Project Time Managemant
and Cost Management
Project Time Managemant and Cost Management
Defining Activities
The project manager and project team begin
developing a detailed list of activities, their attributes,
and a milestone list.
The activity list is a tabulation of activities to be included
on a project schedule. The list should include the activity
name, an activity identifier or number, and a brief
description of the activity.
Activity attributes
The activity attributes provide more
schedule-related information about each
activity, such as predecessors, successors,
logical relationships, leads and lags,
resource requirements, constraints,
imposed dates, and assumptions related
to the activity
Milestone
A milestone on a project is a significant event
that normally has no duration.
It often takes several activities and a lot of work
to complete a milestone, but the milestone itself
is like a marker to help in identifying necessary
activities. Milestones are also useful tools for
setting schedule goals and monitoring progress
SEQUENCINGACTIVITIES
Inputs to the activity sequencing process include the activity list and
attributes, project scope statement, milestone list, and
organizational process assets. It involves evaluating the reasons for
dependencies and the different types of dependencies.
Dependencies
A dependency or relationship relates to the sequencing of project
activities or tasks. For example, does a certain activity have to be
finished before another one can start? Can the project team do
several activities in parallel? Can some overlap? Determining these
relationships or dependencies between activities has a significant
impact on developing and managing a project schedule
AOA (activity on arrow)
Network diagram
Task Dependancies
examples
Precedence diagramming method
(PDM) network diagram
Esimating activity resources
Esimating activity duration
The activity list, activity attributes, activity resource requirements, resource
calendars, project scope statement, enterprise environmental actors, and
organizational process assets all include information that affect duration
estimates.
The outputs of activity duration estimating include activity duration
estimates and project document updates. Duration estimates are often
provided as a discrete number, such as four weeks, or as a range, such as
three to five weeks, or as a three-point estimate.
A three-point estimate is an estimate that includes an optimistic, most likely,
and pessimistic estimate, such as three weeks for the optimistic, four weeks
for the most likely, and five weeks for the pessimistic estimate. The optimistic
estimate is based on a best-case scenario, while the pessimistic estimate is
based on a worst-case scenario. The most likely estimate, as it sounds, is an
estimate based on a most likely or expected scenario/’
Developing schedule
Gantt chart
Determining the critical path
Critical chain scheduling is a method of scheduling that
considers limited resources when creating a project schedule
and includes buffers to protect the project completion date.
Program Evaluation and Review Technique (PERT)
Another project time management technique is the Program
Evaluation and Review Technique (PERT) a network analysis
technique used to estimate project duration when
there is a high degree of uncertainty about the individual
activity duration estimates
Controlling the Schedule
Project Cost Management
Cost
Accountants usually define cost as a resource sacrificed or foregone to
achieve a specific objective.
something given up in exchange. Costs are often measured in monetary
amounts, such as dollars/rupee , that must be paid to acquire goods and
services.
Because projects cost money and consume resources that could be used
elsewhere, it is very important for project managers to understand project cost
management.
Importance of cost management
