What does the acronym BAC stand for in project management?

In project management, the acronym BAC stands for Budget at Completion. This term is a critical component of project cost management as it represents the total budgeted cost for the project upon completion. Specifically, the BAC provides a baseline that project managers can use to measure project performance relative to the budget throughout the project's lifecycle.

It serves as a reference point for understanding variances in cost performance and plays a significant role in earned value management (EVM). When assessing whether the project is on track, comparing actual costs against the BAC helps determine if additional funding will be needed or if the project is over budget.

The other options do not accurately reflect a commonly recognized term in project management. For instance, while Budget Assessment Criteria may sound relevant, it does not represent a standard term used in cost management practices. Baseline Approved Cost and Base Allocation Control also do not correspond to established acronyms or concepts in project management. Thus, BAC being defined as Budget at Completion is the correct interpretation within the context of project budget tracking and management.