Charts Flashcards
(21 cards)
What does PERT stand for?
Program Evaluation Review Technique
What is a PERT chart used for?
To graphically represent a project’s timeline and analyze tasks
How are tasks represented in a PERT chart?
Using nodes (circles or rectangles) and vectors (arrows)
What do arrows in a PERT chart represent?
Task dependencies and the sequence of activities
What are parallel tasks in a PERT chart?
Tasks that occur at the same time but are independent
What is a dummy activity in a PERT chart?
A dotted line representing tasks on another path
What are the four time estimates used in PERT analysis?
Optimistic, Most Likely, Pessimistic, Expected time
List one key benefit of PERT charts
Helps evaluate time/resources and supports ‘what-if’ analysis
List one major disadvantage of PERT charts
They are subjective and require experienced management
What is Critical Path Analysis?
Identifying key tasks that must be completed to stay on schedule
What is a Gantt chart?
A bar chart showing the start and end dates of project tasks
Who developed the Gantt chart?
Henry Gantt
What does a Gantt chart help with?
Scheduling, managing, and monitoring tasks and resources
How are tasks represented in a Gantt chart?
With horizontal bars proportional to task duration
What are two benefits of using Gantt charts?
Identify task dependencies and detect bottlenecks
What is slack time in a Gantt chart?
Extra time that a task can take without delaying the project
Name two industries that use Gantt charts
Construction and software development
Name a few tools used to create Gantt charts
Microsoft Project, Excel, Visio, Gantto, Matchware
How does a Gantt chart differ from a PERT chart?
Gantt is time-focused; PERT shows task dependencies better
What does scope refer to in project management?
The objectives and deliverables necessary to complete a project
What is technical analysis in finance?
Studying historical market data to predict future behavior
