April 2005
Intermediate to advanced
400 pages
12h 4m
English
Content preview from The Art of Project Management
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2.6. Summary
Schedules serve three functions: allowing for commitments to be made, encouraging everyone to see her work as a contribution to a whole, and enabling the tracking of progress. Even when schedules slip, they still have value.
Big schedules should be divided into small schedules to minimize risks and increase the frequency of adjustments.
All estimates are probabilities. Because schedules are a collection of estimates, they are also probabilities. This works against schedule accuracy because probabilities accumulate (80% × 80% = 64%).
The earlier that estimates are made, the less accurate they are. However, rough estimates are the only way to provide a starting point for better ones.
Schedules should be made with skepticism, not optimism. Invest in design to shed light on assumptions and generate reliable confidence.
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