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COMM 225: Operations management > ch 17 PP: > Flashcards

ch 17 PP: Flashcards

1
Q

Projects

A

unique, one-time operations

specific set of objectives

limited time frame

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2
Q

Performance Goals

A

respect schedule

respect budget

respect performance

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3
Q

Project Phases

A
  1. project initiation
  2. planning and scheduling
  3. execution and control
  4. closeout
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4
Q

Project Manager’s Responsibilities

A

Work

Quality

Human Resources

Time

Communications

Cost

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5
Q

Project planning

A

analyzing the project into work packages & activities, estimating resources, durations, scheduling, etc

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6
Q

Quality planning

A

How project and product quality is to be assured and controlled

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7
Q

Communications planning

A

Determining the nature of information needed by stakeholders and how to satisfy these needs

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8
Q

Purchase planning

A

What to purchase, specifications, supplier evaluation and selection, awarding contracts

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9
Q

Risk

A

occurrence of events that have undesirable consequences

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10
Q

Risk management

A
  1. Identify potential risks
  2. Analyze and assess risks
  3. Work to minimize occurrence of risk
  4. Establish contingency plans
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11
Q

Project Management Tools

A

Work Breakdown Structure (WBS)

Gantt chart

CPM/PERT

Software (e.g. Microsoft Project)

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12
Q

WBS (Work Breakdown Structure)

A

A hierarchical listing of what must be done during a project

Establishes a logical framework for identifying the required activities for the project

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13
Q

Establishing a logical framework for identifying the required activities for the project steps?

A
  1. Identify the major components of the project
  2. Identify the major subcomponents
  3. Break down subcomponents into work packages
  4. Break down each work package into a list of the activities that will be needed to accomplish it
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14
Q

Project Scheduling

A

Determining the timing of activities of the project

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15
Q

PERT (program evaluation and review technique) and CPM (critical path method)

A

techniques used to schedule and control large projects

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16
Q

Precedence Network

A

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

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17
Q

Activity on arrow (AOA)

A

Network in which arrows designate activities

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18
Q

Activity on node (AON)

A

Network in which nodes designate activities

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19
Q

Path

A

A sequence of activities that leads from the starting node to the finishing node

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20
Q

Critical path

A

The longest path from start to end

determines expected project duration

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21
Q

Critical activities

A

Activities on the critical path

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22
Q

Path slack time

A

Allowable slippage for a path

length of a path – length of critical path

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23
Q

Deterministic

A

Time estimates that are fairly certain

24
Q

Probabilistic

A

Time estimates that allow for variation

25
Q

meanings of ES, EF, LS, LG

what are they used to determine?

A

ES: earliest time the activity can start

EF: earliest time the activity can finish

LS: latest time the activity can start

LF: latest time the activity can finish

Expected project duration

Activity slack times

Critical path

26
Q

Slack can be computed in which two ways?

A

Slack = LS – ES

Slack = LF – EF

27
Q

Critical path

A

The critical path is indicated by the activities with zero slack

28
Q

advantages of slack time

A

Helps planning of allocation of scarce resources

efforts directed toward activities that might delay project

assumption that activities will be started as early as possible and not exceed their expected time

29
Q

what do we mean when we say that slack time is shared?

A

If two activities on the same path have the same slack, this is total slack available to both

30
Q

The beta distribution

A

used to describe the inherent variability in activity durations

31
Q

The probabilistic approach involves which three time estimates

A

Optimistic time, (to)

Pessimistic time, (tp)

Most likely time, (tm)

32
Q

Optimistic time, (to)

A

The length of time required under optimal conditions

33
Q

Pessimistic time, (tp)

A

The length of time required under the worst conditions

34
Q

Most likely time, (tm)

A

The most probable length of time required

35
Q

The expected time, te ,for an activity

A

weighted average of the 3 time estimates

te = (to + 4tm + tp) / 6

36
Q

The expected duration of a path

A

equal to the sum of the expected times of the activities on that path

37
Q

The standard deviation of each activity’s time

A

estimated as 1/6th of the difference between pessimistic and optimistic estimates

38
Q

The variance

A

the square of the standard deviation

39
Q

Standard deviation of the expected time for the path

A

sum of variances of each activity on a path

40
Q

we use the path mean & standard deviation to compute what?

A

probability that the project will be completed by a certain time

probability that the project will take longer than its expected completion time

41
Q

independence of path durations must be respected by which conditions?

A

activity durations must be independent,

each activity must be on only one path

42
Q

PERT/CPM: Determining Path Probabilities steps

A
  1. Determine 3 time estimates
  2. Calculate Expected Time (Mean)
  3. Calculate Activity Variance
  4. Calculate Critical Path Variance (sum of variances of activities on critical path)
  5. Calculate Z score of duration
  6. Find Area of Z score (Appendix B: Normal table)
  7. probability that time will be within specified = area probability that time will exceed specified = 1 – area
43
Q

To determine the probability that the project will be completed within the specified time, what do we do?

A

Calculate probability that each path will be completed within the specified time

Multiply these probabilities

44
Q

Simulation

A

Used when activity times may not be independent

Repeated sampling is used

Many passes are made through the network

In each pass, a random value for each activity selected from the probability distribution

After each pass, project’s duration is determined

After many passes, a frequency distribution of the project duration is prepared

this frequency distribution used for probabilistic estimates of project duration

45
Q

Crashing

A

Shortening activity durations

46
Q

motivations to crashing

A

Avoid late penalties

Monetary incentives for early completion

Free resources for other projects

Reduce indirect costs

47
Q

Options to crashing

A

Add more personnel

More (or more efficient) equipment

Relax specifications

48
Q

To make decisions concerning crashing requires information about what?

A

Regular time and crash time estimates for each activity

Regular cost and crash cost estimates for each activity

A list of activities that are on the critical path

Critical path activities are potential candidates for crashing

49
Q

why are non critical path activities not potential candidates for crashing?

A

Crashing non-critical path activities would not have an impact on overall project duration

50
Q

Crashing: Procedure

A

Crash least expensive activity on the critical path

After each crash, recalculate critical path

Crash activities on critical path one period at a time, until crash cost > benefit

if more than one critical path, crash the cheaper of

a common activity shared by the critical paths

sum of least expensive activities on each critical path

51
Q

Student’s Syndrome

A

a student tends to delay the start of an assignment until the last possible time

52
Q

Parkinson’s law

A

work expands to fill the time available for its completion

53
Q

how to fight Student’s Syndrome and Parkinson’s law

A

do not disclose due dates of activities to workers.

prioritize, schedule accordingly, and do activities asap.

eliminate padding in activity time estimates

add buffer time to end of critical chain (= longest path considering constraints)

54
Q

Scheduled time overrun

A

Scheduled time overrun = PV - EV

Planned Value (PV)

Earned Value (EV)

55
Q

Cost overrun

A

Cost overrun = actual cost - EV

Earned Value (EV)

56
Q

Gyu Project Management Softwares

A

Microsoft Project

Deltek (Welcom)

57
Q

Deltek (Welcom) supports what

A

Portfolio analysis

Risk management

Planning and scheduling

Project collaboration

Complete earned value management

COMM 225: Operations management (17 decks)

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