Remove Budget Remove PMO Remove Project Cost Remove Project Life Cycle
article thumbnail

125 Project Management Buzzwords

The IIL Blog

hours, personnel needed, and/or tasks) to ensure that a project can be completed on time and within budget. Change Control A formal process of documenting, reviewing, approving, and managing a change to a project’s scope, schedule, budget, or quality parameters. of a project. effectively and efficiently.

article thumbnail

What is ROM and how to calculate it (with example)

Rebel’s Guide to PM

A rough order of magnitude estimate is used to give you a very high level view of potential project costs. Ideally, you’d be able to provide a definitive estimate, carefully created from loads of input from subject matter experts and plenty of research on past projects and their budgets. When do you use a ROM estimate?

Estimate 279
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Rough Order of Magnitude (ROM) Estimate and How to Calculate It (with example)

Rebel’s Guide to PM

A rough order of magnitude estimate is used to give you a very high level view of potential project costs. Ideally, you’d be able to provide a definitive estimate, carefully created from loads of input from subject matter experts and plenty of research on past projects and their budgets. When do you use a ROM estimate?

Estimate 452
article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

Bottleneck: In project management terms, a bottleneck is any constraint that restricts the movement of a process. With this approach, the project's cost and/or duration are calculated by adding the cost/duration of all its constituent activities. Budget : The sum total of all the money allocated for a project.

article thumbnail

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

is a project management methodology focused on team communication and feedback rather than strict following rules and scripts. . is an approach to evaluating a gross value applying such criteria as budget, complexity, duration, and size based on a previous similar project estimation experience. . Acquire Project Team .

article thumbnail

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

is a project management methodology focused on team communication and feedback rather than strict following rules and scripts. . is an approach to evaluating a gross value applying such criteria as budget, complexity, duration, and size based on a previous similar project estimation experience. . Acquire Project Team .