article thumbnail

Critical Chain in Managing Multiple Projects

LiquidPlanner

Critical Path invented in the 1950s. Critical Chain Method invented in 1997 . We often still over estimate the project timeline. Critical Chain uses common sense considerations that are ignored in most other methods. Critical Chain uses common sense considerations that are ignored in most other methods.

article thumbnail

Why You Should Use Ranged Estimation for Your Projects

LiquidPlanner

I my first 15 years, I used single-point estimation to build project schedules. The next ten years I used ranged estimations with traditional Gantt chart project scheduling software tools – this was better but cumbersome. Ranged estimation has been around since the introduction of PERT and the three-point estimation method.

Estimate 156
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why Use What-If Scenario Planning in Project Management

LiquidPlanner

One of the first ways to do this is to ask these simple questions: How often have your projects finished on time compared to their original estimates? When teams add a reasonable variation from best to worst case estimation, that’s enough to predict the range of delivery with far more confidence. When did you take steps to resolve it?

article thumbnail

Know all about your project in one place with Gantt chart

Proofhub

Then, Henry Gantt, an American Engineer made his own version of the chart in 1910 and 1915. Determine The Critical Chain Critical chain management is a part of project planning which ensures that the projects are delivered on time even if there is a possibility of delays of some tasks.

article thumbnail

Overview of the PMBOK® Guide Seventh Edition – Lesson 3 Transcription

MPUG

As such, he oversees the production and maintenance of courses on project management, systems engineering, software development, business process improvement, and cyber security. They started out with their glorious introduction saying, look, we’re going into more systems engineering angle at this. Jeff, a big MPUG welcome back.

PMI 59
article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

Actual dates are different from planned or estimated dates. Actual Effort: The actual effort spent to complete the activity, as opposed to the planned or estimated effort. Actual Expenditure: The actual expenditure spent to complete the activity, as opposed to the planned or estimated expenditure.

article thumbnail

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

Activity Duration Estimates Review . is a process of detecting risks related to the time allowances for activities in particular or a project in general, with the width of estimates range indicating a respective level of risk. Analogous Estimating . Bottom-Up Estimating . Bottom-Up EAC (estimate at completion) Method .