article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

Besides requirements, the brief usually also offers a background of the project, its sponsors, and its business case. Budget : The sum total of all the money allocated for a project. Budget at Completion (BAC): BAC is the sum total of all budgets established for the work to be performed.

article thumbnail

How to Become an IT Project Manager Without Experience

PM Basics

Here’s what you need to know: There are Different Levels of the IT Project Management! Let me take a step back from the IT industry and illustrate it on construction projects. I’ll show you three pictures: Here’s a project for home renovation. The budget is somewhere 50 thousand dollars. You need to understand it.