Critical path methodThe critical path method (CPM), or critical path analysis (CPA), is an algorithm for scheduling a set of project activities. A critical path is determined by identifying the longest stretch of dependent activities and measuring the time required to complete them from start to finish. It is commonly used in conjunction with the program evaluation and review technique (PERT). The CPM is a project-modeling technique developed in the late 1950s by Morgan R. Walker of DuPont and James E. Kelley Jr. of Remington Rand.
Scheduling (computing)In computing, scheduling is the action of assigning resources to perform tasks. The resources may be processors, network links or expansion cards. The tasks may be threads, processes or data flows. The scheduling activity is carried out by a process called scheduler. Schedulers are often designed so as to keep all computer resources busy (as in load balancing), allow multiple users to share system resources effectively, or to achieve a target quality-of-service.
Scheduling (production processes)Scheduling is the process of arranging, controlling and optimizing work and workloads in a production process or manufacturing process. Scheduling is used to allocate plant and machinery resources, plan human resources, plan production processes and purchase materials. It is an important tool for manufacturing and engineering, where it can have a major impact on the productivity of a process. In manufacturing, the purpose of scheduling is to keep due dates of customers and then minimize the production time and costs, by telling a production facility when to make, with which staff, and on which equipment.
Value at riskValue at risk (VaR) is a measure of the risk of loss of investment/Capital. It estimates how much a set of investments might lose (with a given probability), given normal market conditions, in a set time period such as a day. VaR is typically used by firms and regulators in the financial industry to gauge the amount of assets needed to cover possible losses. For a given portfolio, time horizon, and probability p, the p VaR can be defined informally as the maximum possible loss during that time after excluding all worse outcomes whose combined probability is at most p.
ScheduleA schedule or a timetable, as a basic time-management tool, consists of a list of times at which possible tasks, events, or actions are intended to take place, or of a sequence of events in the chronological order in which such things are intended to take place. The process of creating a schedule — deciding how to order these tasks and how to commit resources between the variety of possible tasks — is called scheduling, and a person responsible for making a particular schedule may be called a scheduler.
Program evaluation and review techniqueThe program evaluation and review technique (PERT) is a statistical tool used in project management, which was designed to analyze and represent the tasks involved in completing a given project. First developed by the United States Navy in 1958, it is commonly used in conjunction with the critical path method (CPM) that was introduced in 1957. PERT is a method of analyzing the tasks involved in completing a given project, especially the time needed to complete each task, and to identify the minimum time needed to complete the total project.
Entropic value at riskIn financial mathematics and stochastic optimization, the concept of risk measure is used to quantify the risk involved in a random outcome or risk position. Many risk measures have hitherto been proposed, each having certain characteristics. The entropic value at risk (EVaR) is a coherent risk measure introduced by Ahmadi-Javid, which is an upper bound for the value at risk (VaR) and the conditional value at risk (CVaR), obtained from the Chernoff inequality. The EVaR can also be represented by using the concept of relative entropy.
Normal distributionIn statistics, a normal distribution or Gaussian distribution is a type of continuous probability distribution for a real-valued random variable. The general form of its probability density function is The parameter is the mean or expectation of the distribution (and also its median and mode), while the parameter is its standard deviation. The variance of the distribution is . A random variable with a Gaussian distribution is said to be normally distributed, and is called a normal deviate.
Tail value at riskTail value at risk (TVaR), also known as tail conditional expectation (TCE) or conditional tail expectation (CTE), is a risk measure associated with the more general value at risk. It quantifies the expected value of the loss given that an event outside a given probability level has occurred. There are a number of related, but subtly different, formulations for TVaR in the literature. A common case in literature is to define TVaR and average value at risk as the same measure.
Project management softwareProject management software (PMS) has the capacity to help plan, organize, and manage resource tools and develop resource estimates. Depending on the sophistication of the software, it can manage estimation and planning, scheduling, cost control and budget management, resource allocation, collaboration software, communication, decision-making, quality management, time management and documentation or administration systems. Numerous PC and browser-based project management software and contract management software products and services are available.
