3.10.3 Managing strategic implementation Flashcards
Network/critical path analysis, what does it work out?
The quickest, efficient, cost-effective way to finish a set of tasks or completing a complex project§
Network Analysis (networks), 3 times included
- Start times
- Finishing times
- Float time
Network Analysis (networks), why is it important to know the EST and LFT for each activity?
To make sure the whole project can be completed on time
Network Analysis (networks), what is there a risk of if you miss the latest start time of an activity? > unless?
- Not being able to finish the project on time
> Unless individual activities are done more quickly than predicted
Network Analysis (networks: float time), what is total float?
The length of time you can delay an activity without delaying the completion of the project
Network Analysis (networks: float time), how is it calculated?
Float time = LFT- duration - EST
Network Analysis, 2 types of situations when it is used?
- Implementing a strategy
- Planning a complicated project
Network Analysis, 2 examples of times within a business plan of when it is used
- Launch of a new product
- Building a new office block
Network Analysis, what does it allow a business to work out? > 2 examples
- 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
Network Analysis, 4 disadvantages
- 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
Network Analysis (disadvantages), what can happen if the time estimates are not accurate?
- The whole analysis being wrong, time being wasted for the business
Network Analysis (disadvantages), 2 processes of the network analysis that require a significant amount of planning and time
- Constructing the network
- Amending the network
Network Analysis (disadvantages), with there being tight deadlines, what can it tempt employees to do? > what can then suffer?
- Cut corners in the rush to meet deadlines
> Quality
Network Analysis, 9 advantages
- 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
Network Analysis (advantages), what can the critical activities being identified allow to be done and made sure of?
Supervising them closely to make sure they meet their deadline