project management glossary

make-or-buy

 A decision process in which it is determined whether to manufacture internally, or buy from external sources some component, article or item of equipment.

make-or-buy decision

 A determination based on relative overall costs for an assumed quantity of production, to produce the product in-house or to purchase from outside sources.

management

 The process of planning, organizing, executing, coordinating, monitoring, forecasting and exercising control.

 A process in the project management system that consists of direction and control to gets results according to established performance standards for scope, quality, time and cost. The process includes participation in setting the performance standards and in monitoring performance.

 The act of managing, controlling, the persons and other resources employed in a business, project, etc.

 The art of getting others to do what one cannot necessarily do oneself, by organizing, controlling and directing resources.

 A core supporting workflow in the software-engineering process, whose purpose is to plan and manage the development project.