Most Likely Time Notes: Definitions & Explanations PDF | Download eBooks
Study Most Likely Time lecture notes PDF with project management definitions and explanation to study What is Most Likely Time?. Study most likely time explanation with project management terms to review project management course for online MBA programs.
Most Likely Time Definitions:
Most likely time (tm) is the time in which a particular activity can most frequently be completed under normal conditions.
Successful Project Management by Jack Gido and James P. Clements
Most Likely Time estimate is based on the duration of the activity, given the resources likely to be assigned, their productivity, realistic expectations of availability for the activity, dependencies on other participants, and interruptions.
A Guide to the Project Management Body of Knowledge by Project Management Institute
Most Likely Time Notes:
After the planning phase of a project, the tasks and activities associated with the project are identified and defined. Moreover, their duration estimates are also established. However, uncertainties are a part of the project. These uncertainties give rise to risks in the project. Risks must be identified and monitored because they can affect the duration estimates of the activities. In order to cope up with the risks and uncertainties, activity durations are estimated under different probaibility considerations. One of the consideration is called most likely time. Most likely time is the time in which an activity is completed under normal conditions. Normal conditions mean that the associated risks were either avoided, mitigated or even controlled through a contingency plan during the project.
Keep Learning with Project Management Notes
What is Cost Performance Index?
Monitoring of a project is necessary. The difference between the planned work and the actual work is not a new ...
What is Matrix Project?
A systems view of project management broadly classifies projects into different categories. These categories take into account the resources, time ...
What is Optimistic Time?
When a project is planned, the activities associated with the project are defined and their time durations are estimated. Every ...
What is Risk Avoidance?
Using SWOT analysis, threats can be identified. The threats have a negative effect on the organization and the project carried ...
What is Payback Period?
A project must be selected based on a pre-defined selection criteria. A way of selecting a project is to compare ...
What is Coordinating?
Directing subordinates (project team members) is an important function of management. A project manager must be able to effectively direct ...
