ITM 750 Lecture Notes - Lecture 5: Cost Overrun, Variable Cost, Estimation Theory

• School: Ryerson University
• Department: Information Technology Management
• Course: ITM 750
• Professor: Bharat Shah

Document Summary

Time delay = more cost and vice versa. Burst going from one note to another, Project time management involves the processes required to ensure timely completion of a project. 7 main processes involved: planning schedule management determine policies, procedures and docs that will lead to planning, executing and controlling the project schedule. *schedule management plan: defining activities activity/task element of work normally found on the work breakdown structure (wbs) expect cost, duration and resource reqs. *activity list, activity attributes, milestone list and project management plan updates: sequencing activities identify and document relationships between project activities. *project schedule network diagrams and project docs updates: estimating activity resources use perform project activities. *activity resource requirements, resource breakdown structure and project docs updates: estimate activity durations number of work periods. *duration estimates and project doc updates: developing the schedule involves analyzing activity sequence, activity resource estimates and activity duration estimates to create project schedule.