Ch17 - Project Management CHAPTER 17 PROJECT MANAGEMENT KEY...

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Project Management CHAPTER 17 PROJECT MANAGEMENT KEY IDEAS 1. Projects. A project is a set of activities or specialized functions all directed toward achieving a unique objective or goal, usually within a specified time frame. 2. Gantt Charts. The Gantt Chart displays the component activities or tasks within a project in chronological order. Its advantage is its simplicity in preparation and interpretation. 3. PERT versus CPM. PERT stands for Program Evaluation and Review Technique. CPM stands for Critical Path Method. 4. Network Diagrams. A network diagram is a graphic representation of a project that that shows major project activities and their interrelationships. It is made up of arrows and nodes. The arrows indicate sequential relationships among activities. This information is extremely important for project planning, for time and cost estimation, and for allocating resources. 5. AOA versus AON. There are two types of network diagrams, activity-on-arrow (AOA) and activity-on-node (AON). In AOA diagrams, the arrows represent activities and the nodes represent the beginning and/or ending of activities. In AON diagrams, activities are represented by nodes, and the arrows simply indicate the direction of sequential relationships. 6. Network Paths and Critical Paths. A path is a sequence of activities beginning with the first node and ending with the last node. The path with the longest total of activity times is called the critical path , and the activities on that path are called critical activities . The term critical refers to timely project completion; if any activities on the critical path take more time than expected, and the increased time isn’t offset by a decrease somewhere else in that path, the project duration will increase. 7. Dummy Activities. AOA networks sometimes require the use of a dummy activity to clarify relationships. These zero-time activities are represented by a dashed arrow. A dummy activity would be used, for example, when two (or more) activities have some, but not all, predecessors in common. See the last two diagrams on the left side of Table 17-2 in your textbook. 8. ES/EF Times, LS/LF Times, and Slack. For deterministic time estimates, the algorithm for finding the critical path involves two passes through the data: first, a forward pass to find the early start (ES) and early finish (EF) times for each activity, and then a backward pass to find the late finish (LF) and late start (LS) times. The critical path is the path for which ES = LS and EF = LF for every member of that path. The slack time is the difference between LS and ES. Thus the activities on the critical path all have zero slack. The critical path duration is equal to the project duration. 9.
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Ch17 - Project Management CHAPTER 17 PROJECT MANAGEMENT KEY...

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