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 17 terms in this directory beginning with the letter O.
Operations and maintenance
Operations and maintenance is the stage at which a project or system is handed over to staff who will put it into full operation and carry out routine maintenance.

Operations management
The duty of ensuring that an organization's operations are functioning optimally. Operations managers maintain and improve the efficacy and efficiency of business processes. They seek to develop operations which deliver high-quality outputs while keeping costs low.

Operations research (OR)
A field of study that uses mathematical, statistical, and scientific methods to aid and optimize decision making. It uses techniques such as mathematical modeling and optimization to enable better decision making. (See also management science)

Opportunity
In project management, an opportunity is a possibility that can contribute to project objectives. Opportunities in project management are classified as a type of risk.

Opportunity cost
The opportunity cost of a particular course of action is the loss of potential gains from all alternative courses of action.

Optimistic duration
An estimate of the shortest length of time needed to complete a specific activity or task. It may be used to compute expected activity duration through a technique called three-point estimation.

Order of magnitude estimate
An order of magnitude estimate provides an early imprecise idea of the time and money required to complete a project. It uses historical data from completed projects to form adjusted estimates for similar new projects

Organization
A formally structured arrangement of parties that actively pursues a collective purpose. Organizations can be affected by external factors, and they in turn can affect the external environment.

Organization development
Broadly, organization development involves strategic efforts to improve aspects of organizational performance such as efficacy, efficiency, and sustainability, as well as aspects of organizational health such as employee satisfaction and engagement. The term may also refer to a field of study focusing on the characteristics of organizations and their growth and evolution.

Organizational breakdown structure
A hierarchical model of an organization's units and all its activities. It shows relationships between activities and organizational units and indicates the responsibilities of each unit thus providing a holistic perspective of how an organization operates.

Organizational enabler
Any practice, tool, knowledge, or skill base that facilitates an organization’s pursuit of its objectives may be termed an organizational enabler.

Organizational planning
The strategic process of defining roles, responsibilities, and reporting hierarchies for parties within an organization, keeping the organization’s objectives in mind. It is carried out based on the principles and strategies by which an organization manages its members.

Organizational process assets
The specific set of formal and informal plans and processes in use at an organization. They also constitute the sum of knowledge and experience accumulated from past efforts. Organizational process assets are essentially the unique knowledge and processes that facilitate an organization’s operations.

Organizational project management
A strategic approach that emphasizes the effective management of projects, programs, and portfolios as the best way to pursue organizational objectives. It focuses on aligning an organization’s activities with its objectives and on managing these activities collectively, so they contribute to objectives.

Organizational project management maturity
A measure of an organization’s ability to meet its objectives by effectively managing all its activities. It can be assessed with a maturity model called the OPM3, which, like other maturity models, provides comparisons and recommendations for improvement.

Output
In project management, an output is the (usually physical) end product of a process.

Overall change control
The evaluation, coordination, and management of project-related changes. It concerns both the effective integration of changes to benefit the project and the management of adverse changes or emergencies, so that project activities are not disrupted.