This process Group consists of those processes performed to establish the total scope of the effort, define and refine objectives, and develop a course of action to reach goals.
A baseline in project management is a clearly defined starting point for your project plan. It is a fixed reference point to measure and compare your project's progress against. This allows you to assess the performance of your project over time, and it should include and cover the following :
- All Scope of the projects
- Work Breakdown Structural
- All activities
- The sequence of work and links between activities
Baseline Benefits include but not limited to:
- Define all Scope of work
- Determine duration for each activity in the project
- Guideline and reference to measure the progress of work
- The only way to claim your right
what is cost loading in construction ?
The “cost-loaded” schedule required in the construction contract includes the contractors' costs, subcontracting costs, indirect costs, and profit mentioned in the Bill of Quantity. The scheduler, working with the cost estimator, should determine how the project's estimate will be allocated to the CPM schedule activities.
What is the cost baseline ?
The cost baseline is the approved version of the project budget, which can only be changed through formal change control procedures. It is used as a basis for comparison to actual results. The cost baseline is developed as a summation of the approved budgets for the different schedule activities.
Resource loading means the allocation of manpower, equipment, or material necessary for the completion of an activity as scheduled, and it helps the manegment to control the resources during the project.
What is the resource leveling ?
A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing the demand for resources with the available supply. Resource leveling can be used when shared or critically required resources are available only at certain times or in limited quantities, or are over-allocated.
What is the resource smoothing ?
A technique that adjusts the activities of a schedule model such that the requirements for resources on the project do not exceed certain predefined resource limits. In resource smoothing, as opposed to resource leveling, the project’s critical path is not changed and the completion date may not be delayed.
What is the definition of cash flow ?
Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. At the most fundamental level, a company's ability to create value for shareholders is determined by its ability to generate positive cash flows, or more specifically, maximize long-term free cash flow (FCF)
What is cash flow used for?
The purpose of the cash flow statement is to show where an entities cash is being generated (cash inflows), and where its cash is being spent (cash outflows), over a specific period of time (usually quarterly and annually). It is important for analyzing the liquidity and long term solvency of a company.
Why Cash Flow Statement is Important?
The cash flow report is important because it informs the reader of the business cash position. For a business to be successful, it must have sufficient cash at all times. It needs cash to pay its expenses, to pay bank loans, to pay taxes and to purchase new assets.
what is good for cash flow ?
Positive cash flow indicates that a company's liquid assets are increasing, enabling it to settle debts, reinvest in its business, return money to shareholders, pay expenses and provide a buffer against future financial challenges. ... They also fare better in downturns, by avoiding the costs of financial distress.
What is an S-curve?
An S-curve is defined as: "A display of cumulative costs, labor hours or other quantities plotted against time. The name derives from the S-like shape of the curve, flatter at the beginning and end and steeper in the middle, which is typical of most projects.
Types of S-curves
"There are a variety of S-curves that are applicable to project management applications, including:
- Man Hours versus Time S-curve
- Costs versus Time S-curve
- Baseline S-curve
- Actual S-curve
- Target S-curve
- Value and Percentage S-curves