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A time horizon, also known as a planning horizon, is a fixed point of time in the future at which point certain processes will be evaluated or assumed to end.It is necessary in an accounting, finance or risk management regime to assign such a fixed horizon time so that alternatives can be evaluated for performance over the same period of time.
Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved.
Float in a project network is the amount of time that a task in a project network can be delayed without causing a delay to subsequent tasks and or the project completion date. Hammock activity – is a schedule (project management) or project planning term for a grouping of subtasks that "hangs" between two end dates it is tied to.
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.
Another type of timeline is used for project management. Timelines help team members know what milestones need to be achieved and under what time schedule. An example is establishing a project timeline in the implementation phase of the life cycle of a computer system.
A business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization , the organization's financial projections, and the strategies it intends to ...