Glossary of Project Management Terms

Our glossary of project management let you find the terms and definitions that are commonly used in business and project management. Use the form below to find a term.

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The probability that an item will continue to function at customer expectation levels at a measurement point, under specified environmental and duty cycle conditions.
Reliability Analysis
Reliability Analysis is a predictive tool used to estimate the "life" of a product. This is usually expressed in terms of hours as mean time between failure (MTBF).
Request for proposal
A request for proposal (RFP) is a document prepared by a customer to solicit proposals from potential providers. The Request For Proposal consists of a Solicitation Letter, Instructions to Bidders, ...
A description of a condition or capability to which a system must conform; either derived directly from user needs, or stated in a contract, standard, specification, or other formally imposed ...
Return on Investment
RFQ stands for Request for Quotation See Request for proposal
Risk analysis
Risk Analysis is a technique designed to quantify the impact of uncertainty. It is usually conducted at the begining of a project or to compare two or more alternative scenarios, action ...
see Return on Investment, Internal rate of return
Root Cause
A root cause is an antecedent source of a defect such that if it is removed, the defect is decreased or removed itself.
Root cause analysis
A study of original reason for nonconformance with a process. When the root cause is removed or corrected, the nonconformance will be eliminated. see also: FMEA

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