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C722 - mods 24 25 26

Project Management

TermDefinition
duration the number of time periods required to complete some portion of the work
one point estimate the expert provides a single estimate for an activity based on either his or her own knowledge or historical information
triangular distribution (simple average) Activity Duration = O+M+P / 3
beta distribution (weighted average) Activity Duration = O+4M+P / 6
standard deviation Activity Estimate Standard Deviation = P−O / 6
deterministic estimate are appropriate when the activity durations are very predictable
probabilistic estimate are used when there is uncertainty in how long an activity will take
learning curve suggests that as a person repeats a task, the time required to complete the task decreases
nodes is a method of unique representation of each item in the precedence diagram. Every activity receives a node label as its unique identifier
precedence relationships finish to start, finish to finish, start to start, start to finish
finish to start is a logical relationship in which a successor activity cannot start until a predecessor has finished
finish to finish is a logical relationship where the successor task cannot be completed until the first task is completed
start to start you cannot start the successor activity until the predecessor activity has started
start to finish is where you cannot end the first task until the second task has started
network diagram visually shows the team and stakeholders how the schedule will unfold
gantt chart is a bar graph that shows the relationships in yet another format and can track more detail on each task and activity. One of its most visual relationships is time relationships with lag and lead time.
lead / lag time to extend a link backward or forward so that the successor task starts earlier or later than it otherwise would
critical path is the longest path through the network. In other words, this is the longest time period required in calendar dates.
float (sometimes called slack) is the amount of time an activity, network path, or project can be delayed from the early start without changing the completion date of the project
schedule compression fast tracking, crashing
fast tracking certain tasks are overlapped despite their dependencies.
crashing is to obtain the greatest amount of compression of the schedule/critical path for the least incremental cost or time
critical chain builds on the critical path method by going a step further adding time buffers to account for limited resources
Created by: drister05
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