3.10.3 Managing strategic implementation

Question 1

Network/critical path analysis, what does it work out?

Answer 1

The quickest, efficient, cost-effective way to finish a set of tasks or completing a complex project§

Question 2

Network Analysis (networks), 3 times included

Answer 2

• Start times
• Finishing times
• Float time

Question 3

Network Analysis (networks), why is it important to know the EST and LFT for each activity?

Answer 3

To make sure the whole project can be completed on time

Question 4

Network Analysis (networks), what is there a risk of if you miss the latest start time of an activity? > unless?

Answer 4

• Not being able to finish the project on time

> Unless individual activities are done more quickly than predicted

Question 5

Network Analysis (networks: float time), what is total float?

Answer 5

The length of time you can delay an activity without delaying the completion of the project

Question 6

Network Analysis (networks: float time), how is it calculated?

Answer 6

Float time = LFT- duration - EST

Question 7

Network Analysis, 2 types of situations when it is used?

Answer 7

• Implementing a strategy

- Planning a complicated project

Question 8

Network Analysis, 2 examples of times within a business plan of when it is used

Answer 8

• Launch of a new product

- Building a new office block

Question 9

Network Analysis, what does it allow a business to work out? > 2 examples

Answer 9

• When they will need resources to be available
  > A certain machine needing to be free on Friday
  > That new office needs to be open and ready 15 months into the project

Question 10

Network Analysis, 4 disadvantages

Answer 10

• Relies on time estimates for each task
• Requires a significant amount of planning and time
• It sets tight deadlines
• It cannot tell you anything about costs or success of the project

Question 11

Network Analysis (disadvantages), what can happen if the time estimates are not accurate?

Answer 11

• The whole analysis being wrong, time being wasted for the business

Question 12

Network Analysis (disadvantages), 2 processes of the network analysis that require a significant amount of planning and time

Answer 12

• Constructing the network

- Amending the network

Question 13

Network Analysis (disadvantages), with there being tight deadlines, what can it tempt employees to do? > what can then suffer?

Answer 13

• Cut corners in the rush to meet deadlines

> Quality

Question 14

Network Analysis, 9 advantages

Answer 14

• Identifies critical activities
• Resources can be transferred from activities with the use of float time
• The implementation of strategy can be as speedy as possible- saves on many costs
• Helps firms forecast their cash flow
• Finds the shortest time possible for completing a complex project
• Useful visual aid to communication
• Forces managers to think about the activities involved in a strategy
• Can be used to review progress on individual tasks
• Network can be amended as the project goes on

Question 15

Network Analysis (advantages), what can the critical activities being identified allow to be done and made sure of?

Answer 15

Supervising them closely to make sure they meet their deadline

Question 16

Network Analysis (advantages), 4 examples of different functions that can start work at the earliest start time

Answer 16

• Finance
• Operations
• Marketing
• Human resources

Question 17

Network Analysis (advantages), how does it help firms forecast their cash flow?

Answer 17

It gives definite earliest start times when cash will need to be spent by different function allowing a firm to budget accurately

Question 18

Network Analysis (advantages), what can knowing the shortest finish time of a project give to a firm? > what type of management is it an important element of?

Answer 18

• Competitive advantage

> Time-based management

Question 19

Network Analysis (advantages), when may a network need to be amended?

Answer 19

If there are changes and modifications to the progress of the project