article thumbnail

100+ Project Management Terms: PM Terminology Explained

ProjectManager.com

The baseline is established based on different sources of information such as project files from previous projects or subject matter expert opinions. There may also be some background information about the organization or team tasked to reach this goal. It is also called a Business Case. It includes the plans to fulfill these goals.

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

CON: Due to its flexibility, the Adaptive Framework may lead to project delays or increased budgets. Continuous collaboration is key, both among team members and with project stakeholders, to make fully-informed decisions. You deliver a CRM with those features on time and within budget. Event Chain Methodology (ECM).