Time management of a project produces the schedule baseline. The activities of the project must be defined before they can be scheduled. The work breakdown structure provides the individual activities to be scheduled. There is a one-to-one relationship between the activities described at the bottom of the work breakdown structure and the activities that are scheduled in the project schedule. Activity durations for the schedule are determined in the estimating process.
The activities are sequenced in the logical order in which they are done. This logical ordering is represented in a network diagram. The network diagramming method in use today is the precedence diagram. With the use of the correct logical relationship and the leads and lags, every logical relationship in the schedule can be diagrammed.
Fast tracking and crashing are two techniques for reducing schedules that must meet a promise date sooner than what is predicted by the schedule. Buffering is a technique for increasing schedules that have a promise date later than the date predicted by the schedule.
The critical path method is a method of managing a project by applying the management effort of the project manager and the efforts of the project team in the most effective way. Activities with little or no float are given more attention than activities with float or great amounts of float.
PERT is a technique that is used to predict project completions when there is a great deal of uncertainty in the estimated durations. PERT makes a statistical approximation of the project completion by using the estimate for the optimistic, pessimistic, and most likely duration for each activity.
The Monte Carlo simulation is used to eliminate a problem associated with PERT, which is that the critical path may move from activity to activity under different conditions. Monte Carlo is a simulation technique that runs many schedules with selected durations, statistically calculates the effect of variable durations, and reports (statistically) the results.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.