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Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved.
In project management, a schedule is a listing of a project's milestones, activities, and deliverables.Usually dependencies and resources are defined for each task, then start and finish dates are estimated from the resource allocation, budget, task duration, and scheduled events.
Project scope: The scope statement from the Project charter should be used as a starting point with more details about what the project includes and what it does not include (in-scope and out-of-scope). Milestone list: A list of the project milestones (the stop points that helps evaluating the progress of the project).
Project management is the process of supervising the work of a team to achieve all project goals within the given constraints. [1] This information is usually described in project documentation, created at the beginning of the development process.
The project has two critical paths: activities B and C, or A, D, and F – giving a minimum project time of 7 months with fast tracking. Activity E is sub-critical, and has a float of 1 month. The critical path method ( CPM ), or critical path analysis ( CPA ), is an algorithm for scheduling a set of project activities. [ 1 ]
Project plan is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [7]
A Gantt chart is a type of bar chart [4] [5] that illustrates a project schedule. [6] This chart lists the tasks to be performed on the vertical axis, and time intervals on the horizontal axis. [ 4 ] [ 7 ] The width of the horizontal bars in the graph shows the duration of each activity.
PERT network chart for a seven-month project with five milestones (10 through 50) and six activities (A through F). The program evaluation and review technique (PERT) is a statistical tool used in project management, which was designed to analyze and represent the tasks involved in completing a given project.