Opportunity cost - The opportunity cost of a particular course of action is the loss of potential gains from all alternative courses of action.
Optimistic duration - An estimate of the shortest length of time needed to complete a specific activity or task. It may be used to compute expected activity duration through a technique called three-point estimation.
Order of magnitude estimate - An order of magnitude estimate provides an early, imprecise idea of the time and money required to complete a project. It uses historical data from completed projects to form adjusted estimates for similar new projects, usually presenting these estimates as ranging from -25 percent to +75 percent of the actual budget to indicate the levels of uncertainty involved.
Organization - A formally structured arrangement of parties that actively pursues a collective purpose. Organizations can be affected by external factors, and they in turn can affect the external environment.
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