Glossary : R-Z

RACI : A model used to help define who is responsible / accountable. R (Responsible) the person or people responsible for getting the job done. A (Accountable) ownership of quality and end result of process. C (Consulted) involvement through input of knowledge and information. I (Informed) receiving information about process execution and quality.

risk : An uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives. A risk is measured by a combination of the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives.

risk management : the process responsible for identifying, assessing and controlling risks. The encompasses the systematic application of principles, approaches and processes to the tasks of identifying and assessing risks, and then planning and implementing risk responses.

Risk Management Strategy : A strategy describing the goals of applying risk management, as well as the procedure that will be adopted, roles and responsibilities, risk tolerances, the timing of risk management interventions, the tools and techniques that will be used, and the reporting requirements.

schedule : Graphical representation of a plan (for example, a Gantt chart), typically describing a sequence of tasks, together with resource allocations, which collectively deliver the plan.

scope : For a plan, the sum total of its products and the extent of their requirements.

Senior Responsible Owner : A UK government term for the individual responsible for ensuring that a project or programme of change meets its objectives and delivers the projected benefits.

sponsor : The main driving force behind a programme or project. The sponsor is most likely to be the Executive on the Project Board, or the person who has appointed the Executive.

stakeholder : Any individual, group or organization that can affect, be affected by, or perceive itself to be affected by, an initiative (programme, project, activity, risk).

strategy : An approach or plan designed to achieve long-term aims and objectives. Strategies can exist at different levels – at the corporate, programme and project level.

tactical : The middle of three levels of planning and delivery (strategic, tactical, operational). Tactical activities include the medium-term plans required to achieve specific objectives, typically over a period of weeks to months.

terms of reference (TOR) : a document specifying the requirements, scope, deliverables, resources and schedule for a project or activity.

third party : A person, organization or other entity that is not part of the service provider’s own organization and is not a customer – for example, a software supplier or a hardware maintenance company. Requirements for third parties are typically specified in contracts that underpin service level agreements.

to-be state : The future planned state of an organization as described by the blueprint.

transformation : A distinct change to the way an organization conducts all or part of its business.

value management : Widely used term that is synonymous with management of value (MoV). A systematic method to define what value means for organizations, and to communicate it clearly to maximize value across portfolios, programmes, projects and operations.

vision : The annunciation of a desired future state.

vision statement : An outward-facing description of the new capabilities resulting from an initiative such as a programme delivery.

workstream : The logical grouping of projects and activities that together enable effective management. Workstreams may delineate projects against a variety of criteria.

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