V

value added change

A change that positively impacts either the scope, schedule, or cost of a project without adversely impacting the other two aspects.

variance

The difference between what was planned and what was experienced ; typically used for costs and schedules.

Variance at Completion (VAC)

The difference between the Budget at Completion (BAC) and the Estimate at Completion (EAC); its formula is VAC = BAC “ EAC

war room

A centralized office or locale for the project manager and the project team to work on the project. It can house information on the project, including documentation and support materials. It allows the project team to work in close proximity.