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Benchmarking A process of using prior projects within or external to the performing organization to compare and set quality standards for processes and results. It’s often used to derive ideas for quality improvements for the project. Benefit measurement methods Used in comparing the value of one project against the value, or benefits, of another; often used in project selection models. Benefit/cost analysis The process of determining the pros and cons of any project, process, product, or activity. Benefit/cost ratios These models examine the cost-to-benefit ratio. Bid A document from the seller to the buyer. 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 estimating A technique where an estimate for each component in the WBS is developed and then totaled for an overall project budget. This is a very accurate means of estimating, provided the estimates at the work package level are accurate. Brainstorming The most common approach to risk identification; it is performed by a project team to identify the risks within the project. A multidisciplinary team, hosted by a project facilitator, can also perform brainstorming. Budget at Completion (BAC) The predicted budget for the project; what the project should cost when it is completed. Bull's eye Creates limits to the acceptable earned value metrics. Any variances within the preset values automatically prompt communication to management. |