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Project Time Management is a group of processes required to ensure timely completion of the project.

There are following processes which are part of Project Time Management.

Plan Schedule Management
Define Activities
Sequence Activities
Estimate Activity Resources
Estimate Activity Durations
Develop Schedul
Control Schedule

Few Important points
Bar charts (or Gantt charts) are used to display tasks and their dates in a graphical fashion.

Milestone charts are similar to bar charts but display only major events.

Network diagrams are used to display activities and their dependencies. Network diagrams can be used to perform critical path analysis.

Precedence (or Activity on Node) diagrams can be used to display four type of relationship between activities. These are

Finish-to-start relationship means the dependent activity cannot start until the first activity is finished. This is the most common way to represent relationships between activities.

Longest path through the network diagram is called the critical path. The activities on the critical paths are called critical activities.

Lags are inserted waiting times in between tasks. For example Task B cannot start until three days after task A completes.

Slack or Float is the amount of time a task can be delayed without delaying the project. Tasks on the critical path have zero float.

Critical Path Method (CPM) has the following characteristics.
One time estimate per activity
It can be drawn only using AOA diagrams
Can have dummy events

Program Evaluation and Review Technique (PERT) has the following characteristics.
PERT utilizes more information than CPM as it considers the "Pessimistic" and "Optimistic" values in addition to the "Most Likely" value in its calculations. The following are formulae used by PERT
Mean = (P + 4M + O)/6
Standard Deviation = (P-O)/6
Variance = ((P-O)/6)2
Here P is the pessimistic estimate, O is the optimistic estimate and M is the most likely estimate.

GERT is another type of network diagram. It can support looping.

If a project has more than one critical paths then the risk to the project increases.

Resource levelling refers to keeping the resources same across the duration of the project.

Project Time Management

1.Plan Schedule Management

2. Define Activities

3. Sequence Activities

4. Estimate Activity Resources

5. Estimate Activity Durations

6. Develop Schedule

7. Control Schedule

These questions are randomly taken from TechFaq360 PMP success kit

Question - 1

You have just completed developing the Schedule Network Diagram for a project that deals with building super sonic state of the art Jet planes.You have identified your critical path which includes building a wind tunnel.You see that in addition there is another path which deals with building the tail of the plane - whose duration is close to the critical path.You also notice considerable floats on the other paths.You now need to assign resources to the tasks - you have a few team members who are highly skilled and a team of resources who are relatively inexperienced.What would be the best course of action while assigning resources ?
1.It is irrelevant which resources are assigned to tasks - resource skills and critical paths have nothing in common
2.Assign all the skilled resources to building the wind tunnel which is the critical path - assign the non skilled task to building the tail.
3.Assign the inexperienced staff to the task of building the wind tunnel - and assign the skilled task to all other tasks.
4.Assign one half of the skilled resources to the task of building the wind tunnel and the other half to building the tail and assign the less experienced staff to all the other tasks.

Correct Answers are : 4
Explanation :

Option D is the best option.Option A and C are just plain wrong - you should always ensure actvities on the critical path do not get delayed - so having the best equipped staff on critical path activities is important.While Option B is an option - it cannot be the BEST choice since if we assign all the experienced staff on building the wind tunnel - the critical path activities are taken care of - but the question also states of a path which is near Critical - building of the tail.Not paying attention to this path by assignining inexperienced staff is not a good option.Amongst the choices option D is the best fit - where you are paying attention to both the critical path and near critical path by assigning your best and most skilled or experienced resources to the activities on the Critical path and Near Critical Path.

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