Project management is the process of supervising the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives.
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
Value engineering (VE) is a systematic analysis of the functions of various components and materials to lower the cost of goods, products and services with a tolerable loss of performance or functionality. Value, as defined, is the ratio of function to cost. Value can therefore be manipulated by either improving the function or reducing the cost. It is a primary tenet of value engineering that basic functions be preserved and not be reduced as a consequence of pursuing value improvements. The term "value management" is sometimes used as a synonym of "value engineering", and both promote the planning and delivery of projects with improved performance.
Scope creep in project management is continuous or uncontrolled growth in a project's scope, generally experienced after the project begins. This can occur when the scope of a project is not properly defined, documented, or controlled. It is generally considered harmful. It is related to but distinct from feature creep, because feature creep refers to features, and scope creep refers to the whole project.
The planning fallacy is a phenomenon in which predictions about how much time will be needed to complete a future task display an optimism bias and underestimate the time needed. This phenomenon sometimes occurs regardless of the individual's knowledge that past tasks of a similar nature have taken longer to complete than generally planned. The bias affects predictions only about one's own tasks. On the other hand, when outside observers predict task completion times, they tend to exhibit a pessimistic bias, overestimating the time needed. The planning fallacy involves estimates of task completion times more optimistic than those encountered in similar projects in the past.
Social responsibility is an ethical concept in which a person works and cooperates with other people and organizations for the benefit of the community.
The Southwest Corridor or Southwest Expressway was a project designed to bring an eight-lane highway into the City of Boston from a direction southwesterly of downtown. It was supposed to connect with Interstate 95 (I-95) at Route 128. As originally designed, it would have followed the right of way of the former Penn Central/New Haven Railroad mainline running from Readville, north through Roslindale, Forest Hills and Jamaica Plain, where it would have met the also-cancelled I-695. The 50-foot-wide median for the uncompleted "Southwest Expressway" would have carried the southwest stretch of the MBTA Orange Line within it, replacing the Washington Street Elevated railway's 1901/1909-built elevated railbed. Another highway, the four-lane South End Bypass, was proposed to run along the railroad corridor between I-695 in Roxbury and I-90 near Back Bay.
A special-purpose entity is a legal entity created to fulfill narrow, specific or temporary objectives. SPEs are typically used by companies to isolate the firm from financial risk. A formal definition is "The Special Purpose Entity is a fenced organization having limited predefined purposes and a legal personality".
Open innovation is a term used to promote an Information Age mindset toward innovation that runs counter to the secrecy and silo mentality of traditional corporate research labs. The benefits and driving forces behind increased openness have been noted and discussed as far back as the 1960s, especially as it pertains to interfirm cooperation in R&D. Use of the term 'open innovation' in reference to the increasing embrace of external cooperation in a complex world has been promoted in particular by Henry Chesbrough, adjunct professor and faculty director of the Center for Open Innovation of the Haas School of Business at the University of California, and Maire Tecnimont Chair of Open Innovation at Luiss.
Nuclear decommissioning is the process leading to the irreversible complete or partial closure of a nuclear facility, usually a nuclear reactor, with the ultimate aim at termination of the operating licence. The process usually runs according to a decommissioning plan, including the whole or partial dismantling and decontamination of the facility, ideally resulting in restoration of the environment up to greenfield status. The decommissioning plan is fulfilled when the approved end state of the facility has been reached.
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms.
Boston Transportation Planning Review (BTPR), published in 1972, was a transportation planning program for metropolitan Boston, Massachusetts, which was responsible for analyzing and redesigning the entire area-wide transit and highway system in the 1970s. The major contractors involved were Alan M. Voorhees Company (Virginia), project manager; Skidmore, Owings and Merrill, architect; ESL Incorporated (California), air quality and acoustics. The program had close guidance from the national Transportation Research Board (TRB), a division of the US National Academy of Sciences. The first director of the program reporting to the Governor was Alan Altshuler; the project manager was Walter Hansen.
Bent Flyvbjerg is a Danish economic geographer. He is the Villum Kann Rasmussen Professor at the IT University of Copenhagen.
Nuclear power construction costs have varied significantly across the world and in time. Large and rapid increases in cost occurred during the 1970s, especially in the United States. Recent cost trends in countries such as Japan and Korea have been very different, including periods of stability and decline in costs.
Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions. Research in microfoundations explores the link between macroeconomic and microeconomic principles in order to explore the aggregate relationships in macroeconomic models.
Small modular reactors (SMRs) are a class of small nuclear fission reactors, designed to be built in a factory, shipped to operational sites for installation and then used to power buildings or other commercial operations. The term SMR refers to the size, capacity and modular construction. Reactor type and the nuclear processes may vary. Of the many SMR designs, the pressurized water reactor (PWR) is the most common. However, recently proposed SMR designs include: generation IV, thermal-neutron reactors, fast-neutron reactors, molten salt, and gas-cooled reactor models. Commercial SMRs have been designed to deliver an electrical power output as low as 5 MWe (electric) and up to 300 MWe per module. SMRs may also be designed purely for desalinization or facility heating rather than electricity. These SMRs are measured in megawatts thermal MWt. Many SMR designs rely on a modular system, allowing customers to simply add modules to achieve a desired electrical output.
Benefits realization management (BRM), also benefits management, benefits realisation or project benefits management, is a project management methodology, often visual, addressing how time and resources are invested into making desirable changes. BRM is used to manage the investment by organizations in procurement, projects, programmes and portfolios, and has been shown to increase project success across different countries and industries.
Megaprojects and Risk: An Anatomy of Ambition is a 2003 book by Bent Flyvbjerg, Nils Bruzelius, and Werner Rothengatter, published by Cambridge University Press.
Jennifer Whyte is Director of the John Grill Institute for Project Leadership and Head of School of Project Management at the University of Sydney, Australia. Her focus is on working with industry, policy and government to improve the way projects are conceived, set-up, delivered and add value. She had led research on systems integration, construction transformation, and project analytics.
Kalidindi N. Satyanarayana is the Director of Indian Institute of Technology Tirupati. He is known for his pioneering studies on Building Technology and Construction Management. He also holds the chairmanship of the Academic Advisory Group, Project Management Institute (PMI) India.
