Project Schedule Network Diagram A schedule network diagram is a picture of a project plan that uses nodes (or boxes) and lines to show the order of jobs and how they depend on each other. It is also called a project network diagram, an activity network diagram, or just a network diagram. In a schedule network map,…
Tacit Knowedge In project management, “tacit knowledge” is the knowledge and skills that are hard to write down or pass on to others through traditional means like written documents or training. It is often based on personal experience, gut feelings, and knowledge that has been gained over time. In project management, tacit knowledge is very important because…
Team Chareter A team charter is a document that says what a team is for, what its goals are, and what its roles are. It’s a written agreement that spells out the team’s mission, values, and expectations. It helps the team know where to go and what to do. Here are some of the most important parts…
Time and Materials Contract (T&M) A Time and Materials (T&M) contract is a type of contract used in project management and procurement. In this type of contract, the customer pays the contractor for the actual hours worked as well as the cost of the materials used in the project. Under a time-and-materials (T&M) contract, the contractor is…
Throughput Chart A throughput chart, which is also called a production chart or flow chart, is a picture of how much work or output can be done in a certain amount of time. It is a visual tool used to figure out how well a process or system works and make it work better. The following parts…
Project Management Principle – Stakeholder The importance of stakeholders is highlighted by the project management principle of stakeholders. Anyone or anything with a direct or indirect interest in the project’s success is considered a stakeholder. If you want your project to succeed and keep producing good results, you need to know who the stakeholders are and how…
Project Management Principle – Value In project management, the Value concept is all about making sure that the project gives value to its partners. This means knowing the needs and demands of partners and making sure that the project’s goals and results meet those needs. Under this concept, it is the project manager’s job to find out…
Project Management Principle – System Thinking System Thinking is a project management concept that focuses on knowing how the different parts and processes of a project relate to each other and how they all work together to make the project a success. Under this concept, project managers are expected to look at the whole project and see…
