Project Management

Project Phases

(1) Initiation, (2) Planning, (3) Execution, and (4) Close Out.

Project Crashing

Adding resources to critical path or near-critical path activities in order to shorten the duration of the project, done in the most cost effective way possible.

Activity

An assignable element of work within a project. Syn: task.

Scope Creep

The informal addition of unfunded features and services to a project.

Latest Finish Time

The last point at which a project activity must be completed in order to not delay the project completion.

Latest Start Time

The last point at which a project activity must begin in order to not delay the project completion.

Critical Path

The longest sequence of activities through a project plan. It defines the project duration.

Project

A (typically) one-time endeavor with a specific objective to be met within predetermined time and dollar limitations and that has been assigned for planning and execution.

Project Management Triangle

A framework that helps portray the basic tradeoffs that must be made when working on a project.

Network Diagram

A graphical tool that shows activity dependencies in a project.

Gantt Chart

A planning tool, composed of horizontal lines that represent activity durations, used for the management of a project.

Work Breakdown Structure

A project deliverable that organizes the project work into assignable activities.

Project Charter

A statement that describes the scope and objectives as well as the key roles of the participants and involved in a project.

Project Cost

One side or constraint in the project management triangle to go along with scope and time (duration).

Slack Time

The amount of time a project activity can be delayed without delaying the project completion.

Project Duration

The estimated length of time for a series of activities within a network diagram or Gantt chart. It is typically depicted as one of the sides in the project management triangle.

Earliest Finish Time

The soonest a project activity can be completed based on predecessor completion times and activity duration.

Earliest Start Time

The soonest a project activity can begin based on predecessor completion times.

Project Management

The use of techniques to organize, plan, schedule, direct, control and monitor the completion of a one-time deliverable.

Project Scope

The work required to complete a deliverable (a product, an event, etc.) with given features and options. It is typically depicted as one of the sides of the project management triangle.