project management glossary

variance at completion (vac)

 The budget at completion less the estimate at completion. A negative result indicates that the project is over budget.

variance reports

 Documentation of project performance about a planned or measured performance parameter.

variance threshold

 The amount of a variance which will require a formal problem analysis report, as agreed to by the contractor and the customer. Variance parameters will differ depending on the function, level and stage of the project.

variation

 A change in scope or timing of work which a supplier is obliged to do under a contract.

variation order

 Client-approved variation to a contract, bill of quantities, requirement specification or similar.

 The term used in the construction industry for an approved technical change to the project.