Networking Terminology

As described earlier, a network is a graphical representation of the interrelationships among all activities of a project. Managers use the following terminology to represent projects on networks: 

Activity

An activity is a task, which must be completed in order to finish the project. Activities consume resources and time, and have a definite starting and ending point.

Event

An event is the outcome of an activity or group of activities. It represents the completion of some activities and the beginning of some new activities in the network. An event is also referred to as a node or connector and is generally depicted by a circle in a network diagram.

Critical path

The critical path is the longest path of interrelated activities with zero slack time. The critical path consists of all those activities, which if delayed, will result in the delay in project completion.

Optimistic time (t_o)

Optimistic time is the minimum amount of time in which an activity can be completed. It is possible to complete a project within optimistic time, only when all the project conditions are satisfactory.

Pessimistic time (t_p)

Pessimistic time for an activity is the maximum amount of time required to complete the activity under unfavorable circumstances.

Most likely time (t_m)

It is the model activity time and indicates the best guess for activity completion. Managers arrive at this time according to their experience or by studying past data.

Expected time (t_e)

This is the amount of time that an activity is expected to consume. It represents the mean activity time of the optimistic, pessimistic, and most likely times. Expected time is calculated by using the following equation

Expected start time (t_b)

The Expected Start Time for a node is the sum of the expected times of all the activities preceding it on a path, and indicates the time expected to be consumed before an activity can start.

Earliest start time (t_E)

The Earliest Start Time is the minimum amount of time that should be consumed before beginning an activity. This is also the maximum of the set of expected beginning times of an activity.

Expected finish time (t_c)

The Expected Finish Time (EFT) is the sum of the expected times for all the activities succeeding the node and indicates the amount of time expected to be taken once an activity starts.

Latest start time (t_l)

This indicates the maximum amount of time that can elapse before an activity begins, if the project is to be completed by the scheduled time. It is also the difference between the time allowed for a project and the maximum expected completion time.

Slack time (t_s)

This refers to the amount of time that an activity can be delayed beyond its earliest start time without delaying the project duration, if that activity and other activities take their estimated durations. Also referred to as float, it is a measure for determining the criticality of an activity. An activity with more float is less critical and can be delayed in case of resource scarcity.              

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