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37 Cards in this Set

  • Front
  • Back
projects can be defined as...
a series of related tasks directed toward a major output.
The management of projects involves three phases:
1 planning 2 scheduling 3 controlling
this phase includes goal setting, defining the project, and team organization
this phase relates people, money, and supplies to specific activites and relates activites to each other
here the firm monitors resources, costs, quality, and budgets. It also revises or changes plans and shifts resources to meet time and cost demands.
project organization
an organization formed to ensure that programs (projects) receive the proper management and attention
work breakdown structure (WBS)
defines a project by dividing it into more and more detailed componenents
gantt charts
planning charts used to schedule resources and allocate time.
Project scheduling serves several purposes:
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
computerized programs produce a broad variety of PERT/CPM reports, including...
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
program evaluation and review technique (PERT)
a project management technique that employs three time estimates for each activity
Critical path method (CPM)
a project management technique that uses only one estimate per activity
PERT & CPM both follow six basic steps.
The activities on the critical path will delay the entire project if they are not completed on time.
Activity-on-node (AON)
a network diagram in which nodes designate activities
Activity-on-arrow (AOA)
a network diagram in which arrows designate activities
In an AOa network, the nodes represent...
the starting and finishing times of an activity and are also called events
Dummy activity
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
Critical path analysis
A process that helps determine a project schedule
To find the critical path, we calculate two distinct starting and ending times for each activity:
earliest time (ES), earliest finish (EF), latest start (LS), and latest finish (LF)
Earliest start
is the earliest time at which an activity can start, assuming that all predecessors have been completed
earliest finish (EF)
is the earliest time at which an activity can be finished
latest start (LS)
is the latest time at which an activity can start, without delaying the completion time of the entire project
latest finish (LF)
latest time by which an activity has to finish so as to not delay the completion time of the entire project
forward pass
a process that identifies all the early start and early finish times
ES= Maximum EF of all immediate predecessors
EF= ES + Activity time
Backward pass
a process that identifies all the late start and late finish times
LF= Minimum LS of all immediate following activities
LS=LF - Activity time
Slack time
free time for an activity
Slack= LS - ES or
Slack = LF - EF
the activities with zero slack are called
critical activities and are said to be on the critical path
the critical path...
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
optimistic time (a)
the "best" activity completion time that could be obtained in a PERT network
pessimistic time (b)
"worst" activity time that could be expected in a PERT network
Most likely time (m)
the most probable time to complete an activity in a PERT network
When using PERT, we often assume that activity time estimates follow the beta distribution.
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)
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)
as with every technique for problem solving, PERT & CPM have a number of advantages as well as several limitations.
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