Important Terms and Definitions - Project Resource Planning

We have successfully completed all the topics in the section on “Planning for Project Resources”. Let us wrap up the section by going through the important terms and definitions we learnt in these chapters.

• Budget - Aggregation of cost estimates with a timeline assigned to it.
• Contingency reserve - Funds or time reserved in addition to the calculated estimates to deal with the uncertainties in the duration used in the schedule and the cost used in the budget and to deal with overruns of the project objectives to meet the stakeholder expectations.
• Contract - A mutually binding agreement between a buyer and a seller that obligates the seller to provide the specified product, service, or result and obligates the buyer to make the payment for it.
• Cost baseline - Approved budget used as a baseline to determine the project progress.
• CPFF - Cost plus fixed fee; a contract type.
• CPIF - Cost plus incentive fee; a contract type.
• CPPC - Cost plus percentage of cost; a contract type.
• FP - Fixed price; a contract type.
• Human resource plan - A document that describes roles and responsibilities, reporting relationships among the roles, and staffing management.
• Procurement management plan - A document that describes how procurements will be managed.
• Procurements - Purchases and acquisitions that are needed to complete the project but that cannot be produced by the in-house project team.
• RAM - Responsibility assignment matrix; a matrix used to specify the relationships between schedule activities, roles to perform those activities, and team members assigned to the roles.
• Role - A defined function to be performed by a team member, such as a programmer or a tester.
• Staff management plan - A document that describes when and how human resource requirements for a project will be met.
• T&M - Time and material; a contract type.


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