Intro to Project Management: Project Schedule Management Schedule Management Processes Plan Define Activities Sequence Estimate Durations Develop Control

What This Is

Schedule Management Processes are essential for delivering projects on time, within budget, and to the required quality. These processes help project managers plan, execute, and control the project schedule. A real-world example is building a bridge: the project manager must plan the construction schedule, sequence the activities, estimate the durations, develop a detailed project schedule, and control the project progress to ensure the bridge is completed on time and within budget.

Key Terms & Formulas

• Schedule Performance Index (SPI): A measure of how efficiently the project is progressing, calculated as SPI = EV / PV (Earned Value / Planned Value).
• Cost Performance Index (CPI): A measure of how efficiently the project is spending its budget, calculated as CPI = EV / AC (Earned Value / Actual Cost).
• Earned Value (EV): The value of work completed, calculated as EV = % complete × BAC (percent complete times Budget at Completion).
• Planned Value (PV): The budgeted cost of work scheduled, calculated as PV = BAC × % complete (Budget at Completion times percent complete).
• Actual Cost (AC): The actual cost of work performed.
• Critical Path Method (CPM): A method for determining the minimum duration required to complete a project.
• Program Evaluation and Review Technique (PERT): A method for estimating the duration of activities and determining the project schedule.
• Duration: The time required to complete an activity.
• Dependency: A relationship between activities that determines the sequence of work.
• Float: The amount of time an activity can be delayed without affecting the project schedule.

Step-by-Step / Process Flow

1. Plan Schedule Management: Define the project schedule management approach, including the schedule methodology, calendar, and work schedule.
2. Define Activities: Break down the project scope into individual activities, including the activity description, duration, and dependencies.
3. Sequence Activities: Determine the order in which activities will be performed, using techniques such as CPM and PERT.
4. Estimate Durations: Estimate the time required to complete each activity, using techniques such as expert judgment, analogous estimation, and parametric estimation.
5. Develop Schedule: Create a detailed project schedule, including the start and finish dates for each activity.
6. Control Schedule: Monitor and control the project schedule, including tracking progress, identifying and resolving schedule variances, and updating the project schedule as needed.

Common Mistakes

• Mistake: Not considering dependencies between activities when sequencing them.
• Correction: Identify and document dependencies between activities to ensure the correct sequence.
• Mistake: Not accurately estimating activity durations.
• Correction: Use multiple estimation techniques and expert judgment to ensure accurate duration estimates.
• Mistake: Not regularly reviewing and updating the project schedule.
• Correction: Regularly review and update the project schedule to ensure it remains accurate and reflects changes to the project scope or schedule.

Exam Tips

• Tip: Be able to explain the differences between CPM and PERT, including when to use each.
• Tip: Understand the concept of float and how it is used in schedule management.
• Tip: Be able to calculate the SPI and CPI, and explain their significance in schedule management.

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 spending 80% of its budget, which is less than the planned budget.
2. If the EV is $100,000 and the PV is $120,000, what is the SPI? Answer: 0.83. Explanation: The SPI is calculated as EV / PV, which is $100,000 / $120,000 = 0.83.
3. If the AC is $150,000 and the EV is $120,000, what is the CPI? Answer: 0.8. Explanation: The CPI is calculated as EV / AC, which is $120,000 / $150,000 = 0.8.

Last-Minute Cram Sheet

• Schedule Performance Index (SPI) = EV / PV.
• Cost Performance Index (CPI) = EV / AC.
• Earned Value (EV) = % complete × BAC.
• Planned Value (PV) = BAC × % complete.
• Actual Cost (AC) = the actual cost of work performed.
• Critical Path Method (CPM) is used to determine the minimum duration required to complete a project.
• Program Evaluation and Review Technique (PERT) is used to estimate the duration of activities and determine the project schedule.
• Duration is the time required to complete an activity.
• Dependency is a relationship between activities that determines the sequence of work.
• Float is the amount of time an activity can be delayed without affecting the project schedule.
• ⚠️ Decomposition breaks down work, not activities – it creates the WBS, not the activity list.
• ⚠️ SPI and CPI are used to measure schedule and cost performance, respectively.