the production process - project management

Question 1

what is critical path analysis?

Answer 1

project management technique that requires mapping out every key task that is necessary to complete a job/project. It includes identifying the amount of time necessary to finish each activity and the dependancies of each activity on any others

Question 2

what does critical path analysis do?

Answer 2

helps a business operate efficiently by identifying the quickest way a project can be completed

Question 3

why is CPA good?

Answer 3

• multiple activities can be done at the same time, reducing the time taken to complete the project
• project completion means cash invested into project can be returned more quickly giving a competitive advantage

Question 4

define float?

Answer 4

the amount of time that a task can be delayed w/o causing a delay to project completion date (total float) or the next task (free float)

Question 5

define total float?

Answer 5

amount of time that an activity can be delayed from its start date w/o delaying the finish time of the project

Question 6

define free float?

Answer 6

amount of time the network can be delayed w/o causing a delay of the next task

Question 7

how to calculate total float?

Answer 7

LFT (this activity) - duration - EST (this activity)

Question 8

how to calculate free float?

Answer 8

EST (next activity) - duration - EST (this activity)

Question 9

when does free float occur?

Answer 9

only occurs when 2 or more activities share a common successors, aka when activities on a network diagram

Question 10

what are the advantages of CPA?

Answer 10

• reduces the risk and cost of projects
• helps to spot which activities have float (slack) and could therefore transfer some resources = better allocution of resources
• provides managers with a useful overview of complex projects
• links well with other aspects of business planning, including cash flow forecasting and budgeting

Question 11

what are the disadvantages of CPA?

Answer 11

• reliability is based on estimates and assumptions
• doesn’t guarantee success
• resources may not be flexible
• activities make the network diagram complicated

Question 12

what is PERT?

Answer 12

Program Evaluation Review Technique is a project management planning tool used to calculate the amount of time it will take to realistically finish a project.

Question 13

what does PERT involve?

Answer 13

• optimistic time
• pessimistic time
• likely time (x4)

Question 14

what is the formula for PERT?

Answer 14

(optimistic time + (4 x Likely time) + pessimistic time)/6

Question 15

benefits of PERT?

Answer 15

• more realistic because of pessimist view
• simple formula to apply
• a lot of data can be visually represented

Question 16

what is a drawback of PERT?

Answer 16

• gauging the pessimistic and optimistic times can be hard to judge

Question 17

what is a gantt chart?

Answer 17

• a graphical representation of the order and duration of tasks within a project
• it is a simple and useful tool for planning and monitoring the progress of a project

Question 18

what are the advantages of a Gantt chart?

Answer 18

• visual representation
• easy to monitor
• shows time and resource allocation

Question 19

what are the disadvantages of a Gantt chart?

Answer 19

• doesn’t show critical activities
• can’t see ESTs and LFTs
• can’t calculate float times