project management glossary
lifo
likelihood
The probability of a risk occurring. Used in risk analysis as one part of
the assessment of a risk the other being impact.
See Probability
limitation of funds
The value of funds available for expenses beyond which no work could be
authorized for performance during the specified period.
limitations
Boundaries and restrictions.
limited partnership
A partnership that limits each partner to the share of his or her
investment.
limiting quality (lq)
The maximum defective in product quality (or the worst product quality)
that the consumer is willing to accept at a specified probability of
occurrence.
