Project Management Glossary

 

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
There are 22 terms in this directory beginning with the letter F.
Fast tracking
A schedule compression technique or duration compression technique in which the duration of a critical path is shortened by performing sections of some critical path activities concurrently instead of consecutively.

Feasibility study
An evaluation of how likely a project is to be completed effectively or how practical it is

Finish-To-Finish
In a finish-to-finish relationship a successor activity cannot finish until a predecessor activity has finished.

Finish-To-Start
In a finish-to-start relationship a successor activity cannot start until a predecessor activity has finished.

Fishbone diagram
A fishbone diagram is used in project management to identify and categorize the possible causes of an effect. (See also Ishikawa diagram)

Fixed duration
A task in which the time required for completion is fixed.

Fixed formula method
The fixed formula method calculates earned value in a given period of time by splitting a work package budget between the start and completion milestones of a work package. A known proportion of value is earned upon beginning the work package, and the rest is earned upon completing the work package.

Fixed price contract (FPC)
A fixed price contract pays an agreed-upon fee and does not incorporate other variables, such as time and cost.

Fixed units
A task in which the number of resources used is fixed.

Fixed work
A task in which the amount of effort required is fixed.

Float
A measure of the schedule flexibility involving a particular task.

Flowchart
A diagram that lays out the complete sequence of steps in a process or procedure.

Focused improvement
An improvement strategy based on the theory of constraints. Attention is focused on addressing one limiting factor — called a constraint — at a time in order to optimize a system. Each constraint is improved until it no longer limits the system’s performance.

Fordism
Fordism, named for Henry Ford, is a manufacturing system in which mass-produced goods are priced affordably enough that those producing them may reasonably buy them with their own wages.

Forecast
A prediction or estimation of future project status based on available information.

Formal acceptance
The step at which authorized stakeholders sign off on a product, indicating that it meets their expectations.

Forward pass
A technique used to calculate early start and finish dates by working forwards from a point in a project schedule model.

Free float
The amount of time by which an activity can be postponed without affecting the early start dates of a successor activity.

Functional manager
The individual in charge of all activities carried out by a particular functional department within an organization.

Functional organization
An organization which organizes and manages staff members in groups based on specialty areas.

Functional requirements
The working characteristics of a product. These are based on how end users will use the product.

Future state
A detailed representation of the ideal condition of a company’s business processes after improvement.