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Critical Chain
Critical chain project management (CCPM) is a method of planning and managing projects that emphasizes the resources (people, equipment, physical space) required to execute project tasks. It was developed by Eliyahu M. Goldratt. It differs from more traditional methods that derive from critical path and PERT algorithms, which emphasize task order and rigid scheduling. A critical chain project network strives to keep resources levelled, and requires that they be flexible in start times. Origins Critical chain project management is based on methods and algorithms derived from Theory of Constraints. The idea of CCPM was introduced in 1997 in Eliyahu M. Goldratt's book, ''Critical Chain''. The application of CCPM has been credited with achieving projects 10% to 50% faster and/or cheaper than the traditional methods (i.e., CPM, PERT, Gantt, etc.) developed from 1910 to 1950s. According to studies of traditional project management methods by Standish Group and others as of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management
Project management is the process of supervising the work of a Project team, team to achieve all project goals within the given constraints. This information is usually described in project initiation documentation, project documentation, created at the beginning of the development process. The primary constraints are Scope (project management), scope, time and budget. The secondary challenge is to operations research, optimize the Resource allocation, allocation of necessary inputs and apply them to meet predefined objectives. The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are established, they should influence all decisions made by other people involved in the project– for example, project managers, designers, contractors and subcontractors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Critical Path Analysis
The critical path method (CPM), or critical path analysis (CPA), is an algorithm for scheduling a set of project activities. A critical path is determined by identifying the longest stretch of dependent activities and measuring the time required to complete them from start to finish. It is commonly used in conjunction with the program evaluation and review technique (PERT). History The CPM is a project-modeling technique developed in the late 1950s by Morgan R. Walker of DuPont and James E. Kelley Jr. of Remington Rand. Kelley and Walker related their memories of the development of CPM in 1989. Kelley attributed the term "critical path" to the developers of the PERT, which was developed at about the same time by Booz Allen Hamilton and the U.S. Navy. The precursors of what came to be known as critical path were developed and put into practice by DuPont between 1940 and 1943 and contributed to the success of the Manhattan Project. Critical path analysis is commonly used wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monte Carlo Simulation
Monte Carlo methods, or Monte Carlo experiments, are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results. The underlying concept is to use randomness to solve problems that might be deterministic in principle. The name comes from the Monte Carlo Casino in Monaco, where the primary developer of the method, mathematician Stanisław Ulam, was inspired by his uncle's gambling habits. Monte Carlo methods are mainly used in three distinct problem classes: optimization, numerical integration, and generating draws from a probability distribution. They can also be used to model phenomena with significant uncertainty in inputs, such as calculating the risk of a nuclear power plant failure. Monte Carlo methods are often implemented using computer simulations, and they can provide approximate solutions to problems that are otherwise intractable or too complex to analyze mathematically. Monte Carlo methods are widely used in various ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Stakeholders
Project stakeholders are persons or entities who have an interest in a specific project. According to the Project Management Institute (PMI), the term ''project stakeholder'' refers to "an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio. ISO 21500 uses a similar definition. Types of stakeholders Stakeholders may be located inside or outside an organization, including: # The project's sponsor; # Those with an interest or the potential to gain from the successful completion of a project; # Anyone who may have a positive or negative influence in the project completion. The following are examples of project stakeholders: * Project leader * Senior management * Project team members * Project customer * Community Served or the Community that is being Served (example of a stakeholder affected by a non-profit organization or government agency) * Resource manage ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Student Syndrome
''Student syndrome'' refers to planned procrastination, when a student will substantially apply themselves to an assignment or task at the last moment before its deadline. For a person experiencing student syndrome, they only make significant progress when there is a sense of urgency that causes the person to put the proper amount of effort into their task. This eliminates any potential safety margins and puts the person under stress and pressure. An estimated 80 to 95 percent of college students engage in some form of procrastination. The term is used to describe this form of procrastination in general, and does not only apply to students. It has been observed to affect work flow and productivity in a traditional class setting, the manufacturing industry, and professional fields, such as software engineering and engineering management. The term was coined by Eliyahu M. Goldratt in his novel ''Critical Chain''. Causes & effects of student syndrome Student syndrome can be cau ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resource Leveling
In project management, resource leveling is defined by '' A Guide to the Project Management Body of Knowledge'' (''PMBOK Guide'') as "A technique in which start and finish dates are adjusted based on resource limitation with the goal of balancing demand for resources with the available supply." Resource leveling problem could be formulated as an optimization problem. The problem could be solved by different optimization algorithms such as exact algorithms or meta-heuristic methods. When performing project planning activities, the manager will attempt to schedule certain tasks simultaneously. When more resources such as machine A machine is a physical system that uses power to apply forces and control movement to perform an action. The term is commonly applied to artificial devices, such as those employing engines or motors, but also to natural biological macromol ...s or people are needed than are available, or perhaps a specific person is needed in both tasks, the tasks ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Work Breakdown Structure
A work-breakdown structure (WBS) 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. The Project Management Body of Knowledge defines the work-breakdown structure as a "hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables." A WBS provides the necessary framework for detailed cost estimation and control while providing guidance for schedule development and control.Booz, Allen & HamiltoEarned Value Management Tutorial Module 2: Work Breakdown Structure science.energy.gov. Ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Event Chain Methodology
Event chain methodology is a network theory, network analysis technique that is focused on identifying and managing events and relationships between them (event chains) that affect project schedules. It is an uncertainty modeling schedule technique. Event chain methodology is an extension of quantitative project risk analysis with Monte Carlo simulations. It is the next advance beyond critical path method and critical chain project management. Event chain methodology tries to mitigate the effect of motivational bias, motivational and cognitive biases in estimation, estimating and Scheduling (production processes), scheduling. It improves accuracy of risk assessment and helps to generate more realistic risk adjusted project schedules. History Event chain methodology is an extension of traditional Monte Carlo simulation of project schedules where uncertainties in task duration and costs are defined by statistical distribution. For example, task duration can be defined by three point ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Manager
A project manager is a professional in the field of project management. Project managers have the responsibility of the Project planning, planning, procurement and execution of a project, in any undertaking that has a defined scope, defined start and a defined finish; regardless of industry. Project managers are first point of contact for any issues or discrepancies arising from within the heads of various departments in an organization before the problem escalates to higher authorities, as project representative. Project management is the responsibility of a project manager. This individual seldom participates directly in the activities that produce the result, but rather strives to maintain the progress, mutual interaction and task (project management), tasks of various parties in such a way that reduces the risk of overall failure, maximizes benefits, and minimizes costs. Overview A project manager is the person responsible for accomplishing the project objectives. Key proj ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Earned Value Management
Earned value management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner. Overview Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: Scope (project management), scope, time, and costs. In a single System integration, integrated system, EVM is able to provide accurate forecasts of project performance problems, which is an important aspect of project management. Early EVM research showed that the areas of planning and control are significantly impacted by its use; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. More recent research studies have shown that the principles of EVM are positive predictors of project success. The populari ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Human Multitasking
Human multitasking is the concept that one can split their attention on more than one task or activity at the same time, such as speaking on the phone while driving a car. Multitasking can result in time wasted due to human context switching (e.g., determining which step is next in the task just switched to) and becoming prone to errors due to insufficient attention. Some people may be proficient at the tasks in question, be able to rapidly shift attention between the tasks, and so perform the tasks well; yet, self-perception of being good at multitasking or getting more done while multitasking is frequently inaccurate. Multitasking is mentally and physically stressful for everyone, to the point that multitasking is used in laboratory experiments to study stressful environments. Research suggests that people who are multitasking in a learning environment are worse at learning new information compared to those who do not have their attention divided among different tasks. Etym ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
