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PERT network chart for a seven-month project with five milestones (10 through 50) and six activities (A through F). The program evaluation and review technique ( PERT ) is a statistical tool used in project management , which was designed to analyze and represent the tasks involved in completing a given project .
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.
Estimates (e.g. on duration, costs or quality) are inherently very vague at the beginning of a project; Estimates and project plans based on estimations need to be redone on a regular basis; Uncertainties can be built into estimates and should be visible in project plans; Assumptions that later prove to be mistakes are major factors in uncertainty
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 ]
In project management (e.g., for engineering), accurate estimates are the basis of sound project planning. Many processes have been developed to aid engineers in making accurate estimates, such as Analogy based estimation; Compartmentalization (i.e., breakdown of tasks) Cost estimate; Delphi method; Documenting estimation results; Educated ...
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Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...