Project Management (importance)
time-based completion and achievement of quality standards
Three Phases
planning
scheduling
controlling
Project Organization
formed to ensure that programs (projects) receive the proper management and attention
Projects
related tasks directed to a major output
Work Breakdown Structure (WBS)
hierarchical framework that involves breaking a project down into a series of smaller tasks
Lowest Level in WBS
identifies activities that report work packages
Project Scheduling
involves sequencing and allotting time to all project activities
Gantt Chart
horizontal bar chart representation of a set of tasks
Network Techniques
PERT, CPM
Usefulness of Network Techniques
shows relationships of activities, identifies precedence, encourages setting realistic schedules and cost estimates, and enhances efficiency
Project Controlling
involves monitoring resources, costs, quality, and budgets; using a feedback loop to help make adjustments; produce extensive reports for project managers
Program Evaluation Review Technique (PERT)
technique that employs three time estimates for each activity which enables computations of worst and best case scenarios as well as probability that projects may become late
Critical Path Method (CPM)
technique that uses only one time factor per activity; assumes all activity times are known and fixed constants
Critical Path
the computed longest time path(s) through a network; if activities on path are delayed then the entire project will be delayed
Slack
the amount of time that an activity can be late without pushing back the completion date of the entire project
Activity-on-Node (AON)
network diagram in which nodes designate activities
Activity-on-Arrow (AOA)
network diagram in which arrows designate activities; nodes (events) consume neither time nor resources
Dummy Activities
consume no time or resources, used in AOA when two activities have same start and ending times or following some but not all preceding activities
Earliest Start (ES)
earliest time at which an activity can start, assuming all predecessors have been completed
Earliest Finish (EF)
earliest time at which an activity can be finished
Latest Start (LS)
latest time at which an activity can start so as to not delay 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
process that identifies all the early times
Backward Pass
process that identifies all the late start and late finish times
Critical Activities
activities with zero slack and are on the critical path
Three Time Estimates in PERT
optimistic time
pessimistic time
most likely time
Optimistic Time (a)
time an activity will take if everything goes as planned
Pessimistic Time (b)
time an activity will take assuming very unfavorable conditions
Most Likely Time (m)
most realistic estimate of time required to complete an activity
Beta Distribution Formula for Expected Activity Time
t = (a + 4m +b) / 6
Crashing
shortening the duration of the project in cheapest manner possible
Crash Time
shortest duration required to complete an activity