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13 Cards in this Set
- Front
- Back
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Project
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is a series of related activities directed toward some major output and requiring a significant period of time to perform
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project management
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is the planning, scheduling and controlling of resources (labor, equipment, material) to meet the technical, cost, and time constraints of a project
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Critical Path Method (CPM)
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helps to identify the critical path(s) in the projects networks; also referred to as PERT- Program evaluation and review technique
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prerequisites for Critical Path Method
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a project must have:
- well-defined jobs or tasks whose completion marks the end of the project - independent jobs or tasks (one job will not affect the others) -and task that follow a given sequence |
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Critical Path
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the sequence of activities that form the longest path in terms of their time to complete; any delay on the CP activities delays the project
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slack
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the maximal time that an activity can be delayed without delaying the project completion; any activity NOT on the CP has SLACK
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optimistic times
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a
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most likely time
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m
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pessimistic time
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b
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expected time(mean)
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(a+4m+b)/6
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Variance of Activity time
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= [(b-a)/6]^2
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critical path variance (sum)
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the sum of the variance for each activity on the critical path
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Basic assumption
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relationship between activity completion time and project cost
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