| 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 | 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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| Organization 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 | 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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| 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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| Strategic management process | Strategic management is the process of assessing "what we are" and deciding and implementing "what we intend to be and how we are going to get there."
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