Project Management

Question 1

What is a project?

Answer 1

A series of related jobs, usually directed towards some major output, and takes significant period of time to perform

Question 2

Project management?

Answer 2

Planning, sourcing, directing > to meet the techinical, cost, and time constraints of the project

Question 3

How do we organize the project team? Hint: PP FP MP

Answer 3

Pure project: Every team member work full time on the project

Functional Project: one functional area of the firm, often part-timed

Matrix Project: Blend of functional and pure

Question 4

How do we define the project?

Answer 4

Statement of Work - written description of all the objectives to be achieved

Question 5

Task

Answer 5

Further Subdivision of the project

Question 6

Work Package

Answer 6

All of the activites to be assignable to the organizational unit

Question 7

How do we define the project?

Answer 7

Project milestone - which is specific events during the project

Work Breakdown structure- defines the hierarchy

Activities - pieces of work that consume time

Question 8

Network Planning Models

Answer 8

CPM, PERT and Project crashing

Question 9

CPM?

Answer 9

Critical Path method - Determine how long a task takes, Determine the critical path, then calculate Es/EF and Ls/LF

Question 10

What do you use when activity times vary?

Answer 10

You use the three times estimate - PERT

a = minimum
b = maximum
m = most likely
ET = Estimated time
o2 = Variance

a+4m+b/6

o2=(b-a/6)^2

Question 11

How do we project crash?

Answer 11

Project crashing is a type of extension to the CPM model- where can we save time?

We need to detemine the CPM diagram, then determine the cost per unit of time to expedite each activity, compute the critical path, shorten the critical path at the point where costs are lowest. Plot project, indirect, and total cost curves to find the minimum cost schedule

CC - NC / NT - CT