project management glossary

budget at completion (bac)

 The sum of all budgets allocated to a project. It is synonymous with the term "Performance Measurement Baseline (PMB)."

 The sum total of the time-phased budget.

budget cost

 The cost anticipated at the start of a project.

budget costs

 The translation of the estimate into man-hour rates, quantity units of production, etc. so that these budget costs can be compared to actual costs and variances developed to highlight performance and alert those responsible to implement corrective action if necessary.

budget decrement

 A reduction in the amount of money available for an activity.