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Investments glossary

Scope


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Quotes of the day:

All that is gold does not glitter; not all those that wander are lost.

— J. R. R. Tolkien, The Fellowship of the Ring, 1954

Scope refers to the combined objectives and requirements needed to complete a project. The term is often used in project management. Properly defining the scope of a project allows managers to estimate costs and the time required to finish the project. That’s what makes scope management such an important part of business—it saves both time and money. There are generally two different types of scope in project management. These are project and product scope.

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