Chapter 5 - Projects Flashcards
A series of related
jobs usually directed
toward some major
output and requiring
a significant period
of time to perform.
Project
can be defined as planning, directing, and controlling resources (people, equipment, material) to meet the technical, cost, and time constraints of the project.
Project management
A structure for organizing a project where a self-contained team works full time on the project.
Pure project
A structure where team members are assigned from the functional units of the organization. The team members remain a part of their functional units and typically are not dedicated to the project.
Functional project
A structure that
blends the functional
and pure project
structures. Each
project uses people
from different
functional areas. A
dedicated project
manager decides
what tasks need
to be performed
and when, but the
functional managers
control which people
to use.
Matrix project
A specific event in a
project.
Project milestone
The hierarchy
of project tasks,
subtasks, and work
packages.
Work breakdown
structure (WBS)
Pieces of work
within a project that
consume time. The
completion of all the
activities of a project
marks the end of the
project.
Activities
Shows in a graphic
manner the amount
of time involved and
the sequence in
which activities can
be performed. Often
referred to as a bar
chart.
Gantt Chart
Technique that
combines measures
of scope, schedule,
and cost for
evaluating project
progress.
Earned Value Management (EVM)
The sequence(s)
of activities in a
project that form(s)
the longest chain in
terms of their time to
complete.
A,B,C,D,E,F
Critical Path
Activities that need
to be completed
immediately before
another activity.
Immediate
predecessors
The time that an
activity can be
delayed without
delaying the
entire project; the
difference between
the late and early
start times of an
activity.
Slack time
A project schedule
that lists all activities
by their early start
times.
Early start schedule
A project schedule
that lists all activities
by their late start
times. This schedule
may create savings
by postponing
purchases of
material and other
costs associated with
the project.
Late start schedule
Extension of the critical path models that considers the trade-off between the time required to complete an activity and cost. This is often referred to as “crashing” the project.
Time–cost models
It is a method used to plan the scheduling of individuals activties that maake up a project.
PERT / CPM
Can be constructed to model the precedence of the activities.
Project network
Activity that needs to be completed immidiately before another activity.
Immidiate predecessor
The longest path through a network; it is the minimum project completion time.
Critical path
The time that an activity can be delayed; the difference between the late and early start times of an activity.
Slack time
Maximum of the earliest finish times of all activities immidiately preceding activity i.
This is 0 for an activity with no precedessor
Early start time
Early start time + time to complete activity i
Early finish time
an acitivity may be completed without increasing the project completion time.
Late finish time
