3.10.3 Managing strategic implementation Flashcards

1
Q

Network/critical path analysis, what does it work out?

A

The quickest, efficient, cost-effective way to finish a set of tasks or completing a complex project§

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2
Q

Network Analysis (networks), 3 times included

A
  • Start times
  • Finishing times
  • Float time
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3
Q

Network Analysis (networks), why is it important to know the EST and LFT for each activity?

A

To make sure the whole project can be completed on time

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4
Q

Network Analysis (networks), what is there a risk of if you miss the latest start time of an activity? > unless?

A
  • Not being able to finish the project on time

> Unless individual activities are done more quickly than predicted

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5
Q

Network Analysis (networks: float time), what is total float?

A

The length of time you can delay an activity without delaying the completion of the project

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6
Q

Network Analysis (networks: float time), how is it calculated?

A

Float time = LFT- duration - EST

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7
Q

Network Analysis, 2 types of situations when it is used?

A
  • Implementing a strategy

- Planning a complicated project

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8
Q

Network Analysis, 2 examples of times within a business plan of when it is used

A
  • Launch of a new product

- Building a new office block

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9
Q

Network Analysis, what does it allow a business to work out? > 2 examples

A
  • When they will need resources to be available
    > A certain machine needing to be free on Friday
    > That new office needs to be open and ready 15 months into the project
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10
Q

Network Analysis, 4 disadvantages

A
  • Relies on time estimates for each task
  • Requires a significant amount of planning and time
  • It sets tight deadlines
  • It cannot tell you anything about costs or success of the project
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11
Q

Network Analysis (disadvantages), what can happen if the time estimates are not accurate?

A
  • The whole analysis being wrong, time being wasted for the business
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12
Q

Network Analysis (disadvantages), 2 processes of the network analysis that require a significant amount of planning and time

A
  • Constructing the network

- Amending the network

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13
Q

Network Analysis (disadvantages), with there being tight deadlines, what can it tempt employees to do? > what can then suffer?

A
  • Cut corners in the rush to meet deadlines

> Quality

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14
Q

Network Analysis, 9 advantages

A
  • Identifies critical activities
  • Resources can be transferred from activities with the use of float time
  • The implementation of strategy can be as speedy as possible- saves on many costs
  • Helps firms forecast their cash flow
  • Finds the shortest time possible for completing a complex project
  • Useful visual aid to communication
  • Forces managers to think about the activities involved in a strategy
  • Can be used to review progress on individual tasks
  • Network can be amended as the project goes on
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15
Q

Network Analysis (advantages), what can the critical activities being identified allow to be done and made sure of?

A

Supervising them closely to make sure they meet their deadline

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16
Q

Network Analysis (advantages), 4 examples of different functions that can start work at the earliest start time

A
  • Finance
  • Operations
  • Marketing
  • Human resources
17
Q

Network Analysis (advantages), how does it help firms forecast their cash flow?

A

It gives definite earliest start times when cash will need to be spent by different function allowing a firm to budget accurately

18
Q

Network Analysis (advantages), what can knowing the shortest finish time of a project give to a firm? > what type of management is it an important element of?

A
  • Competitive advantage

> Time-based management

19
Q

Network Analysis (advantages), when may a network need to be amended?

A

If there are changes and modifications to the progress of the project