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Generally it is the time period in which a project gives its investment back if a project fails to do so the project will be rejected. For example, a project has the following inflows years Inflows respectively 1 100,000 2 150,000 3 200,000 If the project's payback is 2 years having an outflow of 250,000 the cut off period must be 2 years ...
Project plan – is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [10]
Time is different from all other resources and cost categories. Using actual cost of previous, similar projects as the basis for estimating the cost of current project. According to the Project Management Body of Knowledge (PMBOK) the Project Time Management processes include: Plan Schedule Management; Define Activities; Sequence Activities
A statement of work (SOW) is a document routinely employed in the field of project management. It is the narrative description of a project's work requirement. [1]: 426 It defines project-specific activities, deliverables and timelines for a vendor providing services to the client. The SOW typically also includes detailed requirements and ...
A Gantt chart is a type of bar chart [4] [5] that illustrates a project schedule. [6] This chart lists the tasks to be performed on the vertical axis, and time intervals on the horizontal axis. [4] [7] The width of the horizontal bars in the graph shows the duration of each activity.
Successful project management identifies these components, and tracks and monitors progress, so as to stay within time and budget frames already outlined at the commencement of the project. Exact methods were suggested to identify the most informative monitoring points along the project life-cycle regarding its progress and expected duration.
Project planning is part of project management, which relates to the use of schedules such as Gantt charts to plan and subsequently report progress within the project environment. [1] Project planning can be done manually or by the use of project management software .
The project has two critical paths: activities B and C, or A, D, and F – giving a minimum project time of 7 months with fast tracking. Activity E is sub-critical, and has a float of 1 month. The critical path method ( CPM ), or critical path analysis ( CPA ), is an algorithm for scheduling a set of project activities. [ 1 ]
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