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 51 terms in this directory beginning with the letter R.
RAID log
RAID is an acronym for risks, assumptions, issues, and dependencies. The RAID log is a project management tool that records developments in these four aspects of project work for the stakeholders’ benefit and for an end-of-project review.

RASCI/RACI chart
A RASCI chart is created during project initiation to identify those who are: responsible for project activities, accountable for ensuring that work is done, signing off on the work, consulted in relation to work activities, and informed about the status of the work. The acronym may be simplified as RACI. (See also responsibility assignment matrix)

Reengineering
Reengineering involves the extensive redesign or rethinking of core processes to achieve major performance improvements. It focuses on optimizing key performance areas such as quality and efficiency. Reengineering often involves restructuring organizations so that multi-functional teams can manage processes from start to end.

Release
In IT project management, a release is a fully functional software delivered to a customer as agreed, typically after a series of iterations.

Remote team
A remote team’s members work in collaboration, usually electronically, from different geographic locations.

Repeatable
The term repeatable is used to describe a sequence of activities that may be easily and efficiently replicated. Repeatable processes are economical since they typically avoid negative variances and have established operations.

Request for proposal
A formal invitation for expressions of interest that is extended by an organization looking to procure goods or services. (See also invitation for bid)

Request for quotation
Upon receipt of proposals after issuing a request for proposal, an organization will issue a request for quotations to shortlisted proposers, asking for detailed cost estimations for specific goods or services.

Requirements
A set of stipulations regarding project deliverables. They are a key element of the project scope and explain in detail the stakeholders’ expectations for a project.

Requirements management plan
A requirements management plan explains how project requirements will be defined, managed, and delivered. It is part of a project management plan and is used to guide project execution and control to adequately deliver requirements.

Requirements traceability matrix
A table that tracks requirements through the project life cycle and product testing. It is used to ensure that a project is able to deliver the stipulated requirements during the verification process.

Residual risk
Any risks that have not or cannot be addressed by risk mitigation or risk avoidance procedures.

Resource allocation
The assigning and scheduling of resources for project-related activities, ideally in the most efficient manner possible. Resource allocation is typically handled by a project manager, though they may be overridden by a program manager if resources are to be shared between multiple projects. (See also allocation)

Resource availability
Resource availability indicates whether a specific resource is available for use at a given time.

Resource breakdown structure
A hierarchical list of resources needed for project work, classified by type and function.

Resource calendar
A resource calendar indicates resource availability, usually by shift, over a period of time.

Resource leveling
A technique that involves amending the project schedule to keep resource use below a set limit. It is used when it is important to impose limits on resource use. Resource leveling can affect a project’s critical path.

Resource loading profiles
Resource loading profiles indicate the number and type of personnel required to do project work over periods of time.

Resource optimization techniques
Resource optimization techniques seek to reconcile supplies and demands for resources. Depending on whether project duration or limiting resource use is prioritized, they can be used to amend activity start and finish dates in ways that do or do not affect a project’s critical path. (See also resource leveling and resource smoothing)

Resource smoothing
A technique that makes use of float when allocating resources so as not to affect total project duration. It is used when project time constraints are important. Resource leveling does not affect a project’s critical path.

Resource-Limited schedule
A resource-limited schedule has had its start and end dates adjusted based on the expected availability of resources.

Resources
The elements needed for a project to successfully meet its objectives. Examples of resources include equipment, staff, locations, facilities, and money.

Responsibility assignment matrix
A responsibility assignment matrix identifies those who are: responsible for project activities, accountable for ensuring that work is done, consulted about work activities, and informed about the work status. (See also RASCI/RACI chart)

Retainage
The sum of money withheld from a contract payment until completion of the contract according to terms.

Return on investment (ROI)
The expected financial gain of a project expressed as a percentage of total project investment. It is used to assess the overall profitability of a project.

Risk
The probability of occurrence of a specific event that affects the pursuit of objectives. Risks are not negative by definition. In project management, opportunities are also considered risks.

Risk acceptance
Risk acceptance involves acknowledging a risk and not taking preemptive action against it.

Risk appetite
The amount and type of risk an organization is willing to accept in anticipation of gains. It is not the same as risk tolerance, which is the amount of variation in performance measures that an organization is willing to accept.

Risk assessment
An activity that involves identifying possible risks to a project and examining how these risks, if they occur, would affect objectives.

Risk avoidance
Risk avoidance focuses on avoiding threats that can harm an organization, its projects, or assets. Unlike risk management, which is geared toward mitigating the impact of a negative event, risk avoidance seeks to address vulnerabilities and make sure those events do not occur.

Risk breakdown structure
A hierarchical model of all risks, arranged categorically.

Risk category
A set of risks grouped by cause.

Risk efficiency
A concept based on the idea of maximizing the return-to-risk ratio. It can do this in two ways: by minimizing exposure to risk for a given level of expected return or by seeking the highest possible expected return for a given level of risk.

Risk enhancement
Risk enhancement involves increasing the probability of an opportunity, or positive risk, occurring.

Risk exploitation
Risk exploitation focuses on ensuring that an opportunity, or positive risk, occurs.

Risk identification
The process of identifying and examining risks and their effects on project objectives.

Risk management
A subset of management strategies that deals with identifying and assessing risks and acting to reduce the likelihood or impact of negative risks. Risk managers seek to ensure that negative risks do not affect organizational or project objectives.

Risk mitigation
Risk mitigation involves decreasing the probability of a negative risk occurring, as well as protecting project objectives from a negative risk’s impact.

Risk monitoring and control
The risk monitoring and control process uses a risk management plan to identify risks and implement appropriate risk responses.

Risk owner
A risk owner is responsible for determining and enacting appropriate responses to a specific type of risk. (See also risk response owner)

Risk register
A risk register or risk log

Risk response owner
A risk owner monitors a specific type of risk and implements appropriate risk responses when necessary. (See also risk owner)

Risk response planning
Risk response planning is typically conducted after risk analyses to determine appropriate courses of action for risks is deemed significant.

Risk sharing
Risk sharing involves handing ownership of a positive risk to a third party who is typically specialized and better able to realize the opportunity.

Risk threshold
The level at which the likelihood or impact of a risk becomes significant enough that the risk manager deems a risk response necessary.

Risk tolerance
The level of variation in performance measures that an organization is willing to accept. It is not the same as risk appetite, which is the level and type of risk an organization is prepared to accept in anticipation of gains.

Risk transference
Risk transference involves handing ownership of risk to a third party who is typically specialized and better able to address the risk or to withstand its impact.

Risk trigger
An event that causes a risk to occur. A trigger can serve as a warning that a risk has occurred or is about to occur.

Rolling wave planning
A planning approach that focuses on in-depth detailing of work to be accomplished in the near term and progressively lower levels of detail for work scheduled farther in the future. It is based on the idea that work scheduled in the future is more subject to change and thus less worth planning in detail. Rolling wave planning only works for schedules with clearly defined iterations.

Root cause
The primary reason an event occurs.

Run book
A comprehensive catalog of information needed to conduct operations and to respond to any emergency situations that arise during operations. It typically details, step by step, all regular operational procedures and emergency responses.