In Project Management
Aside from financing, the term burn rate is also used in project management to determine the rate at which hours (allocated to a project) are being used, to identify when work is going out of scope, or when efficiencies are being lost. Simply put, the burn rate of any project is the rate at which the project budget is being burned (spent).
In earned value management, burn rate is calculated via the formula, 1/CPI, where CPI stands for Cost Performance Index, which is equal to Earned Value / Actual Cost.
Read more about this topic: Burn Rate
Famous quotes containing the words project and/or management:
“If we should swap a good library for a second-rate stump speech and not ask for boot, it would be thoroughly in tune with our hearts. For deep within each of us lies politics. It is our football, baseball, and tennis rolled into one. We enjoy it; we will hitch up and drive for miles in order to hear and applaud the vitriolic phrases of a candidate we have already reckoned we’ll vote against.”
—Federal Writers’ Project Of The Wor, U.S. public relief program (1935-1943)
“The care of a house, the conduct of a home, the management of children, the instruction and government of servants, are as deserving of scientific treatment and scientific professors and lectureships as are the care of farms, the management of manure and crops, and the raising and care of stock.”
—Catherine E. Beecher (1800–1878)