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100+ Project Management Terms: PM Terminology Explained

ProjectManager.com

Change control The term for a process to systemically monitor and approve or reject any change requests made to a product or project. Cost overrun This is the actual cost that exceeds the estimated cost in the budget, also known as a cost increase or budget overrun.

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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.