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Time Discussion Board

Time Discussion Board Assignment

Due: Nov 1 at 11:59pm
Course: PROJ100 45520 - F24 - Intro to Project Mgmt

Describe the importance of time/schedule planning and monitoring in at least 1 paragraph

Time and schedule planning are important to ensuring project deadlines are met in their respective timeframes. Time and schedule planning minimize delays and cost overruns. According to Horine(2022), resource allocation and task prioritization are key outcomes of effective schedule planning. Furthermore, the PMBOK guide details how monitoring the schedule is crucial for early risk determination and mitigating them before they hinder the project's progress (PMI, 2017).

Describe how the critical path method (CPM) works and how it impacts the final milestone in at least 1 paragraph

The Critical Path Method (CPM) is a schedule network analysis technique that estimates the minimum project duration and determines the amount of schedule flexibility on the logical network paths within the schedule model (A Guide to the Project Management Body of Knowledge [PMBOK® Guide], 2017, p. 210). Not taking any resource limitations into account, the CPM calculates early start, early finish, late start, and late finish dates for each activity in the project. The critical path is the longest path through a project, and it determines the shortest possible project duration. The CPM impacts the final milestone by identifying which activities must be managed closely to ensure the project is completed on time.

Explain activity logic and float in at least 1 paragraph

Activity logic is the sequence and relationship between tasks in a project's schedule. It aligns the tasks in precedence order to ensure that certain tasks with prerequisites are only started once the preceding tasks are finished. Activity logic plays an important role in figuring out the critical path, the longest path through a project's activities, and the shortest possible project duration (Horine, 2022). Float or slack is the amount of time a task can be delayed before it affects the overall timeline or the start of any dependent tasks.

If you cannot build a detailed schedule, what other methods can you use to manage the project timeline? Identify at least two

Two alternative methods for managing the project timeline without a detailed schedule are milestone charts and Kanban boards. Both are helpful in providing a visual representation of the project timeline and the tasks that need to be completed.

Describe the Planning Fallacy from your article search and describe one of the ways to mitigate it in at least 1 paragraph

The Planning Fallacy is a cognitive bias that causes individuals to underestimate task durations and can hinder project timelines due to overly optimistic predictions. As Yamini and Marathe (2018) explain, people often assume tasks will follow best-case scenarios despite evidence suggesting otherwise. This bias frequently leads to procrastination and project delays, impacting the project’s schedule. One way to mitigate the Planning Fallacy is by implementing threshold-based incentives, particularly within supply chain management. Such incentives encourage employees to begin tasks early by rewarding them for time saved before a deadline. This proactive approach reduces procrastination and aligns task completion with more realistic time estimates, supporting effective schedule planning and reducing the risk of delays (Yamini & Marathe, 2018).

References

  • Horine, G.M., (2022). Project Management Absolute Beginner’s Guide. Que. Fifth Edition.

  • Project Management Institute. (2017). A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Sixth Edition and The Standard for Project Management (ENGLISH): Vol. Sixth edition. Project Management Institute.

  • Yamini, S., & Marathe, R. R. (2018). Mathematical model to mitigate planning fallacy and to determine realistic delivery time. IIMB Management Review (Elsevier Science), 30(3), 242–257. https://doi-org.columbiabasin.idm.oclc.org/10.1016/j.iimb.2018.05.003

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