Realistic Scheduling and Estimation

Vocabulary flashcards covering core project scheduling fundamentals and project estimation techniques.

Project Scheduling

The process of determining when project activities will be performed, the sequence in which they will occur, and the time required to complete them (Project Management Institute [PMI], 2021).

Milestone

A significant point or event in a project that indicates the achievement of an important objective, deliverable, or stage; it represents an achievement rather than work and normally has zero duration.

Activity

A unit of project work that consumes resources and has a measurable duration, distinguished from a milestone which merely marks an achievement.

Project Dependency

A relationship between two activities in which the timing or completion of one activity affects another activity, showing which activities must occur before, after, or alongside others.

Finish-to-Start (FS)

The most common dependency relationship, where one activity must finish before another activity can start.

Start-to-Start (SS)

A dependency relationship where one activity must start before another activity can start, allowing activities to continue at the same time.

Finish-to-Finish (FF)

A dependency relationship where one activity must finish before another activity can finish.

Start-to-Finish (SF)

A less common dependency relationship where one activity must start before another activity can finish.

Critical Path

The longest sequence of dependent activities in a project network that determines the shortest possible time in which the project can be completed.

Float (or Slack)

The amount of time an activity can be delayed without delaying the overall project completion date.

Zero Float

The characteristic condition of activities located on the critical path, meaning any delay to these activities will delay the entire project.

Project Estimation

The process of predicting the time, cost, resources, or effort required to complete a project or its activities.

Top-Down Estimating

An estimating approach that begins with an estimate for the entire project and then divides or allocates it among the project's components (Whole → Parts).

Bottom-Up Estimating

An estimating approach that involves estimating each individual activity or work package and then adding them together to determine the total project estimate (Parts → Whole).

Parametric Estimating

An estimating technique that calculates costs or durations by multiplying a measurable unit quantity by a known unit rate derived from historical information.

Parametric Estimating Formula

$$\text{Estimate} = \text{Quantity} \times \text{Unit Rate}$$