6th Develop and Manage a Project Schedule

Estimating Techniques

Analogous Estimating (Quick and easy)

Parametric Estimating

Three-point Estimating

Bottom-up Estimating( Accurate but time consuming)

Analogous Estimating

Use historical data from a similar project

Parametric Estimating

An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.

Three-Point Estimating

Formulas using optimistic, pessimistic and most likely estimate values

Bottom-Up Estimating

Every single component is estimated and then totaled

Effort

The amount of work required to complete the activity

Duration

Takes into account the resources allocated to the task

Elapsed Time

Takes into account the amount of work which can be done each day and week

Contingency reserves or buffers

Building in extra time to our activity estimates in case things don't go to plan

Dependency Types

Mandatory

Discretionary

External

Internal

Mandatory

Hard logic. Roof has to go on after walls are built

Discretionary

Preferred logic. Plumbing first then electric

External

Outside teams control. Permit being issued

Interanl

Within teams control. Cant test it until bob has written it

Successor/Predecessor Activity Relationships

Finish to Start(FS)

Start to Start (SS)

Finish to Finish (FF)

Start to Finish(SF)

Finish to Start (FS)

The predecessor activity mist finish before the successor activity can start.

Build walls then add roof

Start to Start(SS)

The predecessor activity must start for the successor activity to start.

Pour concrete then level concreate

Finish to Finish (FF)

The predecessor activity must finish for the successor activity to finish

Installing power then build rack

Start to Finish(SF)

The predecessor activity must start for the successor activity to finish

Very rare

PERT chart

an example of PDM( Precedence Diagramming Method)

Precedence Diagramming Method(PDM)

a common way of visualizing project work using network diagrams.

The Critical Path

The sequence of tasks which take the longest to complete

Gantt Chart

Another way of representing the project schedule with the width of the nodes(or bars) representing the duration of the tasks

Resource Loading

The process of filling team members available time with project tasks

Resource Leveling

Make adjustments to the schedule according to resource availability

Resource Smoothing

Delay activities according to resource limits only with the available float

Float

The amount of time a task can be delayed without delaying the project

Critical Path

The sequence of tasks that takes the longest to complete. Zero float

Fast Tracking

Add some overlap to tasks on the critical path.

Crashing

Add more resources to the task on the critical path

Schedule compression

Techniques used to shorten or accelerate the schedule duration without reducing scope.

The Cost Baseline

The approved version of the time-phased project budget, excluding any management reserves which can be changed only through formal change control procedure, and is used as a basis for comparison to results.

Contingency Reserves

Money allocated in the cost baseline for known risks with active response strategies

Management Reserves

An amount of the project budget heled outside of the baseline reserved for unforeseen work that is with scope of the porject.

Story Points

Unit of measure for the estimate of the effort required to implement a product backlog item(or user story)

Velocity

Shows how much wok the team can complete in a sprint