project management glossary

uncontrollable risks

 Those risks to the project which, if occurring, cannot be mitigated in any way by the project manager or his/her team, are listed in the project plan as excluded from the project's estimated cost and schedule and require the prior direction of the project's sponsor before any further action can be taken. Such action may range from the provision of additional funding to cover remedial actions, to temporary suspension, to aborting the whole project.

under-allocation

 Assigning a resource to work fewer hours than the resource is available.

underrun

 The amount by which an activity, piece of work or something produced falls below its corresponding estimate, usually of cost.

understanding

 A mutual agreement not formally entered into but in some degree binding on each side.

undistributed budget (ub)

 Budget applicable to contract effort which has not yet been identified to specific cost accounts or work packages.