Chapter 8 - ManagementScience ManagementScience BIT2406...

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Management Science Management Science BIT 2406 BIT 2406 Chapter 8 Chapter 8 Project Management Project Management 1 BIT 2406
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Reading Questions Reading Questions 1. What are the  elements of project planning? 2. What are the characteristics of a project team? 3. What components are involved in a "Work Breakdown Structure"? 4. What is a Gantt chart and how does it work? 5. What are the similarities and differences between CPM and PERT? 6. What is an AOA network, and how is it drawn? 7. What is an AON network, and how is it drawn? 8. What is a critical path, and what are its properties? 9. What are forward and backward passes in a project network? 10.How do we calculate the average completion time and the variability  in a probabilistic project network? BIT 2406 2
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Chapter Topics Chapter Topics The Elements of Project Management CPM/PERT Networks Probabilistic Activity Times Microsoft Project Project Crashing and Time-Cost Trade-Off Formulating the CPM/PERT Network as a Linear  Programming Model Time-Cost Trade-Off with Linear Programming BIT 2406 3
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Project Management Project Management Project analysis is one of the most popular uses of  networks. Networks illustrate the way in which the parts of the  project are organized, and they can be used to  determine the time duration of the projects. Network techniques used for project analysis: CPM (Critical Path Method) PERT (Project Evaluation and Review Technique) BIT 2406 4
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CPM and PERT CPM and PERT Originally two primary differences between CPM and  PERT: In CPM a single, or deterministic, estimate for activity time was  used, whereas with PERT probabilistic time estimates were  employed. In PERT, activities were represented as arcs, or arrowed lines,  between two nodes, or circles, whereas in CPM, activities were  represented as the nodes or circles. CPM and PERT have been effectively merged into a single  technique conventionally referred to as CPM/PERT. CPM and PERT were developed independently at  approximately the same time during the late 1950s. BIT 2406 5
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Project Management Project Management Project management reflects a commitment of resources  and people to a typically important activity for a  relatively short time frame, after which the management  effort is dissolved. Three major processes of Project Management: Project Planning Project Scheduling Project Control BIT 2406 6
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The Project Management Process The Project Management Process BIT 2406 7
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Project Planning Project Planning Project Plans generally include the following basic elements: Objectives – a detailed statement of what is to be accomplished by the 
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