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DESC MIDTERM > Ch. 15 Project Management > Flashcards

Ch. 15 Project Management Flashcards

1
Q

the process of organizing, planning, and monitoring an effort consisting of various constraints

A

Project Management

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2
Q

Characteristics of project management:

A

Many projects do not finish on schedule or budget

Time delays frequently occur.

Budget overruns are common-place

Many projects fall short of planned technical content

Some projects are canceled before completion

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3
Q

how is project management different from management of more traditional activities?

A

has limited time framework and unique set of activities involved, which gives rise to a host of unique problems

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4
Q

a person who promotes and supports a project

A

project champions

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5
Q

a hierarchical listing of what must be done during a project

A

work breakdown structure (WBS)

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6
Q

A Project is

A

Interrelated set of activities

Each activity has a definite starting/ending point

Some tasks can be conducted in parallel

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7
Q

Activity

A

The smallest unit of a project

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8
Q

network diagram convention in which nodes designate activities
has a starting node, S, which is actually not an activity but is added in order to have a single starting node
activities are referred to by a letter (or number) assigned to a node

A

activity-on-node (AON)

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9
Q

network diagram convention in which arrows designate activities
activities can be referred to by their endpoints or by a letter assigned to an arrow

A

activity-on-arrow (AOA)

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10
Q

Project management 3 points

A

Defining project goals
Planning project activities
Coordinating resources

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11
Q

A planning system for integrating schedules, costs, and resource allocation

A

Earned value analysis—

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12
Q

CAPM

A

critical path method

for planning and coordinating large projects

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13
Q

PERT

A

program evaluation and review technique

for planning and coordinating large projects

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14
Q

How are earliest start dates calculated?

A

They are computed by adding up the durations of tasks along the network paths from left to right

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15
Q

”

How is the earliest completion date calculated?”

A

Add the expected duration to the earliest start date

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16
Q

Define backward path analysis?

A

A way to calculate the latest start and completion for all tasks in a project network
The backward pass is done by starting with the project completion date (defined by the critical path), and then subtracting the task times from right to left along the paths in the network.

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17
Q

individual responsible for managing the overall effort

A

Project Manager

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18
Q

cross-functional group assigned to specific task functions

A

Project Team

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19
Q

structure used to organize and implement the project

A

Project Management System

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20
Q

Project life cycle

A

(1) initiating
(2) planning
(3) executing
(4) monitoring and controlling
(5) closing

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21
Q

initiating phase of a project:

A

goals, specifications, feasibility, tasks, responsibilities

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22
Q

planning phase of a project:

A

schedules, budgets, resources, risks, staffing

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23
Q

executing phase & monitoring/controlling phase of a project:

A

status reports, changes, quality, manage, monitor and control

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24
Q

closing phase of a project

A

train customer, transfer documents, release resources, reassign staff, lessons learned

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25
Q

A type of bar chart that depicts the tasks on the vertical axis and time intervals on the horizontal axis
you can add percentage completed as well

A

Gantt Chart

26
Q

Gantt Chart Facts

A

a popular visual tool for planning and scheduling simple projects
fails to reveal certain relationships among activities that can be crucial to effective project management

27
Q

a hierarchical listing of what must be done during a project

A

work breakdown structure (WBS)

28
Q

diagram of project activities that shows sequential relationships by use of arrows and nodes

A

network (precedence) diagram

29
Q

the minimum time required to complete all of the project tasks

A

Critical Time

30
Q

the set of activities with zero slack that require the longest time to complete. There can be more than one CP

A

Critical path

31
Q

project costs

A

Budget

32
Q

consume resources and/or time.

A

activities

33
Q

the starting and finishing of activities, designated by nodes in the AOA convention

A

events

34
Q

“the longest path; determines expected project duration

–has 0 slack”

A

critical path

35
Q

allowable slippage for a path; the difference between the length of a path and the length of the critical path

A

slack

36
Q

estimates of times that allow for variation

A

probabilistic

37
Q

time estimates that are fairly certain

A

deterministic

38
Q

expected length of the project

A

equal to the length of the critical path

39
Q

the earliest time activity can start, assuming all preceding activities start as early as possible

A

ES

40
Q

the earliest time the activity can finish

A

EF

41
Q

the latest time the activity can finish and not delay the project

A

LF

42
Q

the length of time required under optimum conditions, represented by To

A

optimistic time

43
Q

”

the length of time required under the worst conditions; represented by Tp”

A

pessimistic time

44
Q

the most probable amount of time required; represented by tm

A

most likely time

45
Q

the shortest time in which the activity can be completed, if all goes exceptionally well

A

Optimistic (MO):

46
Q

the probable time required to perform the activity

A

Most likely (ML):

47
Q

the longest estimated time required to perform an activity

A

Pessimistic (MP):

48
Q

Task Times Distributions

A

Constant

Normal

Beta

49
Q

variance of each activity time

A

the size of the variance reflects the degree of uncertainty associated with an activity’s time; the larger the variance, the greater the uncertainty

50
Q

represented by a normal distribution

A

path distribution

51
Q

2-4-6

A

2=optimistic time
4=most likely time
6=pessimistic time

52
Q

z – what does it stand for?

A

indicates how many standard deviations of the path distribution the specified time is beyond the expected path duration

  • -the more positive the value, the better
  • -a negative value of z indicates that the specified time is earlier than the expected path duration
  • -the probability is equal to the area under the normal curve to the left of z
53
Q

rule of thumb for z

A

if the value of z is +3.00 or more, treat the probability of path completion by the specified time as 100%

54
Q

Constant

A

All three time are equal.

55
Q

Normal

A

Both the optimistic time and the pessimistic times are equal distance from the most likely time.

56
Q

Beta

A

Either the optimistic or pessimistic time is further distance from the most likely time.
used to describe the inherent variability in activity time estimates
can be symmetrical or skewed to either the right or the left according to the nature of a particular activity
the mean and variance of the distribution can be readily obtained from the three time estimates
the distribution is unimodal with a high concentration of probability surrounding the most likely time estimate

57
Q

Single time estimates

Multiple time estimates

A

Network

58
Q

is an analytical method for determining the optimal way to reduce overall project time at minimum cost
Goal to reduce project time and properly allocate resources
Objective is to achieve a given project schedule based on minimizing the total crashing cost
Typically, the activities with the lowest crashing costs that are on the critical path(s) are initially selected
Often, linear programming is used for determining the optimal crashing schedule
Not all tasks can be crashed

A

Minimum cost scheduling (Crashing)

59
Q

—The process of determining which tasks should be

A

Crashing

60
Q

—The minimum time in which a task can be completed

A

Crash time—

61
Q

shortening activity duration

  • -can do this by increasing direct expenses to speed up the project, thereby realizing savings on indirect project costs
  • -activities on the critical path are potential candidates for crashing, because shortening noncritical activities would not have an impact on total project duration
A

crash

62
Q

procedure for crashing

A

(1) crash the project one period at a time
(2) crash the least expensive activity on the critical path
(3) when there are multiple critical paths, find the sum of crashing the least expensive activity on each critical path. If two or more critical paths share common activities, compare the least expensive cost of crashing a common activity shared by critical paths with the sum for the separate critical paths

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