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Project or Prog Mgmt
Administration and Mgmt: Project or Program management, AICP Nov 2022 Test
| Term | Definition |
|---|---|
| Critical Path Method | Tool to analyze a project with an identified "critical path” of project tasks. Each project task has a known amount of time to complete and cannot be completed before the previous one is completed. The longest pathway is the critical pathway. |
| Program Evaluation Review Technique (PERT) | US Navy developed in 1950s. Scheduling method that graphically illustrates the interrelationships of project tasks. Good choice when precise time estimates are not available for project tasks |
| PERT Steps | 1 Identify the specific activities and milestones 2 Determine the proper sequence of the activities 3 Construct a network diagram 4 Determine the critical path 5Update the PERT chart as the project progresses |
| Goal Achievement Matrix (GAM) | Consists of competing projects in rows and objectionable scoring criteria in columns based on impact of costs or benefits for the line item |
| Gantt Chart | Dev in 1917 by Charles Gantt. Chart focuses on the sequence of tasks necessary for project completion. Defines when tasks should begin based on when other tasks are ending for the duration of the project. |
| Cost Benefit Analysis | Developed by Jules Dupuit in 1848. Estimates the total monetary value of the benefits and costs to the community to determine if it should be taken. (highways, public facilities). Used by Federal Navigation Act of 1936. |
| Cost Benefit Analysis Greater Than 1 | Means monetary benefits of project outweigh monetary cost. All costs and benefits are converted to a monetary value including social and environmental benefits w time specific for a project. |
| Cost Effectiveness | Developed by the military. Method for selecting among competing projects when resources are limited. (Community has $50,000 to spend should it go toward parks or the purchase of a lawnmower |
| Cost Effectiveness Ratio | Calculation is the Cost of new strategy - cost of current practice)/ (effect of new strategy - effect of current practice) |
| Net Present Value | Net monetary value of a project, discounted to today's present value. (today's value is $100, future value is $110 bc of interest) |
| Net Present Value Greater Than 0 | Means the monetary benefit outweighs its monetary costs. To calculate net present value you need to know the years of the project's lifespan, the quantified monetary benefits, the monetary costs and the interest rate for discounting purposes. |
| Internal Rate of Return | The annual rate of growth that an investment is expected to generate over a period of time. (analyze a new power plant or to renovate and expand an existing power plant) |
| Internal Rate of Return > Market Interest | Project would be financially beneficial. |
| Linear Programming | Project mgmt method that attempts to find the optimum design solution for a project. This system takes a set of decision variables within constraints and comes up with an optimum design solution. |
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cristinemshoff
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