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 9 terms in this directory beginning with the letter V.
V life cycle
The V in V life cycle stands for verification and validation. It is a sequential software development process that matches a corresponding testing phase to each phase in the software development life cycle. During the verification phase, a project team works at increasingly granular levels of detail to identify requirements and design, and then builds the software. Validation proceeds in the opposite direction, as testers examine software components in turn before moving on to systems testing and finally checking that the project as a whole meets requirements.

Value engineering
Value engineering seeks to increase the functionality-to-cost ratio of a product by providing improved functionality at lower cost. Some applications of value engineering attract criticism, as manufacturers may decrease costs by using lower-quality components that decrease product lifespans.

Value for money ratio
In project management, the value for money ratio is expressed as the ratio of financial and other benefits to the resources expended in a project.

Value tree
A hierarchical model of the characteristics of a product or service that determine its value.

Variance analysis
The practice of investigating deviations between planned and actual performance.

Variance at completion (VAC)
A project’s variance at completion is the difference between its budget at completion and its estimate at completion.

Vertical slice
A performance indicator that demonstrates progress across all project components or performance areas at a given point in time.

Virtual design and construction (VDC)
A method based on using technology in design and construction projects. It uses building information modeling (BIM) tools that focus on designable and manageable aspects of projects to create integrated models that predict project performance.

Virtual team
A virtual team comprises people from different organizations, locations, or hierarchies. It is not necessarily the same as a remote team, which is a group of people working together from different locations.