article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

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. Budget Cost: The cost of the project estimated at the start of the project. Note that the budget cost is not the same as the budget.

article thumbnail

Project Management Methodologies Review (Part 1)

Wrike

We include brief descriptions, pros, and cons for each, and if one captures your attention, we definitely encourage further research. CON: Due to its flexibility, the Adaptive Framework may lead to project delays or increased budgets. You deliver a CRM with those features on time and within budget. Event Chain Methodology (ECM).