Total Float is a concept within the Critical Path Method which tells the project manager how much a task can be delayed without impacting the project completion date. Float is the final product of the project network diagram. The network diagram is used to determine two things: Tasks which are on the critical path Float (total) of each task The Two Types of … [Read more...]
A Gantt chart is a graphical depiction of a project schedule in which project task durations are shown as horizontal bars. Gantt charts are the easiest and most intuitive way to communicate a project schedule. They are created as part of the Project Management Plan, and give stakeholders an instant picture of what the project is set to accomplish, and when. But they … [Read more...]
Staying within budget and schedule is one of the project manager's most important jobs. It is not an understatement to say that if you master this one thing, most other things will fall into place. The secret to doing this well is called earned value management. It is one of the foundational processes of project management, as well as a central component of the … [Read more...]
In project management, the network diagram is a graphical depiction of a project schedule which uses boxes to represent each task. It is used to determine the critical path, as well as the float of each task. These two terms are defined as: Critical Path: The tasks which define the completion date of the project. They cannot finish late, or be moved, or the overall … [Read more...]
A Gantt chart is a horizontal bar chart showing the start and end dates of each task within a project. It shows the tasks on the vertical axis and time on the horizontal axis. The tasks are shown sequentially. It can have many other pieces but these are the basic building blocks. Gantt Chart Example 1 Here is a Gantt chart that was created with Microsoft … [Read more...]
Believe it or not, gantt charts can be created relatively painlessly in Microsoft Excel. A simple one will take about 10 minutes with only a basic knowledge of Excel, and I'm going to show you how. Step 1: Enter the Task data The first step is to enter your tasks in table form in Excel. The following four pieces of data are the minimum requirement for a gantt chart, so … [Read more...]
A WBS Dictionary is a supporting document to the Work Breakdown Structure (WBS). It provides supporting data about project tasks in the WBS. This information can be any type and format, ranging from textual information to numerical data to milestone dates. In short, it is an information bank for meta data about the project tasks. For example, WBS Task WBS … [Read more...]
The Budget at Completion (BAC) is a value used in earned value management, a division of project management. It represents the original project budget. For example, if a project has a budget of $10,000, BAC = $10,000 Therefore, there is no other formula or calculation for this metric. The BAC is often compared to the Estimate at Completion (EAC) which … [Read more...]
Love it or hate it, the measuring stick for a project manager is often their ability to keep projects on time and under budget. Thankfully, project management theory provides us with a fantastic tool to keep us on target. But it has to be used correctly. Like a software tool, if you are not trained to use it, it’s just a bunch of numbers. Once the technique is … [Read more...]
Sometimes the easiest way to create a Gantt chart is by starting from a template and customizing it to your project. To that end, we present the following 10 templates, which have been designed to be easily customized to your project. Using only basic Excel skills, you should be able to complete your own Gantt chart in 10 minutes or less. Template 1: Build a … [Read more...]
