Project Management - Post Midterm Flashcards
5 Project Management Phases
- Initiating
- Planning
- Executing
- Controlling
- Closing
Gantt Chart
Shows the required time for each activity and when each activity occurs.
Flow Diagram
Show precedence more clearly
Critical Path
Longest path through the process flow diagram
Enumeration Method
Identify all paths between the start node and the end node
Critical Activity
Any task in a project or process that directly affects the overall duration or timely completion of that project.
If it’s delayed, the entire project is delayed
Delaying a non-critical activity may not lead to a delay in the total completion time of the project. Is this true?
TRUE because a non-critical activities have slack (or float) — extra time they can be delayed without affecting the total project duration.
Botleneck
Determines the process capacity
Ways to short and activity
- Investing more money
- Adding a new technology
Crash Time Of An Activity
A new possible theoretical flow time
Minimum possible time to complete the activity
Crash Cost
Price to complete the activity if the flow time is shortened to the crash time.
Cost to complete the activity in the shortest time
Cost Slope
The extra cost we pay to shorten the
flow time of an activity per time unit.
Cost Slope Formula
NormalTime−CrashTime/CrashCost−NormalCost
Crashing Activities
- Crash the cheapest critical activity first
When to Crash an Activity
When you need to reduce the project duration
If it is worth the cost
Some activities cant be crased - If the table shows “NA” for crash time or crash cost
Precedence
Shows which activities must be completed before others can begin.
