project management glossary
damages
In contract work, either
- Actual - The actual increased cost to one party caused by another party's acts or failure to act, or
- Liquidated - The amount of money set forth in the contract as being the liability of the contractor for failure to complete the work by the contract completion date or adjusted contract completion date. It is an estimate of the damages the owner is likely to incur in the event of late completion by the contractor.
Liquidated damages are typically expressed as a daily rate.
dangle
An activity in a network which has neither predecessors nor successors.
An activity or network which has either no predecessors or no successors. If neither, referred to as an isolated activity.
data
All recorded information, regardless of form or characteristic.
data application
The development of a data base of risk factors both for the current project and as a matter of historic record.
