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11 Cards in this Set

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Project

a set of related and interdependent activities directed towards creating a product or service

Project Management

planning, scheduling, and monitoring of tasks to meet project goals within the stipulated time frame and allocated resources

Work Breakdown Schedule (WBS)

breakdown of a project into smaller, more detailed activities and tasks

PERT & CPM

techniques used to identify the critical activities and start/finish dates of each activity in a project

Optimistic Time

(OT) the shortest time estimated, if everything goes right, to complete the project

Most Likely Time

(MT) the most likely time the project will be completed

Pessimistic Time

(PT) the longest time it will take to complete a project, if everything goes wrong

Expected Completion Time (equation)

(ECT) (4 * MT) + OT + PT


6

Variance (equation)

PT - OT ^2


6

the critical path

the path that takes the most time to complete (highest ECT)

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