Join Chris Croft for an in-depth discussion in this video Estimating times and adding contingency, part of Gantt Charts Explained.
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- It's the critical path that determines the time scale…that you're going to promise to your customer.…So once you've found it…it's a good idea to double check your estimates…on that critical path.…And then, add some contingency…because something will go wrong.…There will be something you didn't think of.…Maybe a task you've forgotten or something changing…in one of the tasks on the critical path.…But how much contingency should you put in?…Well, I would recommend going for halfway…between the average and the worst case,…which makes you 90% safe.…
Now, don't worry about where this 90% comes from.…There's some maths behind here.…But, if you go halfway between the average…and the worst case you will be 90% safe.…And that means there is just a 10% chance…that you'll end up letting the customer down…by running late.…So, for example, if you have an 11 month project,…and you feel that it could easily go late…by, say, a couple of months, maybe even three or four,…then you need to add on half of the worst case…which is another two months.…
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- What is a Gantt chart?
- Estimating times and adding contingency
- Assessing the Gantt chart software options
- Using Gantt chart templates
- Communicating the plan
- Accelerating projects with Gantt charts