In project management, a schedule consists of a list of a project's terminal elements with intended start and finish dates. Terminal elements are the lowest element in a schedule, which is not further subdivided. Those items are often estimated in terms of resource requirements, budget and duration, linked by dependencies and scheduled.
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Before a project schedule can be created, a project manager should typically have a work breakdown structure (WBS), an effort estimate for each task, and a resource list with availability for each resource. If these are not yet available, it may be possible to create something that looks like a schedule, but it will essentially be a work of fiction. They can be created using a consensus-driven estimation method like Wideband Delphi. The reason for this is that a schedule itself is an estimate: each date in the schedule is estimated, and if those dates do not have the buy-in of the people who are going to do the work, the schedule will be inaccurate.
In many industries, such as engineering and construction, the development and maintenance of the project schedule is the responsibility of a full time scheduler or team of schedulers, depending on the size of the project. And though the techniques of scheduling are well developed, they are inconsistently applied throughout industry. Standardization and promotion of scheduling best practices are being pursued by the Association for the Advancement of Cost Engineering (AACE), the Project Management Institute (PMI).
In order for a project schedule to be healthy, the following criteria must be met[1]: