Time Management (6) Flashcards
Estimation types
- one-point estimating
- analogous estimating
- parametric estimating
- three-point estimating (PERT analysis, Program Evaluation and Review Technique)
EAD
Expected Activity Duration or PERT (P + 4M + O)/6
SD
Activity Standard Deviation (P - O)/6
AV
Activity Variance [(P - O)/6]^2
Project Expected Duration or PERT
sum of critical path EADs
Project Variance
sum of critical path AVs
Project Standard Deviation
square root of Project Variance
Range of the Estimate
Expected Duration or Pert +/- Standard Deviation
types of reserves
- contingency reserves
- management reserves
Schedule Network Analysis
used to create the final schedule once the initial one is ready
Schedule Network Analysis techniques
- Critical path method
- Schedule compression
- What-if scenario analysis
- Resource leveling
- Critical chain method
difference between schedule and a time estimate
schedule is calendar-based
total float (slack)
the amount of time activity can be delayed without delaying project end date
free float (slack)
the amount of time activity can be delayed without delaying next the early start of its successor
project float (slack)
the amount of time project can be delayed without delaying the externally imposed project completion end date
negative float (slack) means
you are behind
schedule compression methods (and impacts)
- fast tracking (increased risk)
- crashing (increased cost)
- reducing scope (decreased customer satisfaction)
- moving more experienced people to activities on critical path (increased risk)
- cut quality (decreased customer satisfaction, increased risk)
what-if scenario analysis
changing assumptions and seeing how they affect the project (e.g. through Monte Carlo Analysis)
Monte Carlo simulation results
- probability of completing the project on any specific day
- the probability of completing the project for any specific amount of cost
- the probability of any activity actually being on the critical path
- the overall project risk
Resource leveling
lenghtens the schedule and increases cost in order to deal with a limited amount of resources
Project Schedule formats
- network diagram (showing interdependencies)
- bar chart (team reporting, tracking progress)
- milestone chart (senior management reporting)
Methods to draw network diagrams
- Precedence Diagramming Method (PDM) or Activity on Node (AON)
- Graphical Evaluation and Review Technique (GERT)
Milestones are defined in
Define Activities process along with acitivities
rolling wave planning
when project has too many unknown components (high level planning and then refining during the works where it becomes clearer)
