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Parametric Estimating Project Management Examples

Parametric Estimating In Project Management With Examples

Parametric estimating technique uses an algorithm or formula to calculate expected duration, cost, or resource requirements based on historical data and other project parameters. It uses statistical relationship between different project variables for estimating current values. Parametric estimation is one of the five project management estimation methods that are described in the PMBOK Guide (A …

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fast-tracking crashing project schedule compression

Fast Tracking vs Crashing: How To Compress The Project Schedule?

You will find a detailed discourse of project schedule compression in this article. I will discuss about fast tracking and crashing as the two main methods to shorten the project duration. I will discuss these using an example and diagrams. This post will be equally useful for PMP aspirants and professionals who are doing project …

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critical path analysis

Critical Path Analysis Example – 2 Ways to Calculate Critical Path

Critical Path Analysis Example – Using 0 and 1 Method I got introduced to Critical Path Analysis in the year 1997. I am a software engineer by education. I learned most of the project management concepts while managing software projects – Critical Path Analysis was one such concept. I learned about Critical Path while using …

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time management definition

What is Project Time Management Definition?

Project Time Management Definition & Terminology Project Time Management is a subset of Project Management. It includes knowledge, tools & techniques and skills that are required to ensure the timely completion of a project. Project Time Management is one of the essential pieces of Project Management. Some people claim that it is 50% of the …

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project duration effort elapsed time difference

Project Effort vs Duration vs Elapsed Time With Examples

There main difference between effort, duration and elapsed time is that effort refers to the amount of exertion or work done to complete a task, duration refers to the length of (working) time to complete a task, and elapsed time is the total amount of (working and non-working) time that passes between start of an …

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lead and lag

9 Frequently Asked Questions on Lead and Lag

Lead and Lag Demystified There are many terms that perturb project management professionals. Lead and Lag are two such terms. I interact with many professionals on a regular basis. I often find that many of them are not fully aware of meaning of these terms. Even though they know the correct definitions of these terms, …

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lead lag

How to Use Leads and Lags in Project Schedule?

Leads and Lags – Definitions, Explanations & Examples Leads and Lags are essential for making a good project schedule. They are the basic building blocks of scheduling. Many scheduling experts don’t use them. Instead, they often apply (incorrect) alternatives. In my opinion, Leads and Lags are easy to use and implement. They should always be …

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start to finish [SF] relationship (dependency) examples in project management

Start to Finish [SF] Relationship (Dependency) With Examples

Start To Finish is a logical relationship (or dependency) in which a successor activity cannot finish until its predecessor activity has started. Start to Finish (SF) is one of the four activity relationships of project management. These are used while preparing project schedule. The other three relationships are: Finish to Start (FS) Start to Start …

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