Digital business transformation Definitions

  • O

    outcome economy

    Outcome economy describes an economy based on the marketing, pricing and selling of the results provided by goods and services rather than their face value.

  • outsourcing

    Outsourcing is a business practice in which a company hires another company or an individual to perform tasks, handle operations or provide services that are either usually executed or had previously been done by the company's own employees.

  • Outsourcing: Glossary

    This is a glossary of terms related both to offshore outsourcing and outsourcing in general.

  • P

    PICK chart (Possible, Implement, Challenge and Kill chart)

    A PICK chart (Possible, Implement, Challenge and Kill chart) is a visual tool for organizing ideas. The purpose of a PICK chart is to identify which ideas can be implemented easily and have a high payoff.

  • pilot program (pilot study)

    A pilot program, also called a feasibility study or experimental trial, is a small-scale experiment that helps an organization learn how a large-scale project might work in practice.

  • platform business model

    A platform business model is a plan for creating revenue by allowing registered members to create content that can be consumed by a specific user group or general audience.

  • platform economy

    Platform economy is the tendency for commerce to increasingly move towards and favor digital platform business models.

  • PMO (project management office)

    A project management office (PMO) is a group or department within a business, agency or enterprise that defines and maintains standards for project management within the organization.

  • Porter's Five Forces

    Porter's Five Forces is a framework developed by economist Michael E. Porter to determine the profitability and therefore attractiveness of a market or market segment.

  • PPM (project and portfolio management)

    PPM (project and portfolio management) is a methodology used to prioritize IT projects based on cost, benefits and use of resources to achieve business goals.

  • process innovation

    Process innovation refers to a change in an existing operation or product that creates significant value for an organization.

  • process-centric BPM

    Process-centric business process management is a holistic approach to BPM that centers on processes themselves, rather than individual  components such as  documents, workflow or people.  

  • product development (new product development - NPD)

    Product development, also called new product management, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.

  • project charter (PC)

    A project charter (PC) is a document that states a project exists and provides the project manager with written authority to begin work.

  • project management

    Project management is the discipline of using established principles, procedures and policies to successfully guide a project from conception through completion.

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