project management Flashcards
Project management
The process of organizing and coordinating resources to achieve specific goals and objectives within a defined timeline and budget.
reasons for using project management within business
- Improved efficiency and productivity
- Better risk management
- Enhanced collaboration and communication
- Increased profitability
- Improved customer satisfaction
- Better decision making
Grant charts
Gantt charts are graphical representations of a project’s schedule, showing the start and end dates of tasks, as well as any dependencies between tasks. Gantt charts provide several benefits in project management, including:
- they clearly show the start and end dates of tasks
- help project managers plan and schedule tasks, ensuring that resources are allocated in the most effective way.
- Enhanced communication
- help hold team members accountable for their tasks and deadlines.
- Improved risk management
Critical path analysis
The critical path is the longest path through the network of tasks and represents the minimum time required to complete the project.
Benefits:
- Improved project schedule
- Better resource allocation
- clear visual representation of the project schedule
- Improved risk management
- Increased efficiency
Program evaluation and review technique (PERT)
PERT involves creating a network diagram that displays the interdependent tasks and events of a project, and uses this information to estimate the expected duration of the project. P ERT is often used in conjunction with the critical path method (CPA) to plan and control the scheduling, cost, and quality of large, complex projects.
explain the nature and purpose of Gantt charts and network analysis diagrams
Earliest start time (EST)
Latest finish time (LFT)
Total float
Free float
Critical pathway
How to identify the critical pathway
Optimistic time in CPA
Pessimistic time in CPA
Most likely time in CPA
