Schedule and budget

⏱️ 7 min

🎯 Covers these PMP exam tasks: 2.6 Plan and manage finance 2.8 Plan and manage schedule

After breaking down the work, you define the activities needed for each work package, then sequence them by dependency: which activity must finish before another can start? You can't paint a wall before it's built.

Next you estimate each activity's duration. You can rely on past projects, expert judgment, or three-point estimating: optimistic, pessimistic, and most likely, then take a weighted average.

The critical path is the longest sequence of dependent activities in the project, and it determines the shortest possible project duration. Any delay to an activity on the critical path delays the whole project; other activities have "float" that allows some delay.

The budget is built by adding up the costs of the work packages, plus a contingency reserve for known risks. During execution you compare actual spending with the planned cost of the work completed to see whether the project is on budget.

💡 Key points

  • Sequence activities by dependency before estimating duration.
  • The critical path sets the project duration; delaying it delays everything.
  • Budget = work package costs + a reserve for risks.

🌍 Real-life example

Launching an online store: design (3 weeks), then development (4 weeks), then testing (1 week) = 8 weeks on the critical path. Product photography (2 weeks) can happen in parallel and has plenty of float.

📖 Key terms

Englishالعربية
Activityنشاط
Dependencyاعتمادية
Critical Pathالمسار الحرج
Float (Slack)الفائض الزمني
Estimateتقدير
Contingency Reserveاحتياطي الطوارئ

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