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Example from MIL-HDBK-881, which illustrates the first three levels of a typical aircraft system [1] A work-breakdown structure (WBS) [2] in project management and systems engineering is a breakdown of a project into smaller components. It is a key project management element that organizes the team's work into manageable sections.
Budgeted cost of work performed (BCWP) also called earned value (EV), is the budgeted cost of work that has actually been performed in carrying out a scheduled task during a specific time period. [1] The BCWP is the sum of the budgets for completed work packages and completed portions of open work packages, plus the applicable portion of the ...
Before a project schedule can be created, the schedule maker should have a work breakdown structure (WBS), an effort estimate for each task, and a resource list with availability for each resource. If these components for the schedule are not available, they can be created with a consensus-driven estimation method like Wideband Delphi. [5]
It can be understood as representing the time, effort, and resources required to move from one event to another. A PERT activity cannot be performed until the predecessor event has occurred. PERT sub-activity: a PERT activity can be further decomposed into a set of sub-activities. For example, activity A1 can be decomposed into A1.1, A1.2 and A1.3.
A Gantt chart is a bar chart that illustrates a project schedule. [1] It was designed and popularized by Henry Gantt around the years 1910–1915. [ 2 ] [ 3 ] Modern Gantt charts also show the dependency relationships between activities and the current schedule status.
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.
It is helpful to see an example of project tracking that does not include earned value performance management. Consider a project that has been planned in detail, including a time-phased spend plan for all elements of work. Figure 1 shows the cumulative budget (cost) for this project as a function of time (the blue line, labeled PV). It also ...
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.