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At the same time, as project-scheduling products have been staying produced, technological know-how for project Value estimating, Price administration and engineering economics was evolving, with groundbreaking function by Hans Lang and Other individuals. In 1956, the American Affiliation of Expense Engineers (now AACE Global; the Association for your Advancement of Expense Engineering) was fashioned by early practitioners of project management as well as the linked specialties of planning and scheduling, Price tag estimating, and value/agenda Manage (project Handle).

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The phrase project comes from the Latin word projectum within the Latin verb proicere, "before an motion" which in turn arises from pro-, which denotes priority, a thing that arrives right before something else in time (paralleling the Greek πρό) and iacere, "to accomplish". The word "project" So initially meant "ahead of an action".

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