Ch 27 Project management (A Level) Flashcards
Define project
a specific and temporary activity with a starting and ending date, clear goals, defined responsibilities and a budget
4 basic elements of any project
resources - the people, equipment and materials
time
money
scope - the overall size and scale of the project and the specific objectives set for it
Define project management
using modern management techniques to carry out and complete a project from start to finish in order to achieve pre-set targets of quality, time and cost
5 key elements of project management
defining the projects, setting clear objectives
dividing the project up into manageable tasks and activities
controlling the project at every stage to check that time limits are being kept to
giving each team member a clear role
providing controls over quality issues and risks
Reasons why projects fail (7)
customers were not involved in the planning and development process
the project had inadequate or no resources that were vital for its completion
senior management did not seem interested
project specification kept changing
poor planning
the project’s scope was outdated due to change in business environment
project team was incompetent
Define critical path analysis (CPA)
a planning technique that identifies all tasks in a project, puts them in the correct sequence and allows for the identification of the critical path
Define network diagram
the diagram used in CPA analysis that shows logical sequence of activities and the logical dependencies between them - and the critical path can be identified
Define critical path
the sequence of activities that must be completed on time for the whole project to be completed by the agreed date
Advantages of CPA (6)
Most importantly – helps reduce the risk and costs of complex projects
Encourages careful assessment of the requirements of each activity in a project
Help spot which activities have some slack (“float”) and could therefore transfer some resources = better allocation of resources
A decision-making tool and a planning tool – all in one
Provides managers with a useful overview of a complex project
Links well with other aspects of business planning, including cash flow forecasting and budgeting
Disadvantages of CPA (4)
Reliability of CPA largely based on accurate estimates and assumptions made
CPA does not guarantee the success of a project – that still needs to be managed properly
Resources may not actually be as flexible as management hope when they come to address the network float
Too many activities may make the network diagram too complicated.
Activities might themselves have to be broken down into mini-projects
