Definition:
The total time required to complete the project from start to finish, as determined by the critical path.
Key Components:
- Critical Path Analysis: Identifies the longest sequence of dependent tasks.
- Milestone Tracking: Helps measure project progress over time.
- Completion Benchmark: Sets stakeholder expectations for delivery.
Use Cases/Industries:
- Construction: Estimating the time for a bridge construction project.
- Energy Sector: Defining the duration of a solar farm installation.
- IT Projects: Measuring time from project initiation to full system deployment.
Advantages:
- Provides a clear time frame for project execution.
- Enables stakeholders to plan resource allocation effectively.
- Establishes contractual and regulatory commitments.
Challenges:
- Unforeseen delays can impact total duration.
- Changes in project scope can extend timeframes.
Related Terms:
Critical Path, Milestones, Schedule Compression
Example:
A power plant construction project is planned to take 24 months, with quarterly milestones marking key achievements.
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Synonyms:
Project Timeline, Execution Period, Completion Timeframe