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27 Cards in this Set
- Front
- Back
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An interrelated set of activities with a definite starting and ending point, which results in a unique outcome for a specific allocation of resources.
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Project
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A systemized, phased approach to defining, organizing, planning, monitoring, and controlling projects.
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Project Managment
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An interdependent set of projects that have a common strategic purpose.
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Program
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A statemetn of all work has to be completed.
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Work breakdown structure
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The smallest unit of work effort consuming both time and resources that the project manager can schdule and control.
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Acitivity
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A network planning method, designed to depict the relationships between activities, that consists of nodes and arcs.
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Network diagram
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A networking planning method created for the US Navy's Polaris missile project in the 1950s which involved 3,000 separate contractors and suppliers
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Program evaluation and review technique (PERT)
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A network planning method developed in the 1950s as a means of scheduling maintenance shutdowns at chemical processing plants.
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Critial Path Method (CPM)
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A relationship that determines a sequence for undertaking activiites; it specifies that one activity cannot start until a preceding activity has been completed.
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Precedence Relationship
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An approach used to create a metwork diagram, in which nodes represent activities and arcs represent the precedence relationships between them.
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Activity - on - note (AON) network
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The sequence of activites between a project's start and finish.
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Path
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The sequence of activities between a project's start and finish that takes the longest time to complete.
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Critical Path
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An activity's earliest start time plus its estimated duration EF = ES + t.
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Earliest Finish Time (EF)
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The latest start time of the activity that immediately follows.
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Latest Finish TIme (LF)
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The latest finish time minus its estimated duration. LS = LF - t
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Latest Start Time (LS)
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The maximum length of time that an activity can be delayed without delaying the entire project
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Activity Slack
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A project schedule usually created by the project manager using computer software, that superimposes project activities, with their precendence relationships and estimated duration times, on a time line.
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Gantt Chart
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The time necessary to complete an activity under normal condiitons
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Normal Time
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The activity cost associated with normal time.
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Normal costs
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The shortest possible time to complete an activity
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Crash Time
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The activity cost associated with the crash time
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Crash Cost
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A schedule determined by starting with the normal time schedule and crashing activities along the critical path in such a way that the costs of crashing do not exceed the savings in indirect and penalty costs.
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Minimum-Cost Schedule
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A plan that identifies the key risks to a project's success and prescribes ways to circumvent them.
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Risk-Management Plan
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The shortest time in which an activity can be completed if all goes exceptionally well.
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Optimistic Time
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The probable time required to perform an activity.
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Most Likely Time
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The longest estimated time required to perform an activity.
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Pessimistic Time
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An activity that includes writing final reports, completing remaining deliverables, and compliling the team's recommendations for improving the project process.
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Close Out
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