BS8- Project Managment Flashcards
What is critical path analysis?
It is the process that allows the overall time of a project to be calculated, and to allow a diagrammatic network to be drawn which shows when activates should start and finish.
What does EST and LFT stand for?
Earliest start time
Latest finish time
State two advantages of using critical path analysis
- it provides a plan of times, this way they are not going to have to pay for worker to be sat around waiting costing them money
- it can be good to show when asking for finance
State two limitations of using critical path analysis
- It doesn’t show in detail about any of the activities
- it doesn’t take into consideration if something happens on the critical path, if that happens everything will be affected
What is float time
A float shows how much time an activity can over run by before it affects the next activity
Define total float
It represents the longest time which any activity’s start may be delayed without affecting the length of the project as a whole.
Define free float
It refers to the effect on the next activity and not the project as a whole, consequently any such delays are not as serious.
What is the formula for free float
Est of the next activity - duration of the activity - est at the start of the activity
What is the formula for total float
LFT of the activity - duration of activity - est of the activity
What is the PERT formula for estimated duration of a project and identify two benefits of using PERT?
Optimistic time +4 x likely time + pessimistic time / 6
Advantages-
- more realistic given the pessimistic view
- simple formula to apply
What are GANT charts and how do they compare to CPA?
They are graphical representations of the order and durations of given tasks within projects.
However they aren’t as easy to read and analysis as cpa
