Scope

AAA

DEFINITION of 'Scope'

A project management term for the combined objectives and requirements necessary to complete a project. Properly defining the scope of a project allows a manager to estimate costs and the time required to finish the project.

INVESTOPEDIA EXPLAINS 'Scope'

Scope can involve a variety of things, depending on the type of project. For example, if the project was to design an airplane, the scope could include the functional requirements of the plane, such as how many passengers it can carry or how fast it should be able to travel.

It is the responsibility of the project manager to ensure that the scope's deadlines are met, allowing for smooth completion of the project. This may be sidetracked by scope creep, which occurs when the project gains additional features or requirements without extending the deadline.

RELATED TERMS
  1. Outsourcing

    A practice used by different companies to reduce costs by transferring ...
  2. Project Finance

    Defined by the International Project Finance Association (IPFA) ...
  3. Deliverables

    A project management term for the quantifiable goods or services ...
  4. Occupational Safety And Health ...

    Law passed in 1970 to encourage safer workplace conditions in ...
  5. Administrative Order On Consent ...

    An agreement between an individual or business and a regulatory ...
  6. Service Mark

    A brand name or logo that identifies the provider of a service. ...
Related Articles
  1. Mergers are not the same as acquisitions.
    Investing

    What's a Merger?

    Mergers are not the same as acquisitions. In an acquisition, one company buys and subsumes another company, leaving only the buyer in place. In most mergers, both companies merge to form an entirely ...
  2. As the number of new employees increases, the marginal product of an additional employee will at some point be less.
    Investing

    More is Less: Diminishing Marginal Returns

    In formal economic terms, the law of diminishing marginal returns states that as the number of new employees increases, the marginal product of an additional employee will at some point be less ...
  3. Typically, SPEs are subsidiaries of a larger corporation.
    Investing

    How Special Purpose Entities Help Fight Risk

    A special purpose entity, sometimes called a special purpose vehicle, is a legal entity created for one very limited, particular task. Typically, SPEs are subsidiaries of a larger corporation.
  4. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
    Professionals

    What is a SWOT Analysis?

    SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis is a management tool used to identify strategies for success. It may be used to guide individual thinking, group ...
  5. Accounting is the recording of financial transactions of a business or organization.
    Professionals

    What is Accounting?

    Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions in financial statements.
  6. What's a Multinational Corporation?
    Investing

    What's a Multinational Corporation?

    A multinational corporation is just that – a corporation that operates in multiple nations, with a home office that coordinates global management. Being a multinational corporation is a complicated ...
  7. Investing Basics

    How do capital expenditures affect (CAPEX) the valuation of a company?

    Learn the effects that capital expenditures, or CAPEX, used for maintenance and growth have on a company's revenue, profits and valuation.
  8. Investing

    What are Business Ethics?

    Business ethics is the system of laws and guidelines by which business professionals and corporations operate in a fair, legal and moral fashion. It’s a broad topic, covering everything from ...
  9. What is globalization?
    Investing

    What is Globalization?

    As a business term, globalization refers to the tendency of international trade, investments, information technology and outsourced manufacturing to weave the economies of diverse countries together.
  10. What's a monopoly?
    Economics

    How a Monopoly Works

    In economics, a monopoly occurs when one company is the sole (or nearly sole) provider of a good or service within an industry. This potentially allows that company to become powerful enough ...

You May Also Like

Hot Definitions
  1. Multinational Corporation - MNC

    A corporation that has its facilities and other assets in at least one country other than its home country. Such companies ...
  2. SWOT Analysis

    A tool that identifies the strengths, weaknesses, opportunities and threats of an organization. Specifically, SWOT is a basic, ...
  3. Simple Interest

    A quick method of calculating the interest charge on a loan. Simple interest is determined by multiplying the interest rate ...
  4. Special Administrative Region - SAR

    Unique geographical areas with a high degree of autonomy set up by the People's Republic of China. The Special Administrative ...
  5. Annual Percentage Rate - APR

    The annual rate that is charged for borrowing (or made by investing), expressed as a single percentage number that represents ...
  6. Free Carrier - FCA

    A trade term requiring the seller to deliver goods to a named airport, terminal, or other place where the carrier operates. ...
Trading Center