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Project Management Blog
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Blogs (1325)

Thursday, 25 January 2007 20:45

Cost Estimating

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Analogous estimating - Uses similar historical information to predict the cost of the current project. Such estimates are usually performed early in a project and rely on knowledge of the actual cost outcomes from similar projects.
Last modified on Thursday, 10 December 2009 21:34
Thursday, 25 January 2007 20:39

Project Cost

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What is a Project Cost? Each resource in the project must be accounted for and assigned to a cost category. Categories include the following:

  • Labor costs
  • Material costs
  • Travel costs
  • Supplies
  • Hardware costs
  • Software costs
  • Special categories (inflation, cost reserve, and so on)

 

Last modified on Thursday, 10 December 2009 21:34
Thursday, 25 January 2007 19:26

Schedule Control

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From a time management point of view, time control or project control is about the schedule baseline and any changes that might occur. The schedule baseline is the original, approved project schedule and becomes the standard used to measure schedule performance. Schedule control is concerned with:

Last modified on Friday, 11 December 2009 01:26
Thursday, 25 January 2007 19:25

Critical Path

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The critical path is the longest path to completion in the network diagram. Activities on the critical path have no Slack or Float. The Project Time Management questions on the exam focus heavily on critical path method (CPM), and diagramming methods; the differences between these techniquees; and the appropriate circumstances for their use.

Last modified on Friday, 11 December 2009 01:26
Thursday, 25 January 2007 19:16

Activity Duration Estimating

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Duration includes the actual amount of time worked on an activity plus the elapsed time.

Effort is the number of workdays or work hours required to complete a task. Effort does not normally equal duration. People doing the work should help create estimates, and the PM should review them. Duration estimating is assessing the number of work periods (hours, days, weeks,) likely to be needed to complete each activity. Duration estimates always include some indication of the range of possible results, for example, 2 weeks + or – 2 days or 85% probability that the activity will take less than 3 weeks. Activity Duration Estimating:

Last modified on Friday, 11 December 2009 01:27

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