project management glossary

zero based budgeting

 An approach to corporate, annual plan, budgeting in which all departmental annual budget requirements must be estimated and justified from the ground up, rather than by adding a percentage allowance to last year's approved budget or actual expenditure (typically whichever is the higher.)

zero dollar contract

 A contract, usually for one dollar, that establishes a legal relationship to facilitate transfer of items between the parties.

zero float

 A condition where there is no excess time between activities. An activity with zero float is considered a critical activity. If the duration of any critical activity is increased (the activity slips), the project finish date will slip.

 Describes a work item or activity on the critical path (i.e. a delay in its completion would cause a corresponding delay in the project completion date).