Intro to Project Management: Project Schedule Management Developing the Schedule Gantt Chart Network Diagram

What This Is

Developing the schedule is a critical project management process that involves creating a detailed timeline for project activities. This process ensures that all tasks are completed on time, within budget, and to the required quality standards. For example, when building a new highway, the project manager must develop a schedule that accounts for the construction of bridges, roadways, and interchanges, as well as the installation of traffic signals and utilities.

Key Terms & Formulas

• Gantt Chart: A graphical representation of a project schedule, showing tasks and their dependencies.
• Network Diagram (PDM or PERT): A diagram that displays the relationships between tasks and activities, used to plan and schedule projects.
• Critical Path Method (CPM): A technique used to determine the minimum duration required to complete a project.
• Critical Path: The sequence of tasks that determines the minimum duration required to complete a project.
• Earliest Start (ES): The earliest time a task can start.
• Latest Finish (LF): The latest time a task can finish without delaying the project.
• Float (Slack): The amount of time a task can be delayed without affecting the project schedule.
• Dependency: A relationship between tasks that determines the order in which they can be performed.
• Predecessor: A task that must be completed before another task can start.
• Successor: A task that depends on the completion of another task.
• Duration: The amount of time required to complete a task.
• EV = % complete × BAC (Earned Value = percent complete times Budget at Completion): A formula used to calculate the earned value of a project.
• CPI = EV / AC (Cost Performance Index = Earned Value / Actual Cost): A formula used to calculate the cost performance index of a project.
• SPI = EV / PV (Schedule Performance Index = Earned Value / Planned Value): A formula used to calculate the schedule performance index of a project.

Step-by-Step / Process Flow

1. Create a Work Breakdown Structure (WBS): Break down the project into smaller, manageable tasks and activities.
2. Develop a Network Diagram: Create a diagram that displays the relationships between tasks and activities.
3. Estimate Task Durations: Estimate the time required to complete each task.
4. Determine Dependencies: Identify the relationships between tasks and activities.
5. Calculate the Critical Path: Determine the sequence of tasks that determines the minimum duration required to complete the project.
6. Create a Gantt Chart: Create a graphical representation of the project schedule.

Common Mistakes

• Mistake: Assuming that all tasks have equal importance and priority.
• Correction: Identify and prioritize tasks based on their impact on the project objectives.
• Mistake: Failing to account for dependencies and relationships between tasks.
• Correction: Develop a network diagram and identify dependencies to ensure that tasks are performed in the correct order.
• Mistake: Not considering the critical path when scheduling tasks.
• Correction: Identify the critical path and schedule tasks accordingly to ensure that the project is completed on time.

Exam Tips

• Tip: Be able to explain the difference between a Gantt chart and a network diagram.
• Tip: Understand the concept of the critical path and how it affects the project schedule.
• Tip: Be able to calculate the earned value, cost performance index, and schedule performance index.

Quick Practice Questions

1. If the CPI is 0.8, is the project under or over budget? Answer: Under budget. Explanation: A CPI of 0.8 indicates that the project is earning 80% of its budget, which means it is under budget.
2. If the EV is $100,000 and the AC is $120,000, what is the CPI? Answer: 0.83. Explanation: CPI = EV / AC = $100,000 / $120,000 = 0.83.
3. If the SPI is 0.9, is the project ahead or behind schedule? Answer: Ahead of schedule. Explanation: An SPI of 0.9 indicates that the project is earning 90% of its planned value, which means it is ahead of schedule.

Last-Minute Cram Sheet

• A Gantt chart is a graphical representation of a project schedule.
• The critical path determines the minimum duration required to complete a project.
• EV = % complete × BAC.
• CPI = EV / AC.
• SPI = EV / PV.
• ⚠️ The critical path is not the same as the longest path in the network diagram.
• ⚠️ Float (slack) is the amount of time a task can be delayed without affecting the project schedule.
• ⚠️ A predecessor is a task that must be completed before another task can start.
• ⚠️ A successor is a task that depends on the completion of another task.
• ⚠️ The WBS is a hierarchical decomposition of the project into smaller, manageable tasks and activities.