Module 6 Definitions Flashcards
Lag Time
Is the time between activities.
Lead Time
Is when activities are brought closer together or even overlap.
Soft Logic
Describes when activities are scheduled bases on preferences, guidelines, or external conditions. Allows the manager to make decisions based on conditions outside of the project, best practices, or guidelines.
Critical Path
Is always the path with the longest duration, but there are instances however, when the project’s expected end date is well beyond the duration of the scheduled work. In such cases, the critical path is considered the path with the least amount of float. But mainly the critical path has no float, has the longest duration, and does not necessarily have the most expensive activities.
ADM (Arrow Diagramming Method)
Is also known as “activity on arrow”. This places activities on arrows.
PDM (Precedence Diagramming Method)
Also know as “activity on nodes”. This places activities on nodes.
Analogous Estimates
Comparing estimates with another project. Remember this estimate approach by identifying the “analogy” between the two similar project.
Parametric Estimates
These use a parameter, such as 5 hours per unit.
PERT Estimating
Uses an average of the optimistic, most likely, and pessimistic time estimates for each activity.
Commercial Duration Estimating
Use databases the are used to confirm or base time estimates upon.
Parkinson’s Law
States that work will expand to fulfill the time allotted to it. Bloated tasks will take all of the time allotted. Management reserve should be used instead.
Law of Diminishing Returns
Describes the relationship between effort, duration, and the maximum yield.
Oligopoly
Is a procurement issue where there are few vendors available to choose from. Plus, the vendors may seemingly have check and balances with each other.
Contingency Reserve
Is a portion of the project schedule allotted for time overruns on activities.
Cost Benefit Analysis
May be the part of the process to decide the value of adding more workers to the schedule.
Gantt Chart
Is a bar chart that represents the duration of activities against a calendar. The length of the bar represents the length of activities, while the order of the bars represents the order of activities in the project.
Slack Time
Is the amount of time a task can be delayed without delaying the scheduled start date of dependent activities.
Flattening Projects
If you flatten your project through resource leveling, the project duration will likely increase.
