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Benefits Map - to - Bill of Materials

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Definition     Editor's Choice
Benefits Map
A network of benefits usually linked to one or more of the primary investment objectives that maps all the cause-and-effect relationships. The map's status typically evolves through: wish list, set of feasible paths, plan of selected options, visual for communicating intentions, and benefit tracking mechanism. [D05897]

Benefits Plan
A program document setting out when the expected benefits will be realized. [D05553]

Benefits Profiles
A component of the Program Definition Statement which describes the planned benefits to be realized by the Program and states where, how, and when they are to be realized. [D03594]

A description of the planned benefits to be realized by the program stating where, how, and when they are to be realized. This description will be agreed between the management of the target business area, the Program Director, and service providers (if appropriate). [D04927]

Benefits Realization
The practice of ensuring that the outcome of a project produces the projected benefits claimed in the business case. [D05264]

 PRNC2 2002
Benefits Realization Management
In project portfolio management, the process of organizing and managing, so that potential benefits arising from investments in change are actually achieved. [D05899]

The identification, definition, tracking, realization and optimization of benefits within and beyond a program. [D05898]

Benefits Realization Phase
The fourth phase of the program management approach, occurring at the end of each tranche of a program, and particularly at the end of the full program. The objectives are to assess operational performance levels against targets in the benefits framework and blueprint; to compensate for any short-fall in achievement; to seek additional areas of benefit from the exploitation of the delivered facilities; to ensure lessons learnt are fed into the re-planning of the next tranche. Finally, to close down a completed program (or program tranche), and ensure that the lessons learnt are fed back into strategy reviews and into future programs. [D04928]

Best Alternative to Negotiated Agreement ("BATNA")
A resistance level in negotiations corresponding to the best option outside the current relationship. [D02728]

 PMH p338
Best and Final Contract Offer
Final offer by the supplier to perform the work after incorporating negotiated and agreed changes in the procurement documents. [D00148]

Best and Final Offer
In negotiations, one or other of the parties declares that this is as far as they can go and it is up to the other to accept, or reject and "walk away". [D02408]

Best Efforts Contract
A contract, usually cost reimbursement type, to obligate the contractor to do the best job possible under conditions of high risk with no legal obligation to complete. [D04003]

Best Practice
A defined and proven method of managing events effectively. [D05901]

An optimal way currently recognized by industry to achieve a stated goal or objective. [D05902]

A method or technique that has consistently shown superior results compared to other means, and is used as a Benchmark.
Editor's Note: The problem with this term is that as soon as someone else comes up with a better practice, as frequently occurs under Continuous Improvement, the current practice is no longer "best". [D06371]

Best Practices
Processes, procedures, and techniques that have consistently demonstrated achievement of expectations and that are documented for the purposes of sharing, repetition, and refinement. [D05265]

Techniques that agencies may use to help detect problems in the acquisition, management, and administration of service contracts. Best practices are practical techniques gained from experience that have been shown to produce best results. [D03802]

Best Value
The best available relationship between the worth of something and its cost. [D05758]

 083 Apr 06
The expected outcome of an acquisition that, in the purchaser's estimation, provides the greatest overall benefit in response to the requirement. [D03453]

Beta Distribution
Usually used to refer to a distribution of software for trial use and comment before final release. [D02409]

Beta Test
Beta is the second letter of the Greek alphabet. In software, used to signify that this is not the first release for testing, but not the last either. [D02410]

Beta testing
Pre-release testing in which a sampling of the intended customer base tries out the product. [D04690]

The discrepancy between somebody's judgment and reality. [D06372]

An offer to perform the work described in a set of bid documents at a specified cost. [D00149]

An offer in response to an invitation for bids. [D03454]

Bid Analysis
An analysis of bids or tenders. [D04385]

Bid Bond
A Bond covering a Bid [D03458]

Bid Cost Considerations
Consideration of supplierapproach and reasonableness of cost. cost realism, forecast economic factors affecting cost and cost risks used in the cost proposal. [D00150]

Bid Document Preparation
The creation and assembly of all the documentation required for publishing and inviting competitive bids or tenders [D02411]

Bid Documents
A set of documents issued for purposes of soliciting bids in the course of the acquisition process. [D00151]

Bid Evaluation
A comparison of bids received, including an assessment of the validity of each compared to the tendering requirements. [D02416]

Review and analysis of response to determine supplier's ability to perform the work as requested. This activity may include an evaluation of suppliers financial resources. ability to comply with technical criteria and delivery schedules, satisfactory record of performance and eligibility for award. [D00152]

Bid List
A list of suppliers invited to submit bids for goods/ services as specified. [D00153]

Bid Package
A subdivision of a project into separate workable components, usually consistent with the work breakdown structure, for purposes of inviting tenders from suitably qualified bidders. Typically used by main contractors to parcel out work to specialist subcontractors. [D02412]

Bid Protests
The process by which an unsuccessful supplier may seek remedy for unjust contract awards. [D00154]

Bid Qualifications
A list of qualifiers that the supplier attaches to the submitted bid which is contingent upon these requirements being met. [D03622]

Bid Response
Communications, positive or negative from prospective suppliers in response to the invitation to bid. [D00155]

Bid Technical Consideration
Suppliers' technical competency, understanding of the technical requirements and capability to produce technically acceptable goods or services. Generally this evaluation ranks highest among all other evaluations. [D00156]

Bid Time Consideration
Evaluation of suppliers' offer with regard to dates identified for completion of phases of the work and/or total work. [D00157]

Bid/No Bid Decision
The decision whether or not to submit a proposal in response to a request for proposal. [D00158]

 SPM p304-9
A Contractor who responds to a Request for Proposal (or Quotation), i.e. one who submits a Bid. [D03693]

Anyone who has submitted a bid in response to an invitation for bids. [D03455]

Bidders Conference
A meeting hosted by the buyer contracting organization to assist prospective bidders in understanding the Request for Proposal. [D04004]

Bidders List
A list of companies judged capable by the procuring organization from which bids, proposals, or quotations may be solicited. [D04005]

Bidders Source Selection
The pre-selection of qualified bidders from a given specialty. Tender invitations are then only distributed to those listed. If the list is large and there are multiple bid packages to be tendered, then bidders may be selected in rotation [D02413]

The process of soliciting or submitting bids. [D02414]

Bidding Strategy
The manner in which bids are to be obtained. Options range from the stage of development of the project's definition or its inherent risk and hence the most suitable type of contract being offered, to the manner in which the work is divided, to the timing in the marketplace given the degree of competition available. [D02415]

An account for goods sold, services rendered, or work done. [D02417]

Bill of Lading
Document used to show receipt of goods for shipment issued by an organization in the business of transporting or forwarding goods (including air bills). [D05903]

Bill of Materials
A complete listing of all parts and raw materials that go into an article showing the quantity of each item required to make the unit. [D04614]

A listing of all the subassemblies, parts, and raw materials required to make an assembly. [D04006]

Definitions for page B02: 51

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