What are the project baselines

A project has three baselines that will be used for performance and progress measurement. They are the scope baseline, the time or schedule baseline, and the cost baseline. Thescope baseline is the sum of the deliverables of the project. It represents all the work that must be done to complete the project. Any deliverables that are not included in the scope baseline will not be delivered to any of the stakeholders. Thetime baseline is the schedule of all the work that will be done to produce...

What is float or slack in a project schedule

First of all, float and slack are two words that mean the same thing. It is perfectly fine to use either term in project management. Float is a measure of flexibility in the project schedule. There are two kinds of float, total float and free float. Total float is usually called float. (Sometimes it seems that we try to make things unnecessarily confusing.) Total float is the amount of time that an activity can be delayed without having to reschedule the project completion date. Free float is...

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When project schedules moved from the hands of the draftsmen who were drawing activity on arrow diagrams and Gantt charts by hand to computers, it became much faster to produce results. Unfortunately, many of these results created difficulties. Prior to computerization, resource allocation was difficult to d o eiticiently. When computerization began and automatic resource leveling was introduced, it was considered a great step forward. It did not take people long to realize that the...

What is the fundamental accounting equation

Project managers and project management methods are becoming more widely known, and project management successes are becoming more frequent. For this reason project managers are being given more responsibility in the businesses they work in. It has become more important that project managers treat their projects like small businesses and that they be responsible for more of the functions that were traditionally managed by others. This is because project managers are seen as being successful in...

What are the financial measures Ros Roa and EVA

There are several measures that are useful in measuring the health of a company. These measures are also useful in measuring the health of a project. The trend in project management is to have the project manager take on more and more responsibility for the projects she is managing. Project managers in the future will be more concerned with their projects from the standpoint of managing them as small businesses. It is therefore useful for them to have some financial knowledge. Return on sales...

What is a work breakdown structure WBS

Once we have identified all of the things that we are supposed to produce in the project, it is necessary to develop the specific items of work that must be done to complete all ofthe work. The work breakdown structure takes the project and divides it into smaller pieces. These can be called subprojects. The subprojects can be broken down into smaller pieces. This process of breaking down the project can continue until the project is broken into small, more manageable pieces. The work breakdown...