique and verifiable product, result, or capability to perform a service that is performed to complete a process, phase, or project.
Design - A process to develope and document a solution to a problem utilizing technology, tools, and experts.
Design Deliverables - Technical drawings and schematics, presentations, reports, and specifications for engineering.
Design History File - Contains or references the records necessary to demonstrate that the design was developed in accordance with the approved design plan.
Device Master Record - A record of all information about how a product was produce, including drawings, instructions, and any other records.
Direct Costs - Costs specifically attributed to an activity or group of activities without apportionment.
Direct Labor - The time spent by one or more production workers on filling a specific manufacturing order.
Discounted Cash Flow - The relating future cash flows and outflows over the life of a project or operation to a common base value.
Document Control - The function of management and controlling product documentation.
Down Day - A day when the facility, entire shop floor, or a specific work place is not in production.
Duration - The length of time required or planned for the execution of a project activity.
Failure Rate - The anticipated number of times that an asset or piece of equipment fails in a specific period of time.
Fast Tracking - A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.
Fill Order - An order that has had all its requirements met and can be closed.
Fill Rate - The percentage of orders that are shipped in full and on time and were met through current available stock.
Finished Goods - An item that is manufactured for sale.
Fixed Asset - A long-term tangible asset or piece of equipment that a business owns and uses in its operations to generate income.
Fixed Duration - A task in whick the time required for completion is fixed.
Fixed Units - A task in which the number of resources used is fixed.
Fixed Work - A task in which the amount of effort required is fixed.
Floor Stock - Low-cost items that do not require inventory control.
Float - The amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.
Flowchart - A diagram that lays out the complete sequence of steps in a process or procedure.
Forecast - An estimate of how much of an item should be produced over a specific period of time.
Forward Scheduling - Businesses that complete manufacturing their products as soon as possible before the due date.
Forward Workload - All backlog work, work that is due or predicted to become backlog work within a pre-specified future time frame.
Good Manufacturing Practice - A system of processes, procedures, and documents that help ensure that the products are consistantly produces and controlled according to quality standards.
Labor Time - The number of employee hours required to complete the operation.
Lag/Lag Time - The minimum necessary lapse of time between the finish of on activity and the finish of an overlapping activity or delay incurred between two specified activities.
Lead/Lead Time - The time between a customer's initial purchase and the delivery of the product.
Lessons Learned - A set of statements captured after completion of a project or a portion of a project.
Life Cycle - The entire process used to build its deliverables.
Linear Scheduling - A graphical scheduling technique used to assign resources when project work consists of repetitive tasks.
Management - The act of overseeing planning, personnel, and resources to achieve a goal.
Management Developement - All aspects of staff planning, recruitment, developement, training and assessment.
Management Process - The act of planning and executing a project or process to meet a defined set of objectives or goals.
Manufacturing Bill of Materials - A list of all sub-assemblies or items essential to produce a shippable finished product.
Markup - A markup of price spread is the difference between the selling price of a product and the cost incured to manifacture it.
Mission Statement - A brief summary, approximately one or two sentences, that sums up the background, purposes and benefits of the project.
Mitigation - Actions taken to eliminate or reduce risk by reducing the probability and/or impact of occurrence.
Multi-level Bill of Materials - A list of all components directly or indirectly involved in building the parent part, togeather with the required quantity for each item.
Parent Item - An item that contains another item in the bill of materials.
Part Name - A unique name assigned to a part.
Part Number - A unique numerical value assigned to a part.
Peer Review - A validation technique in which a small group of stakeholders evaluates a portion of a work product to find errors to improve its quality.
Performance - Anything that causes the manufacturing process to run at less than maximum possible speed.
Performance Reporting - Collecting and dissemination information about project performance to help ensure project progress.
Phase - A distinct stage in a project life cycle.
Pick-to-ship Cycle Time - The period from when an order is released to be picked until the time the order has shipped.
Policy - A set of ideas, course of principles of action adopted by or proposed for a system or organization.
Preventative Maintenance - Maintenance activities performed by machine operators at regularly scheduled intervals to keep equipment in good working order.
Process - Also called procedure, an operation or an activity.
Process Center - A resource or collection of resources, commonly people or machines, where an operation or set of operations is performed.
Process Control - The monitoring of the production process through software.
Process Management - The act of planning, coordinating, and overseeing processes with a view to improving outputs and reducing costs.
Process Map - A graphical flowchart identifying the operations in a process, steps in each operation and work time for each step.
Process Model - A visual model or representation of the sequencial flow and control logic of a set of related activities or actions.
Process Security - A type of security that allows you to restrict authority for completing a manufacturing process.
Process Time - The time a job spends at an individual station in a production system from the time the station begins working on it, till the time the station finishes.
Product - Something that is produced.
Product Data Management System - System used to hold mechanical CAD files, including parts and assembly models as well as drawing files.
Product Developement Process - Begins with market research and idea generation, and ends with a successful product offered to the general public.
Product Scope - The features and functions that characterize a product, service, or result.
Production Lifecycle Management - Management of the products records, including bill of materials, specifications, changes and revisions from beginning to end.
Production Planning - The process of devising or estimating the conversion of resources and information to achieve an end.
Production System - A specific or defined set of operations within a large supply network or value chain that produces technical or physical output to satisfy an external demand.
Project - The application of resources to a unique set of coordinated activities, with a defines start and finish, undertaken to meet specific objectives with defined costs.
Project Life Cycle - All phases or stages between a project's conception and its termination.
Project Life Cycle Cost - Cumulative cost of a project over its whole life cycle.
Project Management - The application of knowledge, skills, and principles to a program to achieve the program objectives.
Project Management Plan - A document that integrates the program's plan and establishes the management controls and overall plan for intergrating and managing the program's individual components.
Project Manager - The stakeholder assigned by the performing organization to manage the work required to achieve the project objectives.
Project Phase - A collection of related project activities, usally culminating in the completion of a major deliverable.
Project Planning - The developement and maintenance of the project plan.
Project Schedule - The planned dates for performing activities and meeting milestones.
Promise Date - The date that the customer has been told to expect to receive the order.
Prototype - A sample built of a product.
Pull Production - The process in which products are made only when the customer has ordered a product, and not before.
Push Production - The process in which products are made using customer estimates rather than the customer has ordered a product, and not before.
Replaced Item - An item in a mass uptate to bill of materials that is removed from the bills of materials.
Return - An item or merchandise returned by a customer to your company.
Risk - A future event or problem that exists outside of the control of the project that will have an adveres impact on the project if it occures.
Risk Acceptance - Acknowledging a risk and not taking preemptive action against it.
Risk Assessment - An activity that involves identifying possible risks to a project and examining how these risks, if they occure, would affect objectives.
Risk Analysis - The examination of risk areas or events to access the propbale consequences for each event, or combination of ecents.
Risk Avoidance - A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.
Risk Gap - The difference between estimated risk and the tolerable risk.
Risk Identification - The process of identifying and examining risks and their affects on project objectives.
Risk Impact - The harm or consequences for a project of a risk if it occures.
Risk Management - A process to access potential problems, determine which risks are important to deal with, and impliment strategies to reduce consequences.
Risk Mitigation - A risk response strategy whereby the project team acts to decrease the probability of occurance or impact of a threat.
Risk Plan - The process of deciding how to approach and conduct the risk management activities of a project.
Risk Ranking - A process for ranking the severity and likelyhood of a hazard sequence of events to ensure the estimated risk of the sequence of events.
Risk Tolerance - The level of variation in performance measures that an organization is willing to accept.
Risk Sharing - The hand ownership of a positive risk to a third party who is typically specialized and better able to realize the opportunity.
Run Time - The scheduled production time and its running.
Total Cost - The total of all expenses associated with the manufacturing order.
Training - An imoortant part of the system since it is unlikely that the delivery system has been operated, maintained or supported by the user before.
Walkthrough - A type of peer review in which participants present, discuss, and step through a work product to find errors.
Warehouse Automation - Includes hardware, software, people and processes that are needed to automate warehouse tasks to increase efficiency and improve accuracy.
Warehouse Logistics - All of the resources, processes and programs required to keep assets and equipment moving in, around, and through a warehouse.
Work Around - An immediate or temporary response to an issue for which a prior response had not been planned.
Work Flow - The relationship of the activities in a project from start to finish.
Work in Progress - The set of entities that are partially transformed within any given process.
Work Product - The document, collection of notes or diagrams used by the business analyst during the requirements developement process.
