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Introducing Project Time Management - Definitions Project Time Management

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Monte Carlo analysis

A what-if scenario tool to determine how scenarios may work out, given any number of variables. The process doesn't actually create a specific answer, but a range of possible answers. When Monte Carlo is applied to a schedule, it can present, for example, the optimistic completion date, the pessimistic completion date, and most likely completion date for each activity in the project.

Precedence diagramming method

The most common method of arranging the project work visually. The PDM puts the activities in boxes, called nodes, and connects the boxes with arrows. The arrows represent the relationship and the dependencies of the work packages.

Schedule management plan

A subsidiary plan of the overall project plan, used to control changes to the schedule. A formal schedule management plan has procedures that control how changes to the project plan can be proposed, accounted for, and then implemented.