Definition: An approved version of a project schedule that serves as a standard for measuring project progress and performance against the planned timelines.
Key Components:
- Approved Timeline: Establishes agreed-upon start and finish dates for project tasks.
- Milestones: Identifies critical points and deliverables within the project.
- Performance Metrics: Provides benchmarks for tracking progress and identifying variances.
Use Cases/Industries:
- Construction: Setting timelines for phases like foundation laying and framing.
- Product Development: Planning stages from concept design to market launch.
- Event Planning: Scheduling key activities leading up to an event date.
Advantages:
- Performance Measurement: Allows comparison between planned and actual progress.
- Change Management: Facilitates assessment of the impact of changes on the project timeline.
- Stakeholder Communication: Provides a clear timeline for reporting and expectations.
Challenges:
- Rigidity: May require formal procedures to adjust, limiting flexibility.
- Initial Accuracy: Relies on the precision of initial planning and estimates.
Related Terms:
- Project Plan: A comprehensive document outlining project scope, schedule, and resources.
- Schedule Variance: The difference between planned and actual progress dates.
Example: Before commencing construction, a project team establishes a baseline schedule outlining all major activities and their planned completion dates, which will be used to monitor progress throughout the project lifecycle.
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Synonyms:
Master Schedule, Approved Project Timeline
