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PRINCE2 Glossary
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PRINCE2 Glossary

accept (risk response)
A risk response to a threat where a conscious and deliberate decision is taken to retain the threat, having discerned that it is more economical to do so than to attempt a risk response action. The threat should continue to be monitored to ensure that it remains tolerable.

The formal act of acknowledging that the project has met agreed acceptance criteria and thereby met the requirements of its stakeholders.

acceptance criteria
A prioritized list of criteria that the project product must meet before the customer will accept it, i.e. measurable definitions of the attributes required for the set of products to be acceptable to key stakeholders.

A process, function or task that occurs over time, has recognizable results and is managed. It is usually defined as part of a process or plan.

agile methods
Principally, software development methods that apply the project approach of using short time-boxed iterations where products are incrementally developed. PRINCE2 is compatible with agile principles.

The formal confirmation that a product is complete and meets its requirements (less any concessions) as defined by its Product Description.

The person or group (e.g. a Project Board) who is identified as qualified and authorized to approve a (management or specialist) product as being complete and fit for purpose.

A statement that is taken as being true for the purposes of planning, but which could change later. An assumption is made where some facts are not yet known or decided, and is usually reserved for matters of such significance that, if they change or turn out not to be true, there will need to be considerable replanning.

All the systematic actions necessary  to provide confidence that the target (system, process, organization, program, project, outcome, benefit, capability, product output, deliverable) is appropriate. Appropriateness might be defined subjectively or objectively in different circumstances. The implication is that assurance will have a level of independence from that which is being assured. See also ‘Project Assurance’ and ‘quality assurance’.

The right to allocate resources and make decisions (applies to project, stage and team levels).

The point at which an authority is granted.

avoid (risk response)
A risk response to a threat where the threat either can no longer have an impact or can no longer happen.

Reference levels against which an entity is monitored and controlled.

baseline management product
A type of management product that defines aspects of the project and, once approved, is subject to change control.

The measurable improvement resulting from an outcome perceived as an advantage by one or more stakeholders.

Benefits Review Plan
A plan that defines how and when a measurement of the achievement of the project’s benefits can be made. If the project is being managed within a program, this information may be created and maintained at the program level.

benefits tolerance
The permissible deviation in the expected benefit that is allowed before the deviation needs to be escalated to the next level of management. Benefits tolerance is documented in the Business Case. See also ‘tolerance’.

Business Case
The justification for an organizational activity (project), which typically contains costs, benefits, risks and timescales, and against which continuing viability is tested.


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