B

benchmarking

The process of using prior projects within, or external to, the performing organization to compare and set quality standards for processes and results.

benefit/cost analysis

The process of determining the pros and cons of any project, process, product, or activity.

benefit measurement methods

This method is used when comparing the value of one project against the value, or benefits, of another. It s often used in project selection models.

bid

A document from the seller to the buyer. A bid is used when price is the determining factor in the decision-making process.

bidder conference (also called a contractor or vendor conference)

A meeting with prospective sellers to ensure all sellers have a clear understanding of the product or service to be procured. Bidder conferences allow sellers to query the buyer on the details of the product to help ensure that the proposal the seller creates is adequate and appropriate for the proposed agreement.

bottom-up cost estimating

The process of creating a detailed estimate for each work component (labor and materials) and accounting for each varying cost burden .

budget

The finances allotted for the completion of an IT technical project.

Budget at Completion (BAC)

The sum of the budget for each phase of your project. This is the estimated grand total of your project.

business cycles

A time of the business productivity where activities are very high or low. For example, an accounting firm may experience a busy business cycle during tax season .