Chapter 63, Project Management Flashcards
Project management can be divided into 4 processes
- planning
- executing
- monitoring
- completing
Critical Path Analysis
the process that allows for the overall time of a project to be calculated and to allow a diagrammatic network to be drawn which shows when activities should start and finish
See Chapter 63 to learn how to do this
Dummy Activity
an activity with no significant time but is an essential link between other activities. Marked with a dotted line
Floats
shows how much time an activity may overrun before it as an effect on either the next activity or the project as a whole
Total Float
the longest time which any activities start may be delayed without affecting the length of the project as whole
Free Float
the effect upon the next activity and not the project as a whole; these delays are not as serious
Gantt Charts
a graphical representation of the order and duration of given tasks within a project
see page 448
Benefits of Critical PAth analysis
- simplistic form of communication
- a simple way to calculate
- helps a business see when cahs will be needed
- allows to see consequences of potential delays
Limitations of Critical Path Analysis
- depends on accuracy of activity times
- only considers time not cost implications
Benefits of Gantt Chart
- it’s simplistic
- shows both time and resource allocation
Limitations of Gantt Chart
- does not show critical activities
- calculation of floats is difficult
PERT
statistical tool used to predict time taken to complete tasks but more pessimistically
Optimistic time + 4 x likely time + Pessimistic time / 6
Advantages of PERT
- more realistic
- a simple formula to apply
- help decision making
Disadvantages of PERT
- gauging the optimistic times is guesswork
- complicated to use
