Glossary
- accrual method
When a project incurs actual costs for a resource, for example, as soon as the task starts, prorated as the task progresses, or after the task is complete.
- activity
Work performed by resources to achieve a result. Also called a task.
- actual cost
Cost that a project has actually incurred including labor, equipment, material, and indirect costs.
- actual cost of work performed (ACWP)
Total cost incurred for work completed on a task or tasks through the project status date (or the current date if no status date is defined). ACWP is used in earned value analysis to identify whether a project is on schedule and within budget. ACWP is also called actual cost.
- actual duration
The length of time between when a task started and the status ...
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