Glossary of Project Management - B

B

• Budget generally refers to a list of all planned expenses and revenues.

• Budgeted cost of work performed (BCWP) measures the budgeted cost of work that has actually been performed, rather than the cost of work scheduled.

• Budgeted cost of work scheduled (BCWS) the approved budget that has been allocated to complete a scheduled task (or Work Breakdown Structure (WBS) component) during a specific time period.

• Business model is a profit-producing system that has an important degree of independence from the other systems within an enterprise.

• Business analysis is the set of tasks, knowledge, and techniques required to identify business needs and determine solutions to business problems. Solutions often include a systems development component, but may also consist of process improvement or organizational change.

• Business operations are those ongoing recurring activities involved in the running of a business for the purpose of producing value for the stakeholders. They are contrasted with project management, and consist of business processes.

• Business process is a collection of related, structured activities or tasks that produce a specific service or product (serve a particular goal) for a particular customer or customers. There are three types of business processes: Management processes, Operational processes, and Supporting processes.

• Business Process Modeling (BPM) is the activity of representing processes of an enterprise, so that the current ("as is") process may be analyzed and improved in future ("to be").