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Operations Mngmt

Prof. Fandel: Chapter 18: Project Management

QuestionAnswer
Project A temporary and often customized initiative that consists of many smaller tasks and activities that must be coordinated and completed to finish the entire initiative on time and within budget.
Project Management Involves all activities associated with planning, scheduling, and controlling projects.
Activities Discrete tasks that consume resources and time.
Immediate Predecessors Those activities that must be completed immediately before an activity start. Precedence relationships ensure that activities performed in the proper sequence when they are scheduled.
Work Breakdown Structure A hierarchical tree of end items that will be accomplished by the project team during the project.
Project Network Consists of a set of circles or boxes called nodes, which represent activities, and a set of arrows called arcs, which define the precedence relationships between activities. * Called an activity-on-node (AON) network representation.
Critical Path The sequence of activities that takes the longest time and defines the total project completion time.
Critical Path Assumptions: 1 project network defines a correct sequence of work in terms of tech and workflow. 2 Acts. are assumed to be independent w/ clearly defined start and finish dates 3 act. time estimates are accurate and stable. 4 Act. continues uninterrupted
Crashing a Project Refers to reducing the total times to complete the project to meet a revised due date.
Crash Time The shortest possible time the activity can realistically be completed.
Crash Cost The total additional cost associated with completing an activity in its crash time rather than in its normal time.
Crash Cost per time = (Crash Cost - Normal Cost)/(Normal Time - Crash Time)
Created by: KAzetapi
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