5.8. Key Terms
Key Terms
- Activity: An element of work performed during the course of a project. An activity normally has an expected duration, an expected cost, and expected resource requirements.The process of further breakdown of the work package elements of the work breakdown structures (WBS).
- Analogous Estimating: Uses information from a previous project to estimate the cost of completing a similar project in the future. This provides a quick estimate but should be used with caution. Analogous estimating only works when comparing projects that are similar in scope and will be completed in similar conditions.
- Bottom-Up, or Micro: Techniques are used when the project is approved or is very likely to be approved. Bottom-up estimation techniques generate estimates for individual work packages or sub-deliverables, which are then summarized to reflect total costs.
- Gantt Chart: A type of bar chart, developed by Henry Gantt, that illustrates a project schedule. Gantt charts are easy to read and are commonly used to display scheduled activities. These charts display the start and finish dates of the terminal elements and summary elements of a project.
- Network Diagram: A way to visualize the interrelationships of project activities. Network diagrams provide a graphical view of the tasks and how they relate to one another.
- Single Point Estimation: Estimate obtained from just one estimator. This can work well with experienced estimators and work packages that are straight forward.Three-Points Estimate: Instead of asking an estimator for just one estimate, a three-points estimate asks the estimator to provide three-time estimates for each activity.
- Work Breakdown Structure (WBS): Hierarchical outline of all the deliverables involved in completing a project. The WBS is part of a project scope statement. The creation of a WBS is one of the first steps in organizing and scheduling the work for a project.
