Budget In project management, the term “budget” refers to the money set aside to finish a job. It is an important part of planning a project because it helps project managers figure out how much the whole thing will cost, divide up the resources well, and keep track of and control project costs. Typically, a project budget…
Budget at Completion (BAC) Budget at Completion (BAC) is a project management measure that shows how much the project was supposed to cost when it was finished. The earned value management (EVM) method is a way to measure how a project is going in terms of cost and plan success. BAC is a key part of the…
Burn Down Chart A Burn Chart, also called a Burn-Down Chart, is a graph that shows how much work has been done and how much work is left on a project over time. It is often used in the Agile and Scrum ways of managing projects. The chart plots the total amount of work needed to finish…
Business Case A “business case” is a document that explains why a business project or idea should be done. It is usually made by a group or person within an organisation who wants to get money or support for an idea. A business case should clearly describe the problem or chance that the proposed project is meant…
Business Model Canvas The Business Model Canvas is a tool for strategic management and entrepreneurship that is used to create, develop, and analyse business models. It is a picture with nine parts that show the most important parts of a business. The Business Model Canvas is made up of nine parts: Customer segments are the different groups…
Business Value Business value is what a project or idea gives an organisation in terms of benefits and advantages. Business value can come in many different forms, depending on what the organisation wants to achieve. Here are a few common examples of business value: Increased revenue: A project that creates new ways for an organisation to make…
Cause-and-Effect Diagram A cause-effect diagram, also called an Ishikawa or fishbone diagram, is a graphic tool used to find and analyse the root causes of a problem or effect. It is named after Dr. Kaoru Ishikawa, a Japanese quality control expert who developed the technique. The diagram is structured like a fishbone, with the “effect” or problem…
Change Control Change control is a formal process used in project management to control and manage changes to the project’s scope, schedule, cost, quality, and other factors. The goal of change control is to make sure that changes to the project are made in a controlled and structured way and that the effects of these changes on…
