Ask AI: Give me 100 terminologies and their definitions in Industrial or Powerplant Project Management

1. Agile Project Management: A fast and flexible project management approach that frequently evaluates and adjusts the project's direction. 2. Allocable Costs: Expenses directly correlated with a specific project that can be charged to the project budget. 3. Baseline: The initial project scope, cost, and schedule. The baseline is used as a comparison tool throughout the project. 4. Benchmarking: Comparing a project's cost, time, and scope to similar projects to set standards. 5. Burn Rate: The rate at which project resources are being consumed. 6. Change Order: A formal request to alter some aspects of the project. 7. Contingency Plan: A strategy devised to tackle potential project risks that could disrupt project execution. 8. Critical Path: The sequence of key tasks that must be completed on time for the project to finish on schedule. 9. Delphi Technique: A method of forecasting by seeking opinions of experts to converge towards a common understanding. 10. Earned Value: A measure of the cost of work performed up to a point in time. 11. Fast Tracking: A technique used to shorten the project schedule by overlapping tasks. 12. Feasibility Study: An analysis to determine if the project can feasibly be completed. 13. Gantt Chart: A bar chart that visually represents a project's schedule. 14. Gate: A critical checkpoint in a project where its continuation is decided. 15. Issue: A challenge or obstacle that arises during the project and needs to be addressed. 16. Joint Venture: Two or more parties partnering to undertake a project. 17. Key Performance Indicators (KPIs): Quantifiable measurements used to gauge the success of a project. 18. Lifecycle: The stages a project goes through from concept to closure. 19. Milestone: A significant event in the project timeline. 20. Network Diagram: Illustrates a project's tasks and their dependencies. 21. Opportunity Cost: The cost of forgoing the next best alternative when making a decision. 22. Procurement: The process of acquiring necessary goods and services for a project. 23. Quality Assurance: Ensuring the project will satisfy its stated or implied needs. 24. Request for Proposal (RFP): A document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset. 25. Resource Loading: The amount of individual resources required over time for a project. 26. Risk: An uncertainty that can lead to a loss or gain if it occurs. 27. Scope Creep: Uncontrolled changes or added objectives in a project. 28. Stakeholder: A person or group with a vested interest in a project. 29. Task: A small, more manageable piece of work in a project. 30. Utilization: Measures the efficiency of personnel, machine use or other resources in producing goods and services. 31. Variance: A measure of project performance by comparing the actual to the planned values. 32. Work Breakdown Structure (WBS): A hierarchical decomposition of the project into phases, deliverables and work packages. 33. Capital Expenditure (CapEx): The funds used by a company to acquire, upgrade, and maintain physical assets. 34. Operation Expenditure (OpEx): The money required for a company to do its day-to-day business. 35. Cycle Time: The total elapsed time to move a unit of work from the beginning to the end of a physical process. 36. Lead Time: The delay between the initiation and completion of a process. 37. Internal Rate of Return (IRR): The discount rate at which the net present value (NPV) of future cash flows from an investment equals zero. 38. Depreciation: The reduction in the value of an asset with the passage of time. 39. Fixed Costs: Costs that do not vary with the quantity of output produced. 40. Variable Costs: Costs that change in proportion to the level of goods or service production. 41. Economies of Scale: The cost advantages reaped by companies when production becomes efficient. 42. Diseconomies of Scale: The disadvantages or inefficiencies that occur in a business when scale becomes too large. 43. Exception Report: A type of summary report that identifies any events that are significantly different from the plan. 44. Gearing Ratio: A measure of a company's financial leverage i.e., the level of interest-bearing debt it has relative to its equity capital. 45. Gross Margin: The difference between revenue and cost of goods sold. 46. Pareto Chart: A type of chart that contains bar and line graphs, where individual values are represented in descending order by bars and the cumulative total is represented by the line. 47. Just in Time: A production strategy that strives to improve a business's return on investment by reducing in-process inventory and associated carrying costs. 48. Six Sigma: A set of techniques and tools for process improvement. 49. Total Quality Management (TQM): A systematic approach to improve the organization's processes and culture in order to achieve customer satisfaction. 50. Financial Feasibility: Assessment of a project's ability to generate adequate financial returns for the company. 51. Commercial Feasibility: A study of the commercial viability of the project, including understanding the target market and demand. 52. Environmental Impact Assessment (EIA): A formal process to predict the environmental consequences of human development projects. 53. Social Impact Assessment (SIA): A process used to analyze (predict, evaluate and reflect) the social consequences of development projects. 54. Payback period: The time required for the cash inflows produced by a capital investment to equal the original cash outlay. 55. Cost Benefit Analysis (CBA): A systematic approach to estimate the strengths and weaknesses of alternatives (for example in transactions, activities, functional business requirements or projects). 56. Sensitivity Analysis: A technique used to determine how different values of an independent variable affect a particular dependent variable under a given set of assumptions. 57. Risk Management: The forecasting and evaluation of risks together with the identification of procedures to avoid or minimize their impact. 58. Direct Costs: Costs that can be directly attributed to a specific project. 59. Indirect Costs: Costs that cannot be easily and conveniently traced to only one project. 60. Non-conformance: A process, product, or service that does not fulfil its intended requirements. 61. Throughput: The amount of product or service produced during a time period. 62. Turnaround Time: The time taken to complete a process or fulfill a request. 63. Unit Cost: The cost incurred by a company to produce, store, and sell one unit of a particular product or service. 64. Overhead Costs: Indirect costs not directly tied to a specific project. 65. Decommissioning: The process of safely taking a plant or facility out of operational use. 66. Equipment Lifetime: The duration a piece of equipment can be expected to be usable. 67. Plant Availability: The degree to which an item or system is in an operable and committable state when required for use. 68. Plant Reliability: The probability that a plant, system, or product will perform its specified duty, without failure, for a specified period of time under stated conditions. 69. Plant Performance: The degree to which a plant or a machine performs its required functions, taking into consideration factors such as quality, waste amounts, and speed. 70. Productivity: The ratio of output volume to input volume. 71. Bottleneck: A point of congestion in a production system that occurs when workloads arrive too quickly for the production process to handle. 72. Root Cause Analysis: A method of problem-solving used for identifying the root causes of faults or problems. 73. Process Control: The regulation of operations and processes in manufacturing, aimed at maintaining product quality and safety. 74. Overtime: The time that an employee works beyond normal working hours. 75. Work Permit: A legal permission which authorizes a person to take up gainful employment. 76. Critical Equipment: Equipment whose failure will result in a shutdown of vital processes. 77. Energy Efficiency: The ratio of output of performance, service, goods, or energy, to the input of energy. 78. Independent Review: A review performed by an independent person or body outside the context of the project. 79. Return on Investment: A ratio between net profit and cost of investment resulting from an investment of resources. 80. Compliance: The action or fact of complying with a rule, standard, or law. 81. Onstream: Term used when a plant is in normal operation and producing products. 82. Inspection: The practice of examining the physical condition and characteristics of materials or equipment. 83. Preventive Maintenance: Regular, routine maintenance designed to ensure the ongoing functionality of equipment. 84. Tactical Planning: The process of outlining business plans for the coming year. 85. Strategic Planning: Long-range planning that is aimed at meeting future challenges and opportunities. 86. Logistical Planning: The part of supply chain management that plans, implements, and controls the efficient movement and storage of goods in order to meet customer's requirements. 87. Dispatching: The set of tasks needed to control the flow of goods from supplier to your customer. 88. Housekeeping: The routine action of clearing up and organizing the workplace. 89. lead Schedule: Forward-looking project planning tool. 90. Finishing Schedule: A schedule that outlines the final tasks in a project. 91. Status Report: A report summarizing the situation of a project at a particular time. 92. Pipeline: A mode of transport used for conveying gases, liquids and sparse solids. 93. Outage: A period when a power system is not operating. 94. Turbine: A rotary mechanical device that extracts energy from a fluid flow and converts it into useful work. 95. Generator: A device that converts mechanical energy into electrical energy. 96. Commissioning: Assurance that all systems and components are designed, installed, tested, operated, and maintained as per operational requirements. 97. Transformer: A device that increases or decreases the voltage of an alternating current. 98. Grid: An interconnected network for delivering electricity from producers to consumers. 99. Substation: An assembly of equipment where electrical energy is passed in order to change its form. 100. Dispatch: A process of coordinating and controlling how the energy is sent to the power grid, from various power plants.