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Actual Cost (AC)
Actual Cost (AC) Actual Cost (AC) is a project management number that shows how much the work on a project has actually cost up to a certain point in time. The AC is a key part of the earned value management (EVM) method, which is a way to measure the success of a project based on how…
Cost-Reimbursable
Cost-Reimbursible Cost reimbursable is a type of contract in which the buyer agrees to pay back the seller for all acceptable costs spent in the performance of the contract. In other words, it’s up to the seller to do the work, and it’s up to the buyer to pay the seller’s costs and any extra fees or…
Risk Review
Risk Review A risk review is the process of measuring and weighing the risks that come with a project, effort, or business venture. The goal of a risk review is to find possible risks and weaknesses that could affect the success of the project and come up with ways to deal with them. Most of the time,…
Use Case
Use Case A use case is a description of how a system or app will be used to reach a certain goal or complete a certain task. It is a tool used in software development to describe how a system will be used by its users and what its needs are. Usually, a use case has a…
Project Scope
Project Scope Project Scope refers to the boundaries and extent of the work that needs to be accomplished to deliver a project successfully. It defines the objectives, deliverables, and boundaries of the project, including what is included in the project and what is not. The Project Scope includes: Objectives: The purpose of the project and what the…
Authority
Authority In project management, “authority” is the power or right that a project manager has to make choices, decide how to use resources, and tell team members what to do. Authority is a key part of project management because it lets the project manager make sure the project is finished on time, on budget, and to the…