Critical Path

A critical path is the sequence of project activities, which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). A project can have several, parallel, near critical paths. An additional parallel path through the network with the total durations shorter than the critical path is called a sub-critical or non-critical path.
These results allow managers to prioritize activities for the effective management of project completion, and to shorten the planned critical path of a project by pruning critical path activities, by “fast tracking” (i.e., performing more activities in parallel), and/or by “crashing the critical path” (i.e., shortening the durations of critical path activities by adding resources).

Resource Histogram

Resource histogram is a bar chart showing the amount of time that a resource is scheduled to work over a series of time periods. It shows the resource requirements by time period.

Resource histograms are handy tools for the project management team, as they allow a quick and easy single page view of exactly what resources are available, what resources are being utilized at the present time, and how long those resources are expected to be tied up.

EAC

An estimate at completion (EAC) is a forecast of the most likely total value based on project performance and risk quantification. EAC is the projected or anticipated total final value for a schedule activity, WBS component, or project when the defined work of the project is completed. In a simple language, it is a formula that predicts how much the project is likely to cost. It is based on the cost performance index (CPI) and how much was the originally predicted cost to complete the project.

Lessons Learned Documentation

Lessons learned documentation is prepared to contribute to the lessons learned knowledge database of the organization. It includes the causes of issues, the reasoning behind the corrective action chosen, and other types of lessons learned about stakeholder management. Lessons learned are documented so that they become part of the historical database for the project/program and the performing organization. The lessons learned are compiled, formalized, and stored through out the project’s/program’s duration.

Contract

Contract is an agreement that mutually binds the seller (to provide the specified product or service or result) and the buyer (to pay for it). A contract is an exchange of promises between two or more parties to do an act, which is enforceable in a court of law. It is a binding legal agreement. It is an agreement creating and defining the obligations between two or more parties.

Six Sigma

Six Sigma is a business management strategy, initially implemented by Motorola. As of 2009 it enjoys widespread application in many sectors of industry, although its application is not without controversy.

Six Sigma seeks to improve the quality of process outputs by identifying and removing the causes of defects and variability in manufacturing and business processes. It uses a set of quality management methods, including statistical methods, and creates a special infrastructure of people within the organization (”Black Belts”, “Green Belts”, etc.) who are experts in these methods. Each Six Sigma project carried out within an organization follows a defined sequence of steps and has quantified financial targets (cost reduction or profit increase).

Analogous Estimating

Analogous is an estimating technique that uses the values of parameter, such as scope, cost, budget, and duration or measures of scale such as size, weight, and complexity from a previous, similar activity as the basis for estimation of the same parameter for a future activity. It is a top-down estimating technique and is a form of expert judgment. It provides a lower degree of accuracy than other estimating techniques. This technique is primarily used when there is a limited amount of detailed information about the project or program.

Program Resource Calendar

The program resource calendar defines when the program resources will be available for program work, what is the work that is assigned to team members to be completed, and other information about scheduling the resources. It helps the program managers to plan based on the resource calendar that defines when specific team members will not be available to work on the project. A composite resource calendar for a program, which is part of the project management plan, documents working days and nonworking days that determine those dates on which a specific resource, whether a person or materiel, can be active or idle. The calendar typically identifies resource-specific holidays and resource availability periods. It identifies the quantity of each resource available during each availability period.

Program Work Breakdown Structure

The program work breakdown structure is a visual decomposition of the program scope. It subdivides the program deliverables to work packages that are linked to the activities within the program. It defines a program and groups the program’s discrete work elements in a way that helps organize and define the total work scope of the program. A WBS element may be a product, data, service, or any other combination. WBS also provides the necessary framework for detailed cost estimation and control along with providing guidance for schedule development and control.

Program Scope Statement

The program scope statement defines all the work and only the required work for the program. It is an agreement among the program team, the program sponsor, and key stakeholders. It represents a common understanding of the program for the purpose of facilitating communication among the stakeholders and for setting authorities and limits for the program manager and team. The scope statement includes relating the program to business objectives, and defining the boundaries of the program in multiple dimensions including approach, deliverables, milestones, and budget. It is the baseline of all program decisions once the scope has been approved.