Project 4 Lecture Notes

Topics: Project management, Critical path method, Gantt chart Pages: 2 (670 words) Published: January 6, 2015
Timelines
A time line is a graphical representation drawn on a time scale in which key tasks or project events are marked in the sequence of their occurrence. Creating timelines and deliverables for this project involves several steps: begin with the outcome you want to achieve for the project, break the project down into manageable and comprehensible tasks and determine an appropriate timeline to complete those tasks.

Schedule
Scheduling establishes the timelines, delivery and availability of project resources, whether they be personnel, inventory or capital. A project schedule provides realistic milestones for the completion of tasks through the lifespan of the project. A schedule is where activities are assigned a duration and sequenced in a logical order. Each activity will consist of a combination of tasks, as well as the resources and budget required to perform the tasks. Project managers must strategically define each activity to ensure that the project moves smoothly and logically with minimum delays and work stoppages. The project schedule is used to estimate what resources are needed at what time and for how long.

Benchmark
A benchmark is a point of reference used to compare previous similar activities to the current project activities and provide a standard to measure performance. While a milestone is a significant event in the project, usually completion of a major deliverable. Benchmarking in project management refers to setting specific smaller goals that contribute to the overall goal of the project. Benchmarks are sometimes called Key Performance Indicators.

Resources
Project resources are anything that are required to complete a project, including, but not limited to, team members, tools, vendors, and materials. So, a successful Project Manager must effectively manage the resources assigned to the project. This includes the labor hours of the designers, the builders, the testers and the inspectors on the project team. It also...
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