TACTICAL RISK - Risk for which the potential impact does not significantly threaten an overall project objective or have a significant potential impact on enterprise, portfolio or other higher objectives or plans beyond the project level. See also: STRATEGIC RISK. (December 2011) TAKE-OFF - A take-off is a specific type of quantification that is a measurement and listing of quantities of materials from drawings in order to support the estimate costing process and/or to support the material procurement process. See also: QUANTIFICATION. (January 2003) TANGIBLES - Things that can be quantitatively measured or valued, such as items of cost and physical assets. (November 1990) TARGET - A target is a measurement set for performance. In a project management sense, it typically refers to a project goal expressed in time or cost. (October 2013) TARGET ACTIVITY - The activity being used to measure any resulting impact of the event, typically the contract milestone completion activity, but can be a contractually specified interim milestone. (June 2017) TARGET DATE - Date imposed on an activity or project by the user or client that constrains or otherwise modifies the network analysis. There are two types: target start dates, and target finish dates. (June 2007) TARGET FINISH DATE - A target date where the date imposed is on the finish date. See also: TARGET DATE. (June 2007) TARGET PLAN - The target plan prioritized by critical total float taken from the current schedule. (June 2007) TARGET REPORTING - A method of reporting the current schedule against some established base line schedule and the computations of variances between them. (November 1990) TARGET SCHEDULE - A schedule devised or selected as an objective measure against which actual performance can be gauged. See also: BASELINE SCHEDULE. (August 2007) TARGET START DATE - A target date where the date imposed is on the start date. See also: TARGET DATE. (June 2007) TASK – (1)A cohesive, individual unit of work that is part of the total work needed to accomplish a project. (2)Well-defined component of project work; a discrete work item. There are usually multiple tasks for one activity. \[8\] (June 2007) TASK MONITOR - The individual assigned the monitoring responsibility for a major effort within the program. (November 1990) TASK TYPES - Characterization of task by resource requirement, responsibility, discipline, jurisdiction, function, etc. (June 2007) TAXES PAYABLE - Tax accruals due within a year. (November 1990) TECHNICAL PERFORMANCE MEASUREMENT - A general term referring to the technical plan measurements of the program/project. Examples include Software Engineering Institute (SEI) metrics, technical plans, and specifications. These may be used in earned value as the integration points with the schedule. (October 2013) TEMPLATE – (1)A guideline for a document outline and its contents. A template is used to record the work activities, discussions, findings, and specification to help achieve a common understanding. In addition, it is used to provide a consistent look and feel to the project documentation. \[8\] Care must be taken with the use of templates to ensure that normal planning and schedule quality analysis and control processes are not bypassed or shortchanged. (2)A document whose required content is predetermined and format is pre-structured, usually in some measure of detail, in order to speed its completion to a higher level of accuracy and uniformity. (August 2007) TEMPORARY CONSTRUCTION COST - Includes costs of erecting, operating, and dismantling non-permanent facilities, such as offices, workshops, etc., and providing associated services such as utilities. (June 2007) TERMINATION - Actions by the owner, in accordance with contract clauses, to end, in whole or in part, the services of the contractor. Termination may be for the convenience of the owner or for default by the contractor. (November 1990) TERMS OF PAYMENT - Defines a specific time schedule for payment of goods and services and usually forms the basis for any contract price adjustments on those contracts that are subject to escalation. (November 1990) THEORY OF CONSTRAINTS (TOC) - A four-step management philosophy developed by Dr. Eli Goldratt that involves: 1\) Identifying the system's constraints; 2) Working to exploit those constraints (either through strengthening the constraint or getting maximum performance out of the key constraint); 3) Subordinating everything else to the above decision (given the key constraint, all operational decisions involve improving the processes as much as possible relative to this controlling constraint, e.g., a bottleneck in a production process); and 4) Working to elevate the constraint (improve or eliminate the bottleneck and then reexamine the system). Once the critical constraint is eliminated, a new constraint will arise to take its place. So, the process continues until the smallest level constraint is identified that can impact on the whole system. In project management, the key constraint (using TOC ideas) is the critical path of the project since it determines the length of the project and hence is the key constraint. TOC is used in the critical chain approach as an alternative to CPM or PERT for determining the length of a project by using critical resource control and application. (June 2007) THIRD PARTY CLAIM - A claim against either or both the owner or the contractor by members of the public, or other parties, usually for property damage or personal injury. (November 1990) THREAT - In TCM risk management, an uncertainty that, if it occurs, will have an adverse or downside impact on an objective or objectives. In some usage (but not all), risks are considered synonymous with threats. (December 2011) TIED ACTIVITY - An activity that must start within a specified time or immediately after its predecessor's completion or start. (November 1990) TIME EXTENSION - An increase in contract time by modification or change order to complete an item of work. An excusable delay generally entitles a contractor to a time extension. Depending upon contract terms, the time extension may or may not be compensable. (June 2007) TIME HORIZON - Syn.: STUDY PERIOD. (November 1990) TIME IS OF THE ESSENCE - Contract requirement that completion of the work within the time limits in the contract is essential. Failure to do so is a breach for which the injured party is entitled to damages. (June 2007) TIME LINE - Schedule line showing key dates and planned events. (June 2007) TIME NOW - Syn. AS-OF-DATE; DATA DATE; UPDATE DATE. (October 2018) TIME NOW LINE - The point in time that the network analysis is based upon. May or may not be the data date. See also: STATUS LINE. (November 1990) TIME PHASING - Strategic pacing of project and overlapping between different activities or blocks of activities. For example, with the decision on whether or not to use rapid application development prototyping, concurrent engineering, simultaneous design, fast track, phased hand-over, etc. Phasing and overlapping of activities is also an important aspect of management team's skills. Properly done, it can have a significant positive impact on performance. (June 2007) TIME UNIT - A unit of measure used in a scheduling calendar when modeling an activity duration, usually expressed in hours, days or weeks, but can also be shifts or even minutes. See also: CALENDAR UNIT. (June 2007) TIME VALUE OF MONEY – (1)The time-dependent value of money stemming both from changes in the purchasing power of money (that is, inflation or deflation), and from the real earning potential of alternative investments over time. (2)The cumulative effect of elapsed time on the money value of an event, based on the earning power of equivalent invested funds. (3)The expected interest rate that capital should or will earn. See also: FUTURE WORTH; PRESENT WORTH. \[2\] (November 1990) TIME-CONSTRAINED SCHEDULING - The network schedule calculations are constrained by the time allowed to complete the project as opposed to the resources available to do the work. (June 2007) TIME-LIMITED RESOURCE SCHEDULING - Production of scheduled dates in which resource constraints may be relaxed in order to avoid any delay in project completion. (June 2007) TIME-LIMITED SCHEDULING - The scheduling of activities so predetermined resource availability pools are not exceeded unless the further delay will cause the project finish to be delayed. Activities can be delayed only until their late start date. However, activities will begin when the late start date is reached, even if resource limits are exceeded. Networks with negative total float time cannot be processed by time-limited scheduling. (November 1990) TIME-SCALED CPM - A plotted or drawn representation of a CPM network where the length of the activities indicates the duration of the activity as drawn to a calendar scale. Float is usually shown with a dashed line as are dummy activities. (November 1990) TIME-SCALED LOGIC/NETWORK DRAWING (OR DIAGRAM) - Any project network diagram drawn in such a way that the positioning of the activity represents its expected start and finish date. Essentially, a Gantt chart that includes depiction of network logic. (June 2007) TO COMPLETE PERFORMANCE INDEX (TCPI) - A metric that calculates the future efficiency necessary to meet a target. When compared with the cost performance index (CPI) it provides and assessment of the realism of obtaining the target. Absolute value variances of .1 or higher between the TCPI and the CPI indicate the target is not achievable. There are two variations of TCPI: 1)Budgeted Base = (budget at completion - budgeted cost of work performed)/(budget at completion - actual cost of work performed). This ratio is very limited and unrealistic when the estimate at completion (EAC) is not equal to the budget at completion (BAC). This calculates the efficiencies needed to meet the BAC. 2)EAC Base (more common) = (budget at completion - budgeted cost of work performed)/(estimate at completion \- actual cost of work performed). This calculates the efficiencies necessary to achieve the EAC. This ratio is comparable with the CPI. (October 2013) TORNADO CHART - In risk management, a graphical bar chart of quantitative risk analysis data that ranks the key risk drivers in descending order of impact or severity. (December 2011) TOTAL ALLOCATED BUDGET (TAB) - The TAB is the total budget for the project. In earned value management according to the ANSI EIA 748 standard, it is always equal to performance measurement baseline (PMB) + management reserve (MR). In the absence of an over target baseline (OTB), TAB will equal the contract budget base (CBB). (October 2013) TOTAL COST BIDDING - A method of establishing the purchase price of movable equipment. The buyer is guaranteed that maintenance will not exceed a set maximum amount during a fixed period and that the equipment will be repurchased at a set minimum price when the period ends. (November 1990) TOTAL COST MANAGEMENT (TCM) - The effective application of professional and technical expertise to plan and control resources, costs, profitability and risks. Simply stated, it is a systematic approach to managing cost throughout the life cycle of any enterprise, program, facility, project, product, or service. This is accomplished through the application of cost engineering and cost management principles, proven methodologies and the latest technology in support of the management process. Can also be considered the sum of the practices and processes that an enterprise uses to manage the total life cycle cost investment in its portfolio of strategic assets. (January 2002) TOTAL FLOAT (TF) – (1)The maximum number of work periods by which an activity can be delayed without delaying project completion or violating a target (milestone) finish date. (2)The number of work periods the start or finish of an activity can be delayed without affecting the project finish date. Float is measured in hours, days, weeks, or months depending on the project's planning unit, and can have negative, zero, or positive values. \[14\] (3)The amount of time a task can be delayed without delaying the finish date of the project. \[15\] (June 2007) TOTAL QUALITY MANAGEMENT (TQM) - The consistent integrated orchestration of the total complex of an organization's work processes and activities to achieve continuous improvement in the organization's processes and products. (November 1990) TRACEABILITY - In earned value, traceability consists of two required relationships in the schedule; horizontal and vertical traceability. These are defined as follows: 1.TRACEABILITY, HORIZONTAL TRACEABILITY - The logic links in the schedule that insure that discrete work is linked to tasks that impact project completion. 2.TRACEABILITY, VERTICAL TRACEABILITY - A scheduling term indicating that tasks at lower levels will be shown consistent with higher levels. All tasks at the lowest schedule level should be consistent with the higher level schedule timeframes. Typically, this is insured with relationships or specific integration milestones. (October 2013) TRACKING - Form of monitoring applied. (June 2007) TRANSFER - In TCM risk management, a risk response strategy that involves transferring a threat(s) to a competent third party who is better able to manage it. (December 2011) TRANSFER PRICE - A term used in economic analysis in the mineral processing industries. Used to assign a value to raw materials when the same company does the mining and processing, Usually equal to the fair market value. (November 1990) TREND - In project control, a general tendency of events, conditions, performance, etc. In a change management system, a trend is the first indication of potential change that must be tracked and properly dealt with. A trend may later be identified as a deviation (not normally reimbursable) or a change (which is typically reimbursable in time and or money). Syn.: PROGRESS TREND. (June 2007) TREND ANALYSES - Mathematical methods for studying trends based on past project history allowing for adjustment, refinement or revision to predict cost. Regression analysis techniques can be used for predicting cost/schedule trends using historical data. (June 2007) TREND LINE - A line on a schedule or chart showing the pattern of progress that is being set over time, i.e. from measurement period to measurement period. (June 2007) TREND MONITORING - A system for tracking estimated cost-schedule-resources of a project vs. those planned. (June 2007) TREND REPORTS - Indicators of variations of project control parameters or measures against planned objectives or measures. (June 2007) TRENDING - A review of current progress compared to last reported progress which, when displayed graphically, shows whether a course correction is necessary to achieve the baseline plan. (June 2007) TURNOVER − Syn.: DELIVERY. (June 2007) TURNOVER RATIO - The ratio of annual sales to investment. Inclusion of working capital is preferable, but not always done. Turnover ratio is considered by some to be reasonable basis for a guesstimate of facilities cost, for new products similar to existing products. It ranges around 1.0 for many chemical plants. The product of turnover ratio and profit margin on sales gives a return-on-investment measure. (November 1990)