Glossary

In this book the terms and abbreviations listed here have the meaning ascribed notwithstanding contrary definitions in other publications.

Terms and Abbreviations Meaning in this Book AM – Asset management A defined management process that links an organisation's strategic plan to the whole life management of physical assets. AM includes investment decisions associated with managing assets through time to create value for an organisation. Benchmarking Identification and measurement of own performance and comparison with best in class. Benefits realisation An audit process conducted at each stage in the development of the project to ensure that the benefits identified in the business case are embodied both in the developing project and at completion, into the organisation's core business. Business as usual The things done to keep the business operating on a day-to-day basis. Business case The strategic, commercial and/or organisational case for an investment to effect a change to the core business of an organisation. Client The person(s) or organisation that engages professional assistance in the undertaking of the inception, planning, financing, execution and commissioning of a project. Client's Project Value System The client's value system modified to apply to a specific project and expressed in terms of time, cost and quality. Client's Value System The corporate and business values that arise from deep within the client business as the perspectives and paradigms existing within the organisation's governing board, departments and individuals. It is these values that are transmitted through the client core supply chain as a value thread. Client stakeholder team Those stakeholders from the client organisation and those (primarily customers and users) inextricably linked to the benefits or disadvantages of the Programme or project. Component A single manufactured product installed in a single operation which can be described by its manufactured part number or by its physical characteristics and function. CREM – Corporate real estate management The management of property owned, leased or held incidentally by an organisation to support its corporate mission and thereby contribute to its business operations. CREM is less concerned with the investment value of property. Element That part of construction which performs the same function irrespective of the components and materials from which it is made. Facilitator The person who manages the value study workshop process, commonly but not necessarily the VSL. Function analysis The processing of Programme and/or project information to succinctly define functional requirements in an inert form, that is, in an expression, devoid of cost or performance measures, commonly comprising an active verb and a descriptive noun. Gatekeeper An individual or occasionally an organisation, that coordinates information passing between the constituents of an organisationally complex endeavour for example, the client project manager for a construction projecr passing information to a Value Study Leader in a value study. GSL Government Soft Landings. HMG Her Majesty's Government (UK). HMGCO HMG Cabinet Office (UK). HMT Her Majesty's Treasury (UK). Innovation The search for a new idea and the presentation of the idea in a form conducive to use; comprises two steps, the generation of ideas to satisfy identified required functions and a judgement of which of the many ideas generated are of potential use. ISP – Integrated Service Provider A consultancy or construction company offering to a client an integrated service in, inter alia, Programme and project management, design and cost management services, construction delivery and facilities management. Job Plan (USA) In the United States the agenda for the workshop phase only of a value study. MoV Management of Value (UK). NAO National Audit Office (UK). Option appraisal The functional description of a potentially worthwhile change to the operation of an organisation and the identification of options which maximise the value of the change. Option appraisal includes the evaluation of potential options and the recommendation of a single option. P3 Portfolios, Programmes and Projects. Paradigms The explicit or implicit rules governing the way in which individuals and departments operate, responding to and contributing to, the corporate culture of the organisation. These rules influence the client's value system. Performance indicator A factor that can be accurately measured to enable the comparison of performance. Perspectives The deeply held consensual views of individuals and groups within a client organisation that influence its corporate culture and thereby the client's value system. The more senior the individual or group the more influence. Portfolio Groupings of Programmes and/or projects which may or may not be interdependent managed by the organisation at strategic level. Programme An organisational structure or framework to group, co-ordinate and manage substantive change through related projects. Project A process, operating in parallel to the core business, to deliver an investment within a programmed time to effect change to the core business of the client organisation. Project Board A temporary formal group of client representatives and other key stakeholders set up to oversee the governance of the project. Project Manager The person responsible for the day-to-day management of the project. The gatekeeper between the client and the project team. Project Sponsor The client representative responsible for the project. The project sponsor is commonly chairman of the Project Board and responsible for the delivery of the business case. Project Value System The client's project value system as incorporated into design and construction. The client's project value system may be influenced by the design and construction team. Quality The totality of features and characteristics of a product or service that bear on its ability to satisfy stated needs or implied needs. The assessment of quality is a construct of comparability in which the degree of excellence is determined as the provision of all basic needs at the required level and all performance needs at the highest level. In this book quality is focused on the facets of Community, Environment/Sustainability, Exchange, Flexibility, Esteem and Comfort. Quality Assurance The management of defined, consistent, standards of products and/or services to assure freedom from defects. Risk A disadvantageous future event in which the probability and consequence of the outcome can be estimated. SFC Strategic Forum for Construction (UK). Stakeholders Those individuals and groups that are in a position to directly influence the development of a Programme or project or are directly affected by the actions of an organisation pursuing a Programme or project. Supply chain The people and organisations involved in the production and distribution of a product or service from raw material to customer/consumer. Systems A number of identified discrete components combined to form a mechanism to perform a single function or a number of functions of a similar nature, e.g. a central heating system. Systems approach to analysis A number of individual processes working synergistically to deliver a defined objective. TQM – Total Quality Management A system of technical and organisational management expressed in the cultural attitude of staff to the provision of the highest level of excellence in products and/or services. Uncertainty A future event in which the probability and consequence of the outcome cannot be estimated. VA – Value analysis A value study of a current service or...