Event chain methodologyEvent chain methodology is a network analysis technique that is focused on identifying and managing events and relationship between them (event chains) that affect project schedules. It is an uncertainty modeling schedule technique. Event chain methodology is an extension of quantitative project risk analysis with Monte Carlo simulations. It is the next advance beyond critical path method and critical chain project management. Event chain methodology tries to mitigate the effect of motivational and cognitive biases in estimating and scheduling.
Milestone (project management)Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved. In many instances, milestones do not impact project duration. Instead, they focus on major progress points that must be reached to achieve success. Milestones can add significant value to project scheduling.
Glossary of project managementA glossary of terms relating to project management and consulting. Agile software development is a set of fundamental principles about how software should be developed based on an agile way of working in contrast to previous heavy-handed software development methodologies. Aggregate planning is an operational activity which does an aggregate plan for the production process, in advance of 2 to 18 months, to give an idea to management as to what quantity of materials and other resources are to be procured and when, so that the total cost of operations of the organization is kept to the minimum over that period.
Product breakdown structureIn project management under the PRINCE2 methodology, a product breakdown structure (PBS) is a tool for analysing, documenting and communicating the outcomes of a project, and forms part of the product based planning technique. The PBS provides "an exhaustive, hierarchical tree structure of deliverables that make up the project, arranged in whole-part relationship" (Haughey, 2015). The PBS is identical in format to the work breakdown structure (WBS), but is a separate entity and is used at a different step in the planning process.
PRINCE2PRINCE2 (PRojects IN Controlled Environments) is a structured project management method and practitioner certification programme. PRINCE2 emphasises dividing projects into manageable and controllable stages. It is adopted in many countries worldwide, including the UK, Western European countries, and Australia. PRINCE2 training is available in many languages. PRINCE2 was developed as a UK government standard for information systems projects.
Float (project management)In project management, float or slack is the amount of time that a task in a project network can be delayed without causing a delay to: subsequent tasks ("free float") project completion date ("total float"). Total float is associated with the path. If a project network chart/diagram has 4 non-critical paths then that project would have 4 total float values. The total float of a path is the combined free float values of all activities in a path.
Project networkA project network diagram is a graph that displays the order in which a project’s activities are to be completed. Derived from the work breakdown structure, the terminal elements of a project are organized sequentially based on the relationship among them. It is typically drawn from left to right to reflect project chronology. The Activity-on-Node (AON) technique uses nodes to represent individual project activities and path arrows to designate the sequence of activity completion.
Project accountingProject accounting is a type of managerial accounting oriented toward the goals of project management and delivery. It involves tracking, reporting, and analyzing financial results and implications, and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management. While project accounting was traditionally used for large construction, engineering, and government projects, it has now expanded into several other sectors.
Estimation (project management)In project management (e.g., for engineering), accurate estimates are the basis of sound project planning. Many processes have been developed to aid engineers in making accurate estimates, such as Analogy based estimation Compartmentalization (i.e., breakdown of tasks) Cost estimate Delphi method Documenting estimation results Educated assumptions Estimating each task Examining historical data Identifying dependencies Parametric estimating Risk assessment Structured planning Popular estimation processes fo
Critical chain project managementCritical chain project management (CCPM) is a method of planning and managing projects that emphasizes the resources (people, equipment, physical space) required to execute project tasks. It was developed by Eliyahu M. Goldratt. It differs from more traditional methods that derive from critical path and PERT algorithms, which emphasize task order and rigid scheduling. A critical chain project network strives to keep resources levelled, and requires that they be flexible in start times.
Critical path methodThe critical path method (CPM), or critical path analysis (CPA), is an algorithm for scheduling a set of project activities. A critical path is determined by identifying the longest stretch of dependent activities and measuring the time required to complete them from start to finish. It is commonly used in conjunction with the program evaluation and review technique (PERT). The CPM is a project-modeling technique developed in the late 1950s by Morgan R. Walker of DuPont and James E. Kelley Jr. of Remington Rand.
Earned value managementEarned Value Management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner. Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs. In a single integrated system, EVM is able to provide accurate forecasts of project performance problems, which is an important aspect of project management.
Work breakdown structureA work-breakdown structure (WBS) in project management and systems engineering is a deliverable-oriented breakdown of a project into smaller components. A work breakdown structure is a key project management element that organizes the team's work into manageable sections. The Project Management Body of Knowledge defines the work-breakdown structure as a "hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
Construction managementConstruction management (CM) is a professional service that uses specialized, project management techniques and software to oversee the planning, design, construction and closeout of a project. The purpose of construction management is to control the quality of a project's scope, time / delivery and cost—sometimes referred to as a project management triangle or "triple constraints." CM is compatible with all project delivery systems, including design-bid-build, design-build, CM At-Risk and Public Private Partnerships.
Project managementProject management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives. The objective of project management is to produce a complete project which complies with the client's objectives.
Gantt chartA Gantt chart is a bar chart that illustrates a project schedule. It was designed and popularized by Henry Gantt around the years 1910–1915. Modern Gantt charts also show the dependency relationships between activities and the current schedule status. A Gantt chart is a type of bar chart that illustrates a project schedule. This chart lists the tasks to be performed on the vertical axis, and time intervals on the horizontal axis. The width of the horizontal bars in the graph shows the duration of each activity.
Program evaluation and review techniqueThe program evaluation and review technique (PERT) is a statistical tool used in project management, which was designed to analyze and represent the tasks involved in completing a given project. First developed by the United States Navy in 1958, it is commonly used in conjunction with the critical path method (CPM) that was introduced in 1957. PERT is a method of analyzing the tasks involved in completing a given project, especially the time needed to complete each task, and to identify the minimum time needed to complete the total project.
