PMP Definitions: F

Many of the words defined here have broader, and in some cases different, dictionary definitions. In some cases, a single glossary term consists of multiple words (e.g., root cause analysis).

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Definitions: F
Fallback Plan Fallback plans include an alternative set of actions and tasks available in the event that the primary plan needs to be abandoned because of issues, risks, or other causes.
Fast Tracking A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.
Fee Represents profit as a component of compensation to a seller.
Finish Date A point in time associated with a schedule activity's completion. Usually qualified by one of the following: actual, planned, estimated, scheduled, early, late, baseline, target, or current.
Finish-to-Finish (FF) A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.
Finish-to-Start (FS) A logical relationship in which a successor activity cannot start until a predecessor activity has finished.
Firm Fixed Price Contract (FFP) A type of fixed price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller's costs.
Fixed-Price Contract An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.
Fixed Price Incentive Fee Contract (FPIF) A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.
Fixed Price with Economic Price Adjustment Contract (FPEPA) A fixed-price contract,but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.
Float Also called slack. See total float and free float.
Flowchart The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.
Focus Groups An elicitation technique that brings together prequalified stakeholders and subject matter experts to learn about their expectations and attitudes about a proposed product, service, or result.
Forecast An estimate or prediction of conditions and events in the project's future based on information and knowledge available at the time of the forecast.
Forward Pass A critical path method technique for calculating the early start and early finish dates by working forward through the schedule model from the project start date or a given point in time.
Free Float The amount of time that a scheduled activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.
Functional Organization An organizational structure in which staff is grouped by areas of specialization and the project manager has limited authority to assign work and apply resources.
Funding Limit Reconciliation The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures.
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