Planning: key terms, formulas and examples
Projects need a scope, a timeline and a team. Break work into a WBS, set milestones, map dependencies and find the critical path.
Example
If task B can't start until A ends, A is a dependency.
Takeaway
Write the scope down and kick off with shared goals.
Key terms
- Milestone
- A key checkpoint that marks progress in a project.
- Gantt chart
- A bar chart showing tasks along a timeline.
- Critical path
- The longest chain of tasks that sets a project's minimum duration.
- Deliverable
- A tangible output a project promises to produce.
- Resource allocation
- Deciding which people and money go to which tasks.
- Work breakdown structure
- Splitting a project into smaller, manageable pieces.
- Project charter
- A document that formally launches a project.
- Kickoff meeting
- The first meeting that aligns the team.
- Project scope
- The work a project will and will not include.
- Timeline
- The planned sequence of tasks over time.
- Dependency
- A task that cannot start until another one finishes.
- Sprint
- A short, fixed work cycle in agile.
- Kanban board
- A board showing tasks as they move through stages.
- Project manager
- The person responsible for delivering a project.
- Baseline
- The approved plan used for comparison.
- Waterfall
- A step-by-step project approach with fixed phases.
- Estimate
- A forecast of time or cost.
Formulas
PERT estimate(O + 4 × M + P) ÷ 6
ProductivityO ÷ H
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