| Glossary of Project
Management |
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| benchmarking
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| The process of using prior projects within, or external
to, the performing organization to compare and set quality standards for
processes and results |
| benefit/cost
analysis
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The process of determining the pros and cons of any project,
process, product, or activity.
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| benefit
measurement methods |
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This method is used when comparing the value of one project
against the value, or benefits, of another. It’s often used in project
selection models.
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| bid |
| A document from the seller to the buyer. A bid is used when
price is the determining factor in the decision-making process. |
| bidder
conference (also called a contractor or vendor conference |
A meeting with prospective sellers to ensure all sellers have
a clear understanding of the product or service to be procured. Bidder
conferences allow sellers to query the buyer on the details of the product to
help ensure that the proposal the seller creates is adequate and appropriate
for the proposed agreement.
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| bottom-up
cost estimating |
| The process of creating a detailed estimate for each work
component (labor and materials) and accounting for each varying cost burden |
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budget
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The finances allotted for the completion of an IT technical
project.
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Budget at Completion (BAC)
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The sum of the budget for each phase of your project. This is
the estimated grand total of your project.
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| business
cycles |
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A time of the business productivity where activities are very
high or low. For example, an accounting firm may experience a busy business
cycle during tax season.
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