Create a 5-Activity Example and Use It to Explain the Difference

question 70

Essay

Create a 5-activity example and use it to explain the difference between the critical path method and critical chain project management.

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Definitions:

Bilateral Contract

An agreement between two parties where each promises to perform an act in exchange for the other's performance.

Unilateral Contract

A contract where one party makes a promise in exchange for an act by another party, becoming binding upon the performance of the act.

Past Consideration

In contract law, a benefit or service previously performed and therefore cannot serve as consideration for a current contract.

Fair Market Value

The price that property would sell for on the open market between a willing buyer and a willing seller, each having reasonable knowledge of all relevant facts.