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Wideman Comparative Glossary of Common Project Management Terms v3.1 is copyright by R. Max Wideman, March 2002.

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Term
Definition     Editor's Choice
 
Source
BSA
See Balanced Scorecard Approach

  
Buck Passing
Avoiding responsibility for a decision or action by pointing to governing regulations, policies or procedures. [D02427]

 RMW
Budget
When unqualified, usually refers to an estimate of funds planned to cover a fiscal period. (See project budget.) Also a planned allocation of resources. [D00169]

 PMK87
The amount of money allotted for a specific use. [D00167]

 NPMT
The planned cost for an activity or project. [D00168]

 WST
If unqualified, it is better to reserve the term "budget" for annual or fiscal financial allocations of the organization. This should include a capital budget for on-going and proposed construction projects. The acceptance or approval of a capital budget is not necessarily authority to proceed. An appropriation must be obtained before commitments can be made. See also feasibility budget and project budget. [D00170]

 CCCP
Quantification of resources needed to achieve a task by a set time, within which the task owners are required to work.
Note: A budget consists of a financial and/or quantitative statement, prepared and approved prior to a defined period, for the purpose of attaining a given objective for that period. The planned cost for an activity or project.
Editor's Note: In this context the term "Budget" should be referred to as "Project Budget". [D04387]

 APM
BS
A fiscal plan of operations for a given period. [D04616]

 QWF
Budget at Completion ("BAC")
The sum of all budgets allocated to a project. It is synonymous with the term "Performance Measurement Baseline (PMB)." [D04617]

 QWF
The sum total of the time-phased budget. [D00171]

 WST
Budget Cost
The cost anticipated at the start of a project. [D00172]

 WST
Budget Costs
The translation of the estimate into man-hour rates, quantity units of production, etc. so that these budget costs can be compared to actual costs and variances developed to highlight performance and alert those responsible to implement corrective action if necessary. [D00173]

 PMK87
Budget Decrement
A reduction in the amount of money available for an activity. [D00174]

 OTOB 271-4
Budget Element
Budget elements are the same as resources i.e. the people, materials, or other entities needed to do the work. Budget elements can be validated against a Resource Breakdown Structure (RBS). They are typically assigned to a work package, but can also be defined at the cost account level. [D04389]

 APM
The resources i.e. the people, materials, or other entities needed to do the work of the program. For example, engineer, technician, travel, and pipe can all be budget elements. These budget elements can be validated against a Resource Breakdown Structure (RBS). Budget elements are typically assigned to a work package, but can also be defined at the cost account level. [D00175]

 WST
Budget Estimate
See Estimate and Appropriation Estimate [D00177]

  
(Accuracy -10 to +25 %) An estimate prepared from flow sheets, layouts and equipment details. This is often required for the owner's budget system. These estimates are established on quantitative information, are a mixture of firm and unit prices for labor, material and equipment. These estimates establish the funds required and are used for obtaining approval for the project. Other terms used to identify a Budget Estimate include Appropriation, Control, Design, etc. [D00176]

 PMK87
Budget Presentation
A formal representation of a project budget usually for purposes of obtaining approval to proceed. [D02423]

 RMW
Budget Revision
A formal document in which approval is sought or gained to change the contents of a budget. [D02424]

 RMW
Budget Unit
The base unit for calculation. Budget units are user defined and can be any appropriate unit of measure such as hours, dollars, linear feet, or tons. [D00178]

 WST
Budgetary Control
System of creating budgets, monitoring progress and taking appropriate action to achieve budgeted performance.
Note: A budget should provide the information necessary to enable approval, authorization and policy-making bodies to assess a project proposal and reach a rational decision. [D04388]

 APM
BS
Budgeted
A budgeted item is one for which expenditure has been provided, usually as a line item in the budget makeup. [D02425]

 RMW
Budgeted Cost of Work Performed ("BCWP")
The sum of the budgets for completed portions of in-process work, plus the appropriate portion of the budgets for level of effort and apportioned effort for the relevant time period. BCWP is commonly referred to as Earned Value. [D00182]

 PMK87
A measure used in cost control that allows you to quantify the overall progress of the project in monetary terms. BCWP is calculated by applying a performance measurement factor to the planned cost. (By comparing BCWP with ACWP, it is possible to determine if the project is under or over budget.) Another term for BCWP is "earned value." [D00179]

 WST
A term in the Cost/Schedule Control System Criteria (C/SCSC) system for the sum of the budgets for completed work packages and completed portions of open work packages, plus the appropriate portion of the budgets for level of effort and apportioned effort. [D00180]

 SPM 304-9
The sum of the approved cost estimates (including any overhead allocation) for activities (or portions of activities) completed during a given period (usually project-to-date). See also Earned Value. [D00181]

 PMK96
This is sometimes referred to as Earned Value or Achieved Cost and is equal to the original budgeted(or baseline) cost of work that has been performed to date. It is calculated by: BCWP = percentage completion x BAC (baseline cost), i.e. it equals the percentage complete multiplied by the planned cost for each task at the current time. [D02243]

 PMST
Budgeted Cost of Work Scheduled ("BCWS")
The sum of the budgets for work scheduled to be accomplished (including in-process work), plus the appropriate portion of the budgets for Level of Effort and apportioned effort for the relevant time period. [D00186]

 PMK87
A term in the Cost/Schedule Control System Criteria (C/SCSC) system for the sum of budgets for all work packages, planning packages, and similar items scheduled to be accomplished (including in-process work packages), plus the amount of level of effort and apportioned effort scheduled to be accomplished within a given time period. [D00183]

 SPM 304-9
The planned cost that should have been achieved according to the project baseline dates. (By comparing BCWS with ACWP, it is possible to determine if the project is ahead of or behind schedule) [D00184]

 WST
The sum of the approved cost estimates (including any overhead allocation) for activities (or portions of activities) scheduled to be performed during a given period (usually project-to-date). See also earned value. [D00185]

 PMK96
Cost that is budgeted (according to the baseline plan) up to current date and is calculated by: (Current Date - Baseline Start Date) x Baseline Cost / Baseline Duration. That is BCWS equals the planned percentage complete multiplied by the planned cost for each task at the current time, which itself is based upon the planned date and the current date. [D02244]

 PMST
Budgeting
Time phased financial requirements. [D00187]

 WST
Budgeting & Cost Management
The process of estimating the proper cost that should reasonably be expected to be incurred against a clear baseline, understanding how and why actual costs occur, and ensuring that the necessary response is taken promptly to ensure actual costs come under budget. Typical information needed for cost management includes:
  1. Budgets (including estimating), generally based on work breakdown structure or [cost] code of accounts
  2. Obtaining and recording commitments/accruals
  3. Measurement of work accomplished and value earned/valuation of work, including treatment of changes (change control) and claims
  4. Cash flow
  5. Forecast out-turn costs
  6. Variance analysis of the trend in forecast versus previous out-turn cost.
[D03427]

 CRMP
Build
Put parts together to form a unified whole, construct. [D02426]

 RMW
An operational version of a system or part of a system that demonstrates a subset of the capabilities to be provided in the final product. [D04691]

 RUP
Build, Own, Operate, Transfer ("BOOT")
A project in which the contractor provides project funding. This represents a break with the traditional contractual process where the funding is provided by the owner/user. [D03596]

 PNG
Buildability
The practical ease with which parts can be put together to form a unified whole. [D02428]

 RMW
Building
The assembly of parts. An enclosed space for human occupation. [D02429]

 RMW
Building Professionalism
Much discussion has taken place in recent years with a view to encouraging a professional approach in the conduct of managing projects and in pursuit of recognition of project management as a "profession" in the mind of the public.
Editor's Note: An alternate view is that project management is a discipline. There is also the question of whether project management is an art, a science, or partly both. [D02430]

 RMW
Build-to Documentation
Documents that define the build and coding details to satisfy the Design-to Specifications. [D04009]

 CSM
Built-in Test Equipment
Test capability that is built into assemblies for fault isolation. [D04010]

 CSM
Bulk Material
Material bought in lots; generally, no specific item is distinguishable from any other in the lot. These items can be purchased from a standard catalog description and are bought in quantity for distribution as required. [D00188]

 PMK87
QMPP
Burden
General costs that cannot be assigned to direct project tasks such as management salaries, rent, insurance, benefits etc. [D04011]

 CSM
Overhead expenses distributed over appropriate direct labor and/or material base.
Editor's Note: See also Overhead. [D00189]

 WST
See Indirect Cost. [D03462]

  
Burden of Proof
The requirement to prove the facts in dispute. In a claim, the burden of proof is always on the party making the claim. [D04931]

 PDG
Bureaucracy
A centralized system of administration for the conduct of business in any given field. A bureaucracy is usually highly structured and constrained by regulations, protocol, policies and procedures, and consequently is slow to react to change.
Editor's Note: Bureaucracy is generally considered to be the antithesis of project management which requires much greater flexibility for the achievement of results. [D02431]

 RMW
Burn Rate
The rate at which funds or man-hours are being expended on a project. [D02281]

 RMW
Burst Node
In a network diagram, a node at which two or more activities commence after the completion of the preceding activity. [D00190]

 SPM 304-9
Definitions for page B03: 50


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