|
Project Management Triangle
The project management triangle (called also the ''triple constraint'', ''iron triangle'' and ''project triangle'') is a model of the constraints of project management. While its origins are unclear, it has been used since at least the 1950s. It contends that: # The quality of work is constrained by the project's budget, deadlines and scope (features). # The project manager can trade between constraints. # Changes in one constraint necessitate changes in others to compensate or quality will suffer. For example, a project can be completed faster by increasing budget or cutting scope. Similarly, increasing scope may require equivalent increases in budget and schedule. Cutting budget without adjusting schedule or scope will lead to lower quality. "Good, fast, cheap. Choose two." as stated in the Common Law of Business Balance (often expressed as "You get what you pay for.") which is attributed to John Ruskin but without any evidence and similar statements are often used to encapsul ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dependency (project Management)
In a project network, a dependency is a link among a project's terminal elements. The A Guide to the Project Management Body of Knowledge (PMBOK Guide) does not define the term dependency, but refers for this term to a logical relationship, which in turn is defined as ''dependency between two activities, or between an activity and a milestone''. Standard types of dependencies There are four standard types of dependencies: # Finish to start (FS) #* ''A'' FS ''B'' means "activity A must finish before activity B can begin" (or "B can't start until A has finished"). #* image:Dependency-FS.png #* ''(Foundations dug) FS (Concrete poured)'' # Finish to finish (FF) #* ''A'' FF ''B'' means "activity A must finish before activity B can finish" (or "B can't finish before A is finished") . #* image:Dependency-FF.png #* ''(Last chapter written) FF (Entire book written)'' # Start to start (SS). #* ''A'' SS ''B'' means "activity A must start before activity B can start" (or "B can't star ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Contingency
When estimating the cost for a project, product or other item or investment, there is always uncertainty as to the precise content of all items in the estimate, how work will be performed, what work conditions will be like when the project is executed and so on. These uncertainties are risks to the project. Some refer to these risks as "known-unknowns" because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency. Contingency "refers to costs that will probably occur based on past experience, but with some uncertainty regarding the amount. The term is not used as a catchall to cover ignorance. It is poor engineering and poor philosophy to make second-rate estimates and then try to satisfy them by using a large contingency account. The contingency allowance is designed to cover items of cost which are not known exactly at the time of the estim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Analysis
Reserve or reserves may refer to: Places * Reserve, Kansas, a US city * Reserve, Louisiana, a census-designated place in St. John the Baptist Parish * Reserve, Montana, a census-designated place in Sheridan County * Reserve, New Mexico, a US village * Reserve, Wisconsin, a census-designated place in the town of Couderay * Reserve Mines, a community in Cape Breton Regional Municipality, Nova Scotia, Canada Auctions * Auction reserve, a minimum amount of money bid required for a sale, e.g., in an English auction * No-reserve auction (NR), also known as an absolute auction, an auction in which the item for sale will be sold regardless of price Economics and finance * Reserve (accounting), any part of shareholders' equity, except for basic share capital * Actuarial reserves, a liability equal to the present value of the future expected cash flows of a contingent event * Bank reserves, holdings of deposits in central banks plus currency that is physically held in bank vault ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Three-point Estimation
The three-point estimation technique is used in management and information systems applications for the construction of an approximate probability distribution representing the outcome of future events, based on very limited information. While the distribution used for the approximation might be a normal distribution, this is not always so. For example, a triangular distribution might be used, depending on the application. In three-point estimation, three figures are produced initially for every distribution that is required, based on prior experience or best-guesses: * ''a'' = the best-case estimate * ''m'' = the most likely estimate * ''b'' = the worst-case estimate These are then combined to yield either a full probability distribution, for later combination with distributions obtained similarly for other variables, or summary descriptors of the distribution, such as the mean, standard deviation or percentage points of the distribution. The accuracy attributed to the results deriv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parametric Estimating
Estimation theory is a branch of statistics that deals with estimating the values of parameters based on measured empirical data that has a random component. The parameters describe an underlying physical setting in such a way that their value affects the distribution of the measured data. An ''estimator'' attempts to approximate the unknown parameters using the measurements. In estimation theory, two approaches are generally considered: * The probabilistic approach (described in this article) assumes that the measured data is random with probability distribution dependent on the parameters of interest * The set-membership approach assumes that the measured data vector belongs to a set which depends on the parameter vector. Examples For example, it is desired to estimate the proportion of a population of voters who will vote for a particular candidate. That proportion is the parameter sought; the estimate is based on a small random sample of voters. Alternatively, it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Analogous Estimating
Analogy (from Greek ''analogia'', "proportion", from ''ana-'' "upon, according to" lso "against", "anew"+ ''logos'' "ratio" lso "word, speech, reckoning" is a cognitive process of transferring information or meaning from a particular subject (the analog, or source) to another (the target), or a linguistic expression corresponding to such a process. In a narrower sense, analogy is an inference or an argument from one particular to another particular, as opposed to deduction, induction, and abduction, in which at least one of the premises, or the conclusion, is general rather than particular in nature. The term analogy can also refer to the relation between the source and the target themselves, which is often (though not always) a similarity, as in the biological notion of analogy. Analogy plays a significant role in problem solving, as well as decision making, argumentation, perception, generalization, memory, creativity, invention, prediction, emotion, explanation, conce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arrow Diagramming Method
Arrow diagramming method (ADM) is a network diagramming technique in which activities are represented by arrows. ADM is also known as the activity-on-arrow (AOA) method. Usage ADM is used for scheduling activities in a project plan. Precedence relationships between activities are represented by circles connected by one or more arrows. The length of the arrow represents the duration of the relevant activity. ADM only shows finish-to-start relationships, meaning that each activity is completed before the successor activity starts. Sometimes a "dummy task" is added, to represent a dependency between tasks, which does not represent any actual activity. The dummy task is added to indicate precedence that can't be expressed using only the actual activities. Such a dummy task often has a completion time of 0. Use of ADM as a common project management practice has declined with the adoption of computer-based scheduling tools. In addition, the precedence diagram method (PDM), or ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scope Statement
In project management, scope statements can take many forms depending on the type of project being implemented and the nature of the organization. The scope statement details the project deliverables and describes the major objectives. The objectives should include measurable success criteria for the project. Overview A scope statement should be written before the statement of work and it should capture, in very broad terms, the product of the project (e.g., ''"developing a software based system to capture and track orders for software"''). A scope statement should also include the list of users using the product, as well as the features in the resulting product. Contents As a baseline scope statements should contain: *The project charter *The project owner, sponsors, and stakeholders *The problem statement *The project goals and objectives *The project requirements *The project deliverables *The project non-goals (what is out of scope) *Milestones * Cost estimates In more ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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. Using milestones in scheduling Milestones can add significant value to project scheduling. When combined with a scheduling methodology such as Program Evaluation and Review Technique (PERT) or the Critical Path Method (CPM), milestones allow project managers to much more accurately determine whether or not the project is on schedule. By constraining the dates associated with milestones, the critical path can be determined for major schedule intervals in addition to the entire project. Slack/float can a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
