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Project Management Tools: An Overview

Project management is the procedure of heading the function of a team for accomplishing certain objectives and fulfilling achievement benchmarks at a particular period. The principal task of project management is accomplishing all the project targets within the specified restraints.

project management softwareThe project details are normally set forth in project records and generated at the initiation of the development procedure. Under the project management system, the principal restraints are time, opportunity, budget, and quality. The lesser important task is to get the most out of the distribution of required inputs and use them to fulfil pre-determined goals.

 

Now, there are certain project management tools to facilitate the entire procedure involved in project management. Prominent examples of project management tools are resource allocation, Gantt chart, and work breakdown structure.

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Gantt chart: A useful project management tool

project management platformA Gantt chart is a form of bar chart that exemplifies a project timetable. The name originated from the creator, Henry Laurence Gantt (1861–1919) who was a management consultant and mechanical engineer in the United States. Gantt devised this kind of chart during the years 1910–1915. Contemporary Gantt charts also demonstrate the reliance associations between undertakings and existing timetable standing.

A Gantt chart is also known as a harmonogram. It is a kind of bar chart that shows a project timetable. Hence, this chart enumerates the jobs to carry out on the vertical axis, and time breaks on the horizontal axis.

top project management softwareIn the graph, the girth of the horizontal bars demonstrates the time span of every action. Gantt charts exemplify the opening and closing dates of the summary elements and terminal elements of a particular project. Summary elements and terminal elements establish the Work Breakdown Structure (WBS) of the project. Additionally, advanced Gantt charts also illustrate the reliance (that is, precedence network) associations between actions.

Project managers can apply Gantt charts for demonstrating present timetable positions with the help of per cent-complete graded markings and a perpendicular “TODAY” line as depicted below.

On certain occasions, one can also link Gantt charts and bar charts. Typically, Gantt charts are generated at the start with an early commencement time method, where every job is planned to begin instantly when its preconditions are over. This technique makes the most of the float or slack time usable for all jobs.

Elements of a Gantt Chart 

The primary elements of the Gantt Chart, one of the most popular tools for project management, are the following:

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  • Activity
  • Predecessor
  • Time estimates (the three categories are optimistic time estimate or O, the most probable or normal time estimate or M, and the pessimistic time estimate or P)  
  • Expected Time (TE

Additionally, the expected time (TE) is projected with the help of the beta probability distribution for the time projections and the formula applied is (O + 4M + P) ÷ 6. After finishing this step, a network diagram or Gantt chart becomes easy to draw.

Types of Gantt chart

The three primary types of Gantt chart are the following:

  • Progress Gantt charts:  Here jobs are filled in with colours corresponding to the extent of their accomplishment
  • Linked Gantt charts: Linked Gantt charts include lines specifying the reliance on jobs.

Work Breakdown Structure (WBS)

project management software onlineWork Breakdown Structure (WBS) is a concept in systems engineering and project management. It refers to a production-based analysis of a project into tinier elements. Therefore, A WBS is an important project output that coordinates the function of the team into controllable divisions. According to the Project Management Body of Knowledge (PMBOK 5), the definition of the work breakdown structure is a tiered breakdown of the overall ambit of tasks to be performed by the project team to achieve the project goals and generate the necessary outputs.

best project management toolsA work-breakdown structure component may be a data, product, service, or any blend therefrom. Also, a Work Breakdown Structure renders the required scheme for elaborate cost projections and check, together with offering direction for agenda design and regulation.

 

Also Read: Customer Relationship Management (CRM): What it is all about

Resource Allocation 

The concept of resource allocation or resource management in project management refers to the programming of operations and the resources needed by those operations at the time of considering both the readiness of resources and the project period. If you have a construction project and you want to enhance the construction project communication visit this website  https://ineight.com/.

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Kiara Dawson
Kiara Dawson comes from an Engineering background, with a specialization in Information Technology. She has a keen interest and expertise in Web Development, Data Analytics, and Research. She trusts in the process of growth through knowledge and hard work.

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