SmartPM Key Terms Glossary

 

Baseline Schedule: The original approved project schedule, which serves as the benchmark for measuring project progress and performance.

 

Crashing: A schedule compression technique used to shorten the project duration by adding

resources to critical path activities.

 

Critical Path: The sequence of activities that must be completed on time for the entire project to be finished on schedule.

 

Critical Path Method (CPM): CPM calculates the longest path of dependent activities that must be completed on time to avoid delaying the project.

 

Earned Value Analysis (EVA): A project management technique that integrates scope, schedule, and cost variables to assess project performance and progress.

 

Lean construction: a project delivery process that uses Lean methods of maximizing stakeholder value while reducing waste by emphasizing collaboration between teams on a project. The goal of Lean construction is to increase productivity, profits, and innovation in the industry.

 

Fast-Tracking: A schedule compression technique where activities that are normally performed in sequence are overlapped to reduce the project duration.

 

Float: The amount of time a task can be delayed without affecting the overall project completion date.

 

Gantt Chart: A visual representation of tasks overtime, often used to track project progress.

Master Schedule: a high-level project schedule that outlines major milestones, deliverables, and

phases of a project.

 

Near Critical path: Activities or paths that are close to becoming the critical path, which can pose a risk to the project schedule if delayed.

 

Over-Optimism Bias: A cognitive bias that leads individuals to underestimate the time required to complete tasks, often resulting in overly optimistic schedules.

 

Compression Index: an indicator of the effort required on an average day to meet the scheduled completion date as compared to the baseline schedule.

 

Schedule Performance Index (SPI): A measure of schedule efficiency calculated by dividing Earned Value (EV) by Planned Value (PV). SPI > 1 indicates ahead of schedule, while SPI < 1 indicates behind schedule.



Variance: The difference between planned and actual performance, often used to identify delays or budget overruns in a project.