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A project schedule is only effective when it is able to help you know that everything is on track and that you're going to be able to complete the work on time. When your activities are at too high a level, you risk losing accountability, missing out on key dependencies or expose yourself to "90% complete syndrome" when the team reports progress that is not real. When your activities are at too low a level, you can frustrate your team members by unduly micro-managing them, creating a greater administrative headache for yourself, and confusing the team with an excessive number of activities to manage.
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