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37 Cards in this Set
- Front
- Back
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projects can be defined as...
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a series of related tasks directed toward a major output.
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The management of projects involves three phases:
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1 planning 2 scheduling 3 controlling
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planning
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this phase includes goal setting, defining the project, and team organization
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scheduling
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this phase relates people, money, and supplies to specific activites and relates activites to each other
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controlling
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here the firm monitors resources, costs, quality, and budgets. It also revises or changes plans and shifts resources to meet time and cost demands.
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project organization
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an organization formed to ensure that programs (projects) receive the proper management and attention
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work breakdown structure (WBS)
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defines a project by dividing it into more and more detailed componenents
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gantt charts
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planning charts used to schedule resources and allocate time.
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Project scheduling serves several purposes:
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1 it shows the relationship of each activity to others and to the whole project 2 it identifies the precendence relationships among activities 3 it encourages the setting of realistic time and cost estimates for each activity 4 it helps make better use of people, money, and material resources by identifying critical bottlenecks in the project
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computerized programs produce a broad variety of PERT/CPM reports, including...
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1 detailed cost breakdowns for each task 2 total program labor curves 3 cost distribution tables 4 functional cost and hour summaries 5 raw material and expenditure forecasts 6 variance reports 7 time analysis reports 8 work status reports
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program evaluation and review technique (PERT)
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a project management technique that employs three time estimates for each activity
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Critical path method (CPM)
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a project management technique that uses only one estimate per activity
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PERT & CPM both follow six basic steps.
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The activities on the critical path will delay the entire project if they are not completed on time.
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Activity-on-node (AON)
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a network diagram in which nodes designate activities
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Activity-on-arrow (AOA)
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a network diagram in which arrows designate activities
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In an AOa network, the nodes represent...
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the starting and finishing times of an activity and are also called events
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Dummy activity
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An activity having no time that is inserted into a network to maintain the logic of the network. Can be added to the end of an AON diagram for a project that has multiple ending activities
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Critical path analysis
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A process that helps determine a project schedule
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To find the critical path, we calculate two distinct starting and ending times for each activity:
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earliest time (ES), earliest finish (EF), latest start (LS), and latest finish (LF)
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Earliest start
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is the earliest time at which an activity can start, assuming that all predecessors have been completed
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earliest finish (EF)
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is the earliest time at which an activity can be finished
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latest start (LS)
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is the latest time at which an activity can start, without delaying the completion time of the entire project
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latest finish (LF)
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latest time by which an activity has to finish so as to not delay the completion time of the entire project
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forward pass
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a process that identifies all the early start and early finish times
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ES= Maximum EF of all immediate predecessors
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EF= ES + Activity time
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Backward pass
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a process that identifies all the late start and late finish times
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LF= Minimum LS of all immediate following activities
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LS=LF - Activity time
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Slack time
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free time for an activity
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Slack= LS - ES or
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Slack = LF - EF
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the activities with zero slack are called
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critical activities and are said to be on the critical path
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the critical path...
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is a continuous path through the project network that starts at the first activity in the project, terminates at the last activity in the project, and includes only critical activities
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optimistic time (a)
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the "best" activity completion time that could be obtained in a PERT network
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pessimistic time (b)
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"worst" activity time that could be expected in a PERT network
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Most likely time (m)
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the most probable time to complete an activity in a PERT network
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When using PERT, we often assume that activity time estimates follow the beta distribution.
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Expected activity time t = (a + 4m +b)/6
variance of activity completion time = [(b-a)/6]^2 o^2 = project variance = Sum(variances of activities on critical path) Z = (Due date - expected date of completion)/project variance Due date = expected completion time + (Z x project variance) |
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crashing
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shortening activity time in a network to reduce time on the critical path so total completion time is reduced.
Crash cost per period = (crash cost - normal cost)/ (normal time - crash time) |
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as with every technique for problem solving, PERT & CPM have a number of advantages as well as several limitations.
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Microsoft Project, the most popular example of specialized project management software, is extremely useful in drawing project networks, identifying the project schedule, and managing project costs and other resources
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