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The term benchmark, originates from the history of guns and ammunition, in regards to the same aim as for the business term: comparison and improved performance.The introduction of gunpowder arms replaced the bow and arrow from the archer, who now had to learn to handle a gun.
Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved.
In a project network, a dependency is a link among a project's terminal elements. [citation needed]The A Guide to the Project Management Body of Knowledge (PMBOK Guide) does not define the term dependency, but refers for this term to a logical relationship, which in turn is defined as dependency between two activities, or between an activity and a milestone.
Performance indicators differ from business drivers and aims (or goals). A school might consider the failure rate of its students as a key performance indicator which might help the school understand its position in the educational community, whereas a business might consider the percentage of income from returning customers as a potential KPI.
Emanuel Camilleri in 2011 classifies all the critical success and failure factors into groups and matches each of them with the multilevel success criteria in order to deliver business value. [71] An example of a performance indicator used in relation to project management is the "backlog of commissioned projects" or "project backlog". [72]
Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. [dubious – discuss] [1] Definitions of performance measurement tend to be predicated upon an assumption about why the performance is being measured. [2]
Figure 2: Measuring schedule performance without knowledge of actual cost Figure 3: Measuring cost performance without a PV baseline Figure 4: The most common form of EVM graphic. It is helpful to see an example of project tracking that does not include earned value performance management.
A phase-gate process (also referred to as a waterfall process) is a project management technique in which an initiative or project (e.g., new product development, software development, process improvement, business change) is divided into distinct stages or phases, separated by decision points (known as gates).