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| Management Reserve
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A designated amount of time and/or budget to account for parts of the project that cannot be predicted. These are sometimes called "unknown unknowns." For example, major disruptions in the project caused by serious weather conditions, accidents, etc. Use of the management reserve generally requires a baseline change.
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| Materials
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Consumable and non-consumable items used to produce deliverables, such as equipment, tools, machinery and supplies.
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| Matrix Organization
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A business structure in which people are assigned to both a functional group (departments, disciplines, etc.) and to projects or processes which cut across the organization and require resources from multiple functional groups.
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| Metrics
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Metrics are quantitative measures such as the number of on time projects. They are used in improvement programs to determine if improvement has taken place or to determine if goals and objectives are met.
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| Micro-Scheduling
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Micro-scheduling is the scheduling of activities with duration less than one day (in hours or fractional days).
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| Milestone
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A point in time when a deliverable or set of deliverables is available. Generally used to denote a significant event such as the completion of a phase of the project or of a set of critical activities. A milestone is an event; it has no duration or effort. It must be preceded by one or more tasks (even the beginning of a project is preceded by a set of tasks, which may be implied).
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| Milestone
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The recognition of an important event within a project, usually the achievement of a key project deliverable or a set of deliverables.
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| Milestones
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A milestone is an activity with zero duration (usually marking the end of a period).
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| Multi-Project Analysis
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Multi-project analysis is used to analyze the impact and interaction of activities and resources whose progress affects the progress of a group of projects or for projects with shared resources or both. Multi-project analysis can also be used for composite reporting on projects having no dependencies or resources in common.
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| Multi-Project Schedule
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A schedule of all the work (projects, operational activities, etc.) planned for an individual or organization unit. The purpose is to ensure that resources are not overburdened by inadvertently scheduling project or other work without regard to previously scheduled work. The Multi-Project Schedule is also used to determine the impact of slippage in one project on other projects assigned to the same resources.
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| Murphy's Laws
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A set of laws regarding the perverse nature of things. For example:
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