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COMM 225: Operations management > ch 17 PP: > Flashcards

ch 17 PP: Flashcards

1
Q

Projects

A

unique, one-time operations

specific set of objectives

limited time frame

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2
Q

Performance Goals

A

respect schedule

respect budget

respect performance

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3
Q

Project Phases

A
  1. project initiation
  2. planning and scheduling
  3. execution and control
  4. closeout
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4
Q

Project Manager’s Responsibilities

A

Work

Quality

Human Resources

Time

Communications

Cost

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5
Q

Project planning

A

analyzing the project into work packages & activities, estimating resources, durations, scheduling, etc

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6
Q

Quality planning

A

How project and product quality is to be assured and controlled

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7
Q

Communications planning

A

Determining the nature of information needed by stakeholders and how to satisfy these needs

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8
Q

Purchase planning

A

What to purchase, specifications, supplier evaluation and selection, awarding contracts

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9
Q

Risk

A

occurrence of events that have undesirable consequences

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10
Q

Risk management

A
  1. Identify potential risks
  2. Analyze and assess risks
  3. Work to minimize occurrence of risk
  4. Establish contingency plans
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11
Q

Project Management Tools

A

Work Breakdown Structure (WBS)

Gantt chart

CPM/PERT

Software (e.g. Microsoft Project)

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12
Q

WBS (Work Breakdown Structure)

A

A hierarchical listing of what must be done during a project

Establishes a logical framework for identifying the required activities for the project

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13
Q

Establishing a logical framework for identifying the required activities for the project steps?

A
  1. Identify the major components of the project
  2. Identify the major subcomponents
  3. Break down subcomponents into work packages
  4. Break down each work package into a list of the activities that will be needed to accomplish it
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14
Q

Project Scheduling

A

Determining the timing of activities of the project

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15
Q

PERT (program evaluation and review technique) and CPM (critical path method)

A

techniques used to schedule and control large projects

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16
Q

Precedence Network

A

Diagram of project activities that shows sequential relationships by use of arrows and nodes

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17
Q

Activity on arrow (AOA)

A

Network in which arrows designate activities

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18
Q

Activity on node (AON)

A

Network in which nodes designate activities

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19
Q

Path

A

A sequence of activities that leads from the starting node to the finishing node

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20
Q

Critical path

A

The longest path from start to end

determines expected project duration

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21
Q

Critical activities

A

Activities on the critical path

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22
Q

Path slack time

A

Allowable slippage for a path

length of a path – length of critical path

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23
Q

Deterministic

A

Time estimates that are fairly certain

24
Q

Probabilistic

A

Time estimates that allow for variation

25
meanings of ES, EF, LS, LG what are they used to determine?
ES: earliest time the activity can start EF: earliest time the activity can finish LS: latest time the activity can start LF: latest time the activity can finish Expected project duration Activity slack times Critical path
26
Slack can be computed in which two ways?
Slack = LS – ES Slack = LF – EF
27
Critical path
The critical path is indicated by the activities with zero slack
28
advantages of slack time
Helps planning of allocation of scarce resources efforts directed toward activities that might delay project assumption that activities will be started as early as possible and not exceed their expected time
29
what do we mean when we say that slack time is shared?
If two activities on the same path have the same slack, this is total slack available to both
30
The beta distribution
used to describe the inherent variability in activity durations
31
The probabilistic approach involves which three time estimates
Optimistic time, (to) Pessimistic time, (tp) Most likely time, (tm)
32
Optimistic time, (to)
The length of time required under optimal conditions
33
Pessimistic time, (tp)
The length of time required under the worst conditions
34
Most likely time, (tm)
The most probable length of time required
35
The expected time, te ,for an activity
weighted average of the 3 time estimates te = (to + 4tm + tp) / 6
36
The expected duration of a path
equal to the sum of the expected times of the activities on that path
37
The standard deviation of each activity’s time
estimated as 1/6th of the difference between pessimistic and optimistic estimates
38
The variance
the square of the standard deviation
39
Standard deviation of the expected time for the path
sum of variances of each activity on a path
40
we use the path mean & standard deviation to compute what?
probability that the project will be completed by a certain time probability that the project will take longer than its expected completion time
41
independence of path durations must be respected by which conditions?
activity durations must be independent, each activity must be on only one path
42
PERT/CPM: Determining Path Probabilities steps
1. Determine 3 time estimates 2. Calculate Expected Time (Mean) 3. Calculate Activity Variance 4. Calculate Critical Path Variance (sum of variances of activities on critical path) 5. Calculate Z score of duration 6. Find Area of Z score (Appendix B: Normal table) 7. probability that time will be within specified = area probability that time will exceed specified = 1 – area
43
To determine the probability that the project will be completed within the specified time, what do we do?
Calculate probability that each path will be completed within the specified time Multiply these probabilities
44
Simulation
Used when activity times may not be independent Repeated sampling is used Many passes are made through the network In each pass, a random value for each activity selected from the probability distribution After each pass, project’s duration is determined After many passes, a frequency distribution of the project duration is prepared this frequency distribution used for probabilistic estimates of project duration
45
Crashing
Shortening activity durations
46
motivations to crashing
Avoid late penalties Monetary incentives for early completion Free resources for other projects Reduce indirect costs
47
Options to crashing
Add more personnel More (or more efficient) equipment Relax specifications
48
To make decisions concerning crashing requires information about what?
Regular time and crash time estimates for each activity Regular cost and crash cost estimates for each activity A list of activities that are on the critical path Critical path activities are potential candidates for crashing
49
why are non critical path activities not potential candidates for crashing?
Crashing non-critical path activities would not have an impact on overall project duration
50
Crashing: Procedure
Crash least expensive activity on the critical path After each crash, recalculate critical path Crash activities on critical path one period at a time, until crash cost > benefit if more than one critical path, crash the cheaper of a common activity shared by the critical paths sum of least expensive activities on each critical path
51
Student’s Syndrome
a student tends to delay the start of an assignment until the last possible time
52
Parkinson’s law
work expands to fill the time available for its completion
53
how to fight Student’s Syndrome and Parkinson’s law
do not disclose due dates of activities to workers. prioritize, schedule accordingly, and do activities asap. eliminate padding in activity time estimates add buffer time to end of critical chain (= longest path considering constraints)
54
Scheduled time overrun
Scheduled time overrun = PV - EV Planned Value (PV) Earned Value (EV)
55
Cost overrun
Cost overrun = actual cost - EV Earned Value (EV)
56
Gyu Project Management Softwares
Microsoft Project Deltek (Welcom)
57
Deltek (Welcom) supports what
Portfolio analysis Risk management Planning and scheduling Project collaboration Complete earned value management

COMM 225: Operations management (17 decks)

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