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I can remember vividly my very first project schedule. My manager gave me the mission statement and an overall timeframe he thought it should take for me to complete the project. I diligently broke the schedule down to lower levels of detail. I continued to divide the overall timeframe among the tasks and assigned people to the tasks. I worked for days on end with my face buried in a computer screen developing the schedule. What I ended up with was a horrendously detailed project plan that had no logical dependencies identified, people being asked to complete 40-hour tasks in 15 minutes, and some people being asked to work 200 hours per week to get their work done. But by golly, the schedule met my manager's timeframe request.
Sadly enough (for me), this is a very true story but one that I don't think is too terribly uncommon. It's pretty easy to ignore reality at times when you're developing a schedule and to skip some fundamental steps in completing your schedule. You may get everything to look good on paper, but the result may deviate significantly from reality.