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| Variance - Actual or potential deviation from an intended or budgeted amount or plan. Difference between a plan and actual time, cost, or performance. |
| Vendor - Distributors of commonly available goods or services when requirements and specifications are well defined. |
| Vision Statement - A statement that captures the long-term picture of what the organization wants to become. A vision statement must be inspirational, memorable and reflect the desires of those with vested interests. |
