Quantitative Methods in Project Management
This book combines theoretical and practical applications and takes project managers through the most important quantitative methods, integrates them, and illustrates interrelationships.
TABLE OF CONTENTS Quantitative Methods in Project Management
Chapter 7: Quantitative Time Management
There is no "undo" button for oceans of time.
Tom Pike
Rethink, Retool, Results, 1999
Quantitative Techniques in Time Management
Time management is amply described in most texts on project management. In this chapter we will focus only on the quantitative aspects of time management and make a couple of key assumptions to begin with:
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The major program milestones that mark real development of business value are identified and used to drive the project at the highest level.
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The program logic is found in the detail project schedules. Lower level schedules are in network form, preferably the "precedence diagramming method (PDM)" and tie together the various deliverables of the work breakdown structure (WBS).
Major Program Milestones
The first assumption is essential, more so even than the second, because the program milestones tie business value to one of the most essential elements of quality: timeliness. It is almost without exception that the left side (or business side) of the project balance sheet expresses the business sponsor's timeliness needs. In fact, although it is usual to think of the "four-angle" of scope, quality, schedule, and resources as being somewhat equal partners, very often timeliness is far more important than project cost. The project cost is often small compared to overall life cycle costs, but the returns to the project may well be compromised if timeliness is not achieved.
The Program Logic
The second assumption speaks to the PDM diagram, sometimes also referred to as a PERT (Program Evaluation Review Technique) chart,...
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