Unit 3 - Activity Planning and Risk Management Flashcards
Objectives of Activity Planning:
- Feasible assessment
- Resource allocation
- Detailed costing
- Motivation
- Coordination
What is project scheduling?
Detailed planning of all the project activities. All the resources that are required for these activities should be efficiently delegated and each activity should have a start and an end date.
What are the four phases of project scheduling?
Initial stage - which activities in what sequence
Second phase - activity risk analysis
Third phase - allocating resources
Last phase - creating project schedule
What are project activities?
Project activities are a set of tasks which on completion will result in achieving the goals of the project in complete the project itself
Approaches to identifying activities
Activity based approach
Product based approach
Hybrid approach
Steps to build a work breakdown structure (WBS)
Step one: find out desired project results
Step two: list the major tasks
Step three: defining smaller tasks from the major ones
Step four: continue the process. Find component tasks of smaller tasks
Explain the five levels of hybrid approach:
Level one: specify the project name example 1.0
Level two: deliverables. Example 1.1, 1.2, 1.3…
Level three: components. Denoted as 1.1.1, 1.1.2…
Level four: work packages
Level five: tasks, individual responsibilities
What are network planning models?
Project activities and their links are modelling network models
Methods of network planning models
CPM and PERT (both use activity on arrow AOA)
Precedence diagram method uses activity on node AON
Formulating network models
- Only one start node
- Only one end node
- Node has duration
- Links have no duration
- Precedents become immediate proceeding activities
- Time moves from left to right
- May not contain loops
- Cannot have dangles
What is the risk?
Risk is an uncertain event that may or may not occur and can have a positive or negative impact on the project objectives
What are the categories of risk?
Project risk
Technical risk
Business risks
