Final Practice Guide Flashcards
(35 cards)
Project
- A temporary endeavor undertaken to create a unique product, service, or result
- Have clear starting and end points where people and resources are reassigned
- Non-routine, can be large or small, and may be difficult to manage
- Typically require significant levels of cross-functional and organizational coordination
Project Management
Application of knowledge, skills, tools and techniques to project activities to meet project requirements
Day to Day Task
- Does not start and end, tasks will never go away
- Typically can work on it by yourself
Project Management
Compared to Day Task
- Has a beginning and end
- Crosses over functional lines and needs collaboration across departments
- Collaborative across functions
- More difficult (complex) to manage
The Project Phases
- ) Concept phase
- ) Project definition phase
- ) Planning phase
- ) Performance phase
- ) Postcompletion phase
Concept Phase
- Project planners develop a broad definition of what the project is and what its scope will be
- Is a high level plan of what you are targeting
- +/- 30% accuracy in budget
- Includes: scope, resources, budget, timing
- Outputs- initial budget estimates, estimates of personnel needs, and required completion dates
- Moves from “what” to “how”
Project Definition Phase
- Project planners identify how to accomplish the work, how to organize for the project, the key personnel and resources required to support the project, tentative schedules, and tentative budget requirements
- More exact -/+ 5-10% accuracy in budget
Planning Phase
Project planners prepare detailed plans that identify activities, time and budget targets (metrics), and the resources needed to complete each task, while also putting into place the organization that will carry out the project
Performance Phase
- Organization actually starts to execute the plan
- Longest phase
Postcompletion Phase
Project manager or team confirms the final outcome, conducts a post-implementation meeting to critique the project and personnel, and reassigns project personnel
Gnatt Chart
Graphical tool used to show expected start and end time for a project activities and to track actual progress against these time targets
Network Diagrams
Graphic tool that shows the logical linkages between activities in a project
Milestone
A performance or time target for each major group of activities in a project
Critical Path
A network path that has the longest, or is tied to the longest, liked sequence of activities
Crashing a Project
Shorting the overall duration of a project by reducing the time it takes to preform certain activities
Material Requirements Planning (MRP)
Translates the master schedule for final products into detailed material requirements
- Ex: 500 chairs are needed to be sold in 5 weeks- it determines how many seats, legs, backs and so on is needed to make or be purchased
Master Scheduling
Detailed planning process that tracks production output and matches this output to actual customer orders
What Does Master Scheduling Help With
- Makes specific the overall resource levels established by S&OP (sales and operations planning)
- States exactly when and in what quantities specific products will be made
- Links production with specific customer orders, allowing the firm to tell the customers exactly when an order will be filed
- Informs the operations manager what inventory or resources are still available to meet new demand
Master Schedule Records Track
- ) Forecast demand
- ) Book orders
- ) Projected ending inventory
- ) Production quantities
- ) Units still available to meet customer needs (available to promise)
Forecasted demand
Company’s best estimate of the demand in any period
Booked orders
- Confirmed demand for products
- Projected requirements- maximum (foretasted demand, booked orders)
- Generally company gets a downpayment
Projected ending inventory
Field in the master schedule record that indicates estimated inventory levels at the end of each time period
Units still available to meet customer needs (available to promise)
Field in master schedule that indicates the number of units that are available for sale each week, given those that have already been promised to customers
Planning Horizon
Amount of time the master schedule record or MRP record extends into the future. In general, the longer the production and supplier lead times, the longer the planning horizon must be.
