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Gantt Chart Terminology

Budget
A fiscal plan of operations for a given time period.

Baseline
The project's original plan.  Usually, the project's first set of start and finish dates.

Earned Value (EV)
Earned value is synonymous with the term BCWP (Budget Cost for Work Performed).  The actual measured performance; the value of the completed work. 

Gantt Chart
A common way of showing tasks over time. Gantt Chart Examples

Level of Effort (LOE)
Work which doesn't yield a final product.  Examples: coordination, follow-up and other support activities.

Milestone
An important event.

Time Now or Current Date Line
A vertical line showing the date on which the status of the project was last done.  Often this date is the same as the current date. If a task is on schedule, it will usually be shaded up to the time now line.  If it is ahead of schedule it will be shaded beyond the time now line.  If it is behind schedule the shading will not reach the time now line.

Project Management Institute (PMI)
A non-profit group dedicated to improving project management, providing education and certification to project managers and more. (www.pmi.org)

PERT
Program Evaluation Review Technique
, a project management method developed by the United States Navy.

Task List
The list of steps in a project.

Statement of Work (SOW) 
A document describing the work to be done on the contract.

Work Breakdown Structure (WBS)
A tree-like representation of the work to be done on a project.  The WBS graphically shows the division of work.