3. What are the three phases involved in the management of a large project? 1. Planning: setting goals, defining the project, and team organization 2. Scheduling: relates people, money, and supplies to specific activities and relates activities to each other 3. Controlling: the firm monitors resources, costs, quality, and budgets, as well as revises or changes plans and shifts resources to meet time and cost demands 4. What are some of the questions that can be answered with PERT and CPM? • When will the entire project be completed • What are the critical activities or tasks in the project-which activities will delay the entire project if they are late • Which are the noncritical activities-the ones that can run late without delaying the whole project’s completion • What is the probability that the project will be completed by a specific date • At any particular date, is the project on schedule, behind schedule, or ahead of schedule • On any given date, is the money spent equal to , less than, or greater than the budgeted
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