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Time Management

What is Goldratt’s Critical Chain Theory?

In recent years Eliyahu M. Goldratt has developed several interesting ideas about project management. One of the more controversial ideas is his theory of critical chains. This is a method of adjusting schedules to reduce the probability of projects being […]

What is the Monte Carlo Process?

The Monte Carlo process is a simulation technique that is used to statistically predict the duration of a project when there is uncertainty about the duration of the activities of the project. Simulation techniques are used because the number of […]

What is a Buffered Schedule?

A buffered schedule is one to which free float has deliberately been added. It is when we take negotiated additional schedule time and add it to the schedule as planned delays between the finish of activities and the start of […]

What is Crashing and Fast-Tracking a Schedule?

Crashing and fast-tracking a schedule are ways of reducing the length of a project schedule. Crashing is a general term for reducing project schedules. When we crash a schedule, we spend money or resources to reduce the scheduled time for […]

What is a Resource Histogram?

A resource histogram is one of the tools given to us by the companies that produce project management software to help the allocation of resources in project plans. Automatic resource leveling does not usually give us the best solution to […]

What is a Summary or Hammock Activity?

A summary or hammock activity, shown in ACTIVITY CHART , is used to represent groups of activities in a project schedule. It is used to summarize the schedule information for a group of activities and to allow the entire project […]

What is a Milestone Chart?

A milestone is used to represent groups of activities or significant events or commitments in the project. A milestone chart shows a group of milestones in an organized way similar to a Gantt chart with one milestone per line vertically […]

What is the PERT Method?

The PERT method stands for program evaluation and review technique. It is a statistical approach to project schedules. Actually, it is a statistical way of predicting project completions when there is uncertainty about the project durations. The PERT method was […]

What is the Critical Path Method?

The critical path method or CPM is a management tool that helps the project manager recognize where in the project schedule his management effort should be applied. The critical path method recognizes that the activities in the schedule that have […]

What is a Gantt Chart?

A Gantt chart, as seen in GANTT CHART, is used to show the project schedule in a graphic form. It is probably the most used graphic report in project management and may be the most used of any of the […]

What is Float or Slack in a Project Schedule?

First of all, float and slack are two words that mean the same thing. It is perfectly fine to use either term in project management. Float is a measure of flexibility in the project schedule. There are two kinds of […]

How do I Make a Project Schedule?

In its simplest form the calculation of the schedule is a matter of establishing a start date for the project and adding the durations of the activities in the schedule, being careful not to include the activities that are scheduled […]

What is a Network Diagram?

Network diagrams are used in many ways, from engineering to computer programming to management. In project management the network diagram is usually associated with the scheduling function. The network diagram for a schedule shows the logical relationships between the activities […]