Explanation/Reference:
Explanation:
6.1.3.1 Schedule Management Plan
A component of the project management plan that establishes the criteria and the activities for developing, monitoring, and controlling the schedule. The schedule management plan may be formal or informal, highly detailed or broadly framed, based upon the needs of the project, and includes appropriate control thresholds.
For example, the schedule management plan can establish the following:
Project schedule model development. The scheduling methodology and the scheduling tool to be
used in the development of the project schedule model are specified.
Level of accuracy. The acceptable range used in determining realistic activity duration estimates is
specified and may include an amount for contingencies.
Units of measure. Each unit used in measurements (such as staff hours, staff days, or weeks for time
measures, or meters, liters, tons, kilometers, or cubic yards for quantity measures) is defined for each of the resources.
Organizational procedures links. The WBS (Section 5.4) provides the framework for the schedule
management plan, allowing for consistency with the estimates and resulting schedules.
Project schedule model maintenance. The process used to update the status and record progress of
the project in the schedule model during the execution of the project is defined.
Control thresholds. Variance thresholds for monitoring schedule performance may be specified to
indicate an agreed-upon amount of variation to be allowed before some action needs to be taken.
Thresholds are typically expressed as percentage deviations from the parameters established in the baseline plan.
Rules of performance measurement. Earned value management (EVM) rules or other physical
measurement rules of performance measurement are set. For example, the schedule management plan may specify:
○○ Rules for establishing percent complete,
○○ Control accounts at which management of progress and schedule will be measured,
○○ Earned value measurement techniques (e.g., baselines, fixed-formula, percent complete, etc.) to be employed (for more specific information, refer to the Practice Standard for Earned Value Management) [9],
○○ Schedule performance measurements such as schedule variance (SV) and schedule performance index (SPI) used to assess the magnitude of variation to the original schedule baseline.
Reporting formats. The formats and frequency for the various schedule reports are defined.
Process descriptions. Descriptions of each of the schedule management processes are documented.
Process: 11.4 Perform Quantitative Risk Analysis
Definition: The process of numerically analyzing the effect of identified risks on overall project objectives.
Key Benefit: The key benefit of this process is that it produces quantitative risk information to support decision making in order to reduce project uncertainty.
Inputs
1. Risk management plan
2. Cost management plan
3. Schedule management plan
4. Risk register
5. Enterprise environmental factors
6. Organizational process assets
Tools & Techniques
1. Data gathering and representation techniques
2. Quantitative risk analysis and modeling techniques
3. Expert judgment
Outputs
1. Project documents updates
