Glossary - 'B'

• Benchmarking A process of using prior projects within, or external to, the performing organization to compare and set quality standards for processes and results.
• 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 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.
• Bill of materials (BOM) A hierarchy of the materials needed to complete the project.
• 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 the longest method to complete, but it provides the most accurate estimate.
• 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.

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  References:
  

• PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam by Rita Mulcahy.
  
• PMP Project Management Professional Study Guide, Second Edition by Joseph Phillips.
  
• PMP: Project Management Professional Study Guide, 3rd Edition by Kim Heldman.