article thumbnail

100+ Project Management Terms: PM Terminology Explained

ProjectManager.com

Baseline A baseline is an estimate of the project’s scope, schedule and costs that is created during the planning stage. Cost Benefit Analysis How to calculate the potential benefits of a project in terms of money and then subtract the cost of the project from this figure. See our ultimate guide to timesheets.

article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

Actual dates are different from planned or estimated dates. Actual Effort: The actual effort spent to complete the activity, as opposed to the planned or estimated effort. Actual Expenditure: The actual expenditure spent to complete the activity, as opposed to the planned or estimated expenditure.

article thumbnail

Project Management Methodologies Review (Part 1)

Wrike

You’ll start by looking at all the tasks absolutely necessary to complete your project, and then estimating completion times for each step, including task dependencies, milestones, and final deliverables. Event Chain Methodology (ECM). Most projects don’t go exactly according to plan.