40 Useful Business Acronyms and Abbreviations. A project manager can help to prepare more accurate estimates; to begin with, it is vital to get all of the inputs correct when calculating the cost. Abbreviation Meaning ***** ROM: Restriction of Movement **** ROM: Reasonable Order of … The other major categories of words for the Roma are cognates of Gypsy (words related to Egypt) and cognates of tzigane(words d… What does ROM stand for in Business? Word(s) in meaning: chat  ROME is listed in the World's largest and most authoritative dictionary database of abbreviations and acronyms ROME - What does ROME stand for? 1. answer. Read-only memory (ROM) is a type of non-volatile memory used in computers and other electronic devices. 0. votes. An experienced process analyst, Bhargav specializes in adapting current quality management best practices to the needs of fast-paced digital businesses. (Definition of ROM from the Cambridge … 30 Sales Acronyms You Need To Understand. All Categories. Get the top ROM abbreviation related to Business. NASA, In this simple example, the cost variation would be 25%. A contingency should also be incorporated into a definitive estimate which can cover a project manager in the event that the market conditions change. When preparing cost estimates using this method, the most important aspect is to get the known factors right. What inputs you require for the estimating in your project? 0. votes. List of most popular Supply Chain terms updated in January 2021 Related questions. CDT : Current Dental Terminology . This means that the person preparing the cost estimates for a project using a definitive estimate must perform a considerable amount of research in order to get the variation this low. RAM. Rough order of Magnitude (ROM) Cost A ROM Cost is a general approximation of the cost of providing a stated service. answered 9 years ago by anonymous. ROM . Subscribe to our YouTube Channel & Be a Part of 400k+ Happy Learners Community. You will also encounter these acronyms throughout the various sections of government contracts. A ROM estimate and definitive estimate function differently in terms of both scope and detail. Compare. Sustainable Growth Rate : SLMB . The way the costs are estimated is different in both methods, and it is important for any project management professional to understand how both these estimations work. This is a class of estimate usually with an accuracy of around +/- 40%. Computing, Computer Security, Information Technology. The Best Guide to Time Series Forecasting in R. Planning and estimating of a project: How difficult it is now-a-days for a project manager? Unlike a ROM estimate, a business is not likely to tolerate or accept large variations from the estimated and final costs. Acronyms Used in Government Contracting (R) Master list of the most frequently used government contracting acronyms. ROM = Range of Magnitude. From Romani rrom (“Romani man”), probably ultimately from Sanskrit डोम (ḍoma, “member of a low caste of travelling musicians and dancers”). Learn to deliver digital-age transformational projects and excel in the field of project management with Simplilearn’s project management training. What does ROM stand for in Retail? List page number 2 A company or business cannot expect an accurate definitive estimate to be prepared if the proper data points are not provided. PSP, HIPAA We did our best to bring you only the best ones. MICE: Industry acronym for Meetings, incentives, Conference, & Exhibitions.