Final Exam - Chapter 18 Flashcards
Critical Path Method(Deterministic Method)
An approach to scheduling and controlling project activities. Critical path is the longest path on your network
Work Breakdown Structure
A hierarchical tree of end items that will be accomplished by the project team during the project
Project Management
Involves all activities associated with planning, scheduling, and controlling projects
Project
Temporary and often customized initiative that consists of many smaller tasks and activities that must bee coordinated and completed within time and budget
Crashing a Project?
Refers to reducing the total time to complete a project. Ex If you want to crash a project you include more resources to finish. such as people, machinery etc.
PERT(Project Evaluation and Reviewing Technique)
Developed to handle uncertainties in activity completion time
Optimistic Time
Activity Time under Ideal Conditions
Most probable time
Most likely activity time
Pessimistic Time
Activity Time if breakdowns or serious delays occur
Test Question What is the probability of finishing this project?
If it is not deterministic then it is not 100%
What is the probability you will finish in exactly 22 weeks?
Can not answer this question when focusing on continuous distribution
