1. The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product.
  2. A method of obtaining early feedback on requirements by providing a working model of the expected product before actually building it.
  3. A distinct, scheduled portion of work performed during the course of a project.
  4. A process which generates hundreds or thousands of probable performance outcomes based on probability distributions for cost and schedule on individual tasks. The outcomes are then used to generate a probability distribution for the project as a whole.
  1. Technique to evaluate the degree to which the data about risks is useful for risk management.
  2. The review of contracts and contracting processes for completeness, accuracy, and effectiveness.
  3. Someone with management authority over an organizational unit within a functional organization. The manager of any group that actually makes a product or performs a service. Sometimes called a line manager.
  4. A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.


  1. Make-or-Buy Analysis
  2. Prototypes
  3. Activity
  4. Monte Carlo Simulation
  1. Risk Data Quality Assessment
  2. Procurement Audits
  3. Functional Manager
  4. Cost Performance Index