As you know, we do not manage time but instead we manage the project schedule. S

Question

As you know, we do not manage time but instead we manage the project schedule. Schedule can have an affect on the project cost. We have a WBS for our project that can help with managing the schedule. Once we start the process of creating a schedule on our WBS, we now need to create activities, determine resources for these activities, and determine these activities' durations. We need this and more in order to create a schedule so that we can measure the schedule properly. What methods are found in the PMBOK® Guide to estimate an activity's duration? What methods are used in your organization? How closely do they align with the PMBOK® Guide? What are some important considerations when creating a schedule?Discuss in not less than 300 words!

Explanation / Answer

What methods are found in the PMBOK® Guide to estimate an activity's duration?

There are three tools to estimate the activity duration, namely-

What methods are used in your organization? How closely do they align with the PMBOK® Guide?

The method that is followed in my organization is the parametric and three point estimating. This is because my company is a publishing company headquartered in Amsterdam. The publishing company has new upcoming trends in the publishing industry which requires new projects to keep up with the growing technologies in the market trend. Hence, the old analogous estimating is not applicable in the publishing industry. I have witnessed that the company use parametric estimating as mentioned in the PMBOK guide to determine the duration of a project which is partly based on earlier completed project. For example, elimination of redundant tasks is a project that was completed earlier. However, the parameters in this completed project were used to assess the duration of a new journal which had complex activities to be published.

What are some of the important considerations when creating a schedule?

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