Project Time, Cost, and Procurement Management

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Minimum 500-600 word paper covering all the questions in APA format

According to A Guide to the Project Management Body of Knowledge (PMBOK® Guide), Fifth Edition, a schedule baseline is “the approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results” (2013). The output of this effort is your project schedule which, according to the PMBOK® Guide, is “an output of a schedule model that presents linked activities with planned – dates, durations, milestones, and resources” (2013). The project schedule should include start and finish dates for all activities. Remember, if an activity is not in the schedule, it will not be done. Establishing the schedule will allow you to estimate activity cost, and thus help you develop a budget. Therefore, a schedule helps you establish a time and a cost baseline for your project.

  • Discuss how you would go about assigning or completing the schedule elements, such as dates, durations, milestones, predecessors, and resources.
  • How would you go about completing resource assignments, both human and material? How would you determine to buy (acquire) or make your resources?
  • Discuss the importance of building slack in your project schedule.
  • Once your schedule is fully developed, what information would any of your stakeholders learn from it?
  • Looking back at the agile versus waterfall methodologies, how does this traditional schedule development differ from agile schedule development?

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