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Project Management

Project Management. Unit 6. Project Schedule (contd). Three types of floats (slacks): Total Float (also called Float) : The total time an activity can be delayed without delaying project completion.

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Project Management

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  1. Project Management Unit 6

  2. Project Schedule (contd) • Three types of floats (slacks): • Total Float (also called Float) : The total time an activity can be delayed without delaying project completion. • Free Float : The total time an activity can be delayed without delaying the early start of any successor activity. • Project Float : The total time a project can be delayed without passing the customer-expected completion date.

  3. Duration Compression Techniques • Working on ways to shorten the project duration • Two techniques • Crashing • Fast Tracking • One or both techniques can be applied to reach a completion date earlier than the preliminary schedule shows.

  4. Crashing • Add more resources to the activities on the critical path. • Usually adds cost. • Can do a cost-benefit analysis. • Fast Tracking • Activities that can are in sequence can be done in parallel. • May increase risk.

  5. Performance Measurement You are working on a project that consists of 5 activities one after another in sequence. The relationships among these activities are all Finish-to-start from start till end. Each activity requires 20 hours of work, and costs $2,000. The duration of each activity is one week. Four weeks after start, you found that only 3 activities have been completed. The amount spent so far is $7,000. What can you say about the project’s performance ?

  6. Earned Value (EV) Analysis • BAC (Budget At Completion) • The amount budgeted for the entire job. • EV (Earned Value) or BCWP (Budgeted Cost of Work Performed) • Estimated value of work actually performed till date. • Equals to percentage of completion multiplied by BAC

  7. PV (Planned Value) or BCWS (Budgeted Cost of Work Scheduled) • Estimated value of work planned to be completed • AC (Actual Cost) or ACWP (Actual Cost of Work Performed) • Actual cost incurred till date.

  8. CV (Cost Variance) • BCWP – ACWP • Schedule Variance • BCWP - BCWS • Cost Performance Index • CPI = BCWP/ACWP • Schedule Performance Index • SPI = BCWP/BCWS

  9. How to use these values ?

  10. How to use these values ?

  11. Quiz: How is the project doing?

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