project management glossary

fair market price

 A price based on reasonable costs under normal competitive conditions and not on lowest possible cost.

fallback plan

 A plan for an alternative course of action that can be adopted to overcome the consequences of a risk, should it occur (including carrying out any advance activities that may be required to render the plan practical.)

fallback position

 Alternative or second choice.

fast track

 The starting or implementation of a project by overlapping activities, commonly entailing the overlapping of design and construction (or manufacturing) activities.

fast tracking

 Compressing the project schedule by doing some or all of certain activities in parallel that would normally be done in sequence.

 The process of reducing the number of sequential relationships (FS) and replacing them typically with parallel relationships (SS).

 Reducing the duration of a project usually by overlapping phases or activities that were originally planned be to done sequentially.