Budgeted Cost of Work Scheduled See planned value (PV). This term is defined in the 3rd and the 4th edition of the PMBOK. Get free Project Management updates! Related Articles: PMBOK, 4th edition The PMI has released the 4th edition of the Project Management Body of Knowledge, and while the members only-PDF cannot... Acceptance – Definition Acceptance is the noun form of the previously defined verb “accept“. It represents the state of being in which one... Budget The noun budget is one that is used by nearly every individual and corporation on a daily basis. It can... Target Schedule A target schedule is a project management tool that is used as a supplement to the approved baseline schedule. It... Scope Change In almost any successful project management endeavor it is conceivable that some change in scope might be necessary. Veering from...