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BA > CHAPTER 3 > Flashcards

CHAPTER 3 Flashcards

1
Q

The management of projects involves three phases:

A

Planning
Scheduling
Controlling

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2
Q

This phase includes goal setting, defining the project, and team organization.

A

Planning

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3
Q

This phase relates people, money, and supplies to specific activities and
relates activities to each other

A

Scheduling

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4
Q

—Here the firm monitors resources, costs, quality, and budgets. It also revises
or changes plans and shifts resources to meet time and cost demands.

A

Controlling

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5
Q

An organization formed to ensure that programs (projects) receive
the proper management and attention

A

Project organization

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6
Q

Defines a project by dividing it into more and more
detailed components.

A

Work breakdown structure (WBS)

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7
Q

Planning charts used to schedule resources and allocate time.
Project scheduling serves several purposes:

A

Gantt chart

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8
Q

Project scheduling serves several purposes:

A
  1. It shows the relationship of each activity to others and to the whole project.
  2. It identifies the precedence relationships among activities.
  3. It encourages the setting of realistic time and cost estimates for each activity.
  4. It helps make better use of people, money, and material resources by identifying critical
    bottlenecks in the project.
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9
Q

Computerized programs produce a broad variety of PERT/CPM reports, including

A

(1) detailed cost breakdowns for each task
(2) total program labor curves
(3) cost distribution tables
(4) functional cost and hour summaries
(5) raw material and expenditure
forecasts
(6) variance reports
(7) time analysis reports
(8) work status reports.

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10
Q

A project management technique that
employs three time estimates for each activity.

A

Program evaluation and review technique (PERT

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11
Q

The computed longest time path(s) through a network.
PERT and CPM both follow six basic steps

A

Critical path

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12
Q

A network diagram in which nodes designate activities.

A
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13
Q

A network diagram in which arrows designate activities.

A

Activity-on-arrow (AOA)

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14
Q

In an AOA network, the nodes represent the starting and finishing times of an activity and are also called

A

events

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15
Q

An activity having no time that is inserted into a network to maintain
the logic of the network.

A

Dummy activity

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16
Q

A process that helps determine a project schedule.

A

Critical path analysis

17
Q

Earliest time at which an activity can start, assuming that all predecessors have been completed

A

Earliest start (ES)

18
Q

Earliest time at which an activity can be finished

A

Earliest finish (EF)

19
Q

Latest time at which an activity can start, without delaying the completion time of the entire project

A

Latest start (LS)

20
Q

Latest time by which an activity has to finish so as to not delay the
completion time of the entire project

A

Latest finish (LF)

21
Q

A process that identifies all the early start and early finish times.

A

Forward pass

22
Q

A process that identifies all the early start and early finish times.

A

Forward pass

23
Q

FORWARD PASS FORMULA

A

ES = Max {EF of all immediate predecessors}
EF = ES + Activity time

24
Q

A process that identifies all the late start and late finish times

A

Backward pass

25
Q

Backward pass FORMULA

A

LF = Min {LS of all immediate following activities}
LS = LF – Activity time

26
Q

Free time for an activity.

A

Slack time

27
Q

Slack time FORMULA

A

Slack = LS − ES or Slack = LF − EF

28
Q

activities with zero slack are called

A

critical activities

29
Q

The “best” activity completion time that could be obtained in a
PERT network.

A

Optimistic time

30
Q

The “worst” activity time that could be expected in a
PERT network

A

Pessimistic time

31
Q

—The most probable time to complete an activity in a
PERT network.

A

Most likely time

32
Q

Shortening activity time in a network to reduce time on the critical path so total completion time is reduced.

A

Crashing

33
Q

Crashing FORMULA

A

Crash cost per period = (Crash cost – Normal cost) /
(Normal time – Crash time)

34
Q

As with every technique for problem solving, PERT and CPM have a number of advantages
as well as several limitations.

A

A CRITIQUE OF
PERT AND CPM

35
Q

Microsoft Project, the most popular example of specialized project management software,
is extremely useful in drawing project networks, identifying the project schedule, and managing project costs and other resources. True or false?

A

True

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