Negotiation is the process through which the parties seek a mutually acceptable solution for items they own or control. Negotiation is not only used for business purposes, sales or for in particular for Project management. People use this all the time in their regular activities. Negotiation is usually considered as a compromise to settle an argument or issue to benefit both the party as much as possible. Negotiation is used for everything but one has to be sure that it is done in the best way possible to achieve maximum benefit.
Project Selection methods are used to select and prioritize projects within the organization. Using such methods allows you to determine which projects would be beneficial to execute.\r\n\r\nThere are 2 categories of Project Selection Methods defined in the PMBOK Guide. One method is the benefit measurement model that compares projects by the benefit they bring to the company. These comparative approaches include methods such as Return on Investment (ROI) or Benefit Cost Ratio (BCR).
A generic term for a unit within a work breakdown structure (WBS) at the lowest level of its branch, not necessarily at the lowest level of the whole WBS. It may be used to refer to a unit of work performed within the organization, while 'Commitment Package' may be used for work contracted or purchased outside the organization.
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