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11 Cards in this Set
- Front
- Back
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Project |
a set of related and interdependent activities directed towards creating a product or service |
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Project Management |
planning, scheduling, and monitoring of tasks to meet project goals within the stipulated time frame and allocated resources |
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Work Breakdown Schedule (WBS) |
breakdown of a project into smaller, more detailed activities and tasks |
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PERT & CPM |
techniques used to identify the critical activities and start/finish dates of each activity in a project |
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Optimistic Time |
(OT) the shortest time estimated, if everything goes right, to complete the project
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Most Likely Time |
(MT) the most likely time the project will be completed |
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Pessimistic Time |
(PT) the longest time it will take to complete a project, if everything goes wrong |
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Expected Completion Time (equation) |
(ECT) (4 * MT) + OT + PT 6 |
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Variance (equation) |
PT - OT ^2 6 |
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the critical path |
the path that takes the most time to complete (highest ECT) |
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Probability of completing a project in a certain amount of time (equation) |
z = T - Tcp sq.root of variance z= standard deviation T= target completion date Tcp= ECT of critical path variance= ((PT - OT) / 6)^2 |
