| Balanced scorecard method | Model that measures the long-run results of major program activities in four areas– customer, internal, innovation and learning, and financial.
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| Implementation gap | The lack of consensus between the goals set by top management and those independently set by lower levels of management. This lack of consensus leads to confusion and poor allocation of organization resources.
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| Net present value (NPV) | A minimum desired rate of return discount (e.g., 15 percent) is used to compute present value of all future cash inflows and outflows.
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| Organizational politics | Actions by individuals or groups of individuals to acquire, develop, and use power and other resources to obtain preferred outcomes when there is uncertainty or disagreement over choices.
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| Payback method | The time it takes to pay back the project investment (investment/net annual savings). The method does not consider the time value of money or the life of the investment.
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| Priority system | The process used to select projects. The system uses selected criteria for evaluating and selecting projects that are strongly linked to higher-level strategies and objectives.
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| Priority team | The group (sometimes the project office) responsible for selecting, overseeing, and updating project priority selection criteria.
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| Project portfolio | Group of projects that have been selected for implementation balanced by project type, risk, and ranking by selected criteria.
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| Project screening matrix | A matrix used to assess and compare the relative value of projects being considered for implementation.
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| Matrix | Any organizational structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of individuals assigned to the project.
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| "Sacred cow" | A project that is a favorite of a powerful management figure who is usually the champion for the project.
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