Ch 16 - Project Management Flashcards
project
endeavor with a specific objective, multiple activities and defined precedence relationships, to be completed in a specified time period
program evaluation and review technique (PERT)
network planning technique used to determine a project’s planned completion date and identify the project’s critical path
critical path method (CPM)
network planning technique, with deterministic times, used to determine a project’s planned completion date and identify the project’s critical path
project activities
specific tasks that must be completed and that require resources
precedence relationships
establishes the sequencing of activities to ensure that all necessary activities are completed before a subsequent activity is begun
activity-on-node
network diagramming notation that places activities in the nodes and arrows to signify precedence relationships
critical path
the longest sequential path through the network diagram
probabilistic time estimate
process that uses optimistic, most likely, and pessimistic time estimates
deterministic time estimates
assumption that the activity duration is known with certainty
optimistic time estimate
the shortest time period in which the activity can be completed
most likely time estimate
the normal time that the activity is expected to take
pessimistic time estimate
the longest time period in which the activity will be completed
beta probability distribution
typically represents project activities
crashing
reducing the completion time of the project
critical chain approach
focus on the find due date that is based on the theory of constraints
project buffer
safety time placed at the end of the critical path
