This glossary covers all common project management terminology.
A - Acceptance Criteria to Authority | B - Backward Pass to Business Process Manager (BPM) | C - Change to Customer | D - Decision Tree Analysis to Duration | E - Early Finish Date to Event | F - Failure Mode and Effect Analysis to Functional organization | G - Gantt Chart to guidelines | H - Hammock task to Hyperlink | I - i-j notation to ITIL | J - Job Description to Just-In-Time | K - Kaizen to Knowledge | L - Labor, Equipment, Material to Logical Relationship | M - Manage Project Team to Monte Carlo Analysis | N - Near-Critical Activity to Node | O - Operations to Output | P - parametric to Projectized Organization | Q - Qualitative Risk Analysis to Quantitative Risk Analysis | R - Records Management to Root Cause Analysis | S - Saved Search to System | T - Target Completion Date to Triple Constraint | U - Uncontrollable Risks to User Group | V - Validation to Voice of the Customer | W to Z - War Room to Zero Float

V - Validation to Voice of the Customer

Validation

The technique of evaluating a component or product during or at the end of a phase or project to ensure it complies with the specified requirements. Contrast with verification.

Value Engineer

A person, usually certified, who is qualified to perform value engineering services for a client.

Value Engineering (VE)

(1) A creative approach used to optimize project life cycle costs, save time, increase profits, improve quality, expand market share, solve problems, and/or use resources more effectively. (2) An organized effort to analyze the functions of a system, equipment, facilities, services, and supplies, for the purpose of achieving the essential functions at the lowest life-cycle cost consistent with required performance, reliability, quality, and safety.

Value Engineering - Variance

A quantifiable deviation, departure, or divergence from a known baseline or expected value.

Variance Analysis

A method for resolving the total variance in the set of scope, cost, and schedule variables into specific component variances that are associated with defined factors affecting the scope, cost, and schedule variables.

Verification

The technique of evaluating a component or product at the end of a phase or project to assure or confirm it satisfies the conditions imposed. Contrast with validation.

Vetting Process

A process of examination and evaluation; used to determine an asset's usefulness.

Virtual Team

A group of persons with a shared objective who fulfill their roles with little or no time spent meeting face to face. Various forms of technology are often used to facilitate communication among team members. Virtual teams can be comprised of persons separated by great distances.

Voice of the Customer

A planning technique used to provide products, services, and results that truly reflect customer requirements by translating those customer requirements into the appropriate technical requirements for each phase of project product development.