Ch.17 Project Management - OP MGMT

What is a Statement of Work (SOW)?

A comprehensive project plan for completing all the necessary project work- The starting point for project success is the clarity and completeness of the project plan.

4 pieces of information about the Network activities...

ES: the earliest time activity can start, assuming all preceding activities start as early as possible. EF:the earliest time the activity can finish LS: the latest time an activity can start and not delay the project LF: the latest time the activity can finish and not delay the product.

Why is a new product development considered to be a project?

It is a well defined a calculated process that needs to be managed. - Clear and specific scopes provide framework for successful project execution.

The more positive the value the better a negative value of Z indicates that the specified time is earlier than the expected path duration.

Once the value of Z has been determined it can be used to obtain the probability that the path completed by the specific time.

Which of the following statements best describes the skills of the project manager?

Plans for the integration of the critical resources to meet the demands and constraints of a particular project- The project manager is responsible for the resources needed to complete projects.

What is a Gantt Chart?

Popular Visual tool for planning and scheduling simple projects - chart indicates which activities were to occur, their planned duration, and when they were to occur.

What is PERT?

Program evaluation and review technique- uses a network diagram to represent activities AOA.

What are the critical resources of a project?

Raw materials, equipment, money and time- to deliver projects on time and on budget requires resource management.

What happens when activities on the critical path are delayed?

The entire project can be delayed- Tasks on the critical path have zero slack time, a delay in these tasks will delay the completion of the project.

What defines the hierarchy of tasks, sub tasks, and work packages and breaks the work down into manageable pieces?

Work Breakdown structure- The work breakdown structure resembles an indented outline.

What are the main tools of projects?

Work breakdown structure- initial planning tool that is needed to develop a list of activities, activity sequences, and realistic budget. Netwrok diagram- a big picture visual that is used to estimate project duration, identify activities that are critical for a timely project, Gantt Charts- a visual aid used to plan and monitor individual activities. Risk Management- Analyses of potential failures or problems, assessment of their likelihood and consequences and contingency plans.

Probabilistic approach involves three time estimates for each activity:

1) optimistic time: the length of time required under optimum conditions represented by to. 2) Pessimistic Time: the length of time required under the worst conditions represented by tp. 3) most likely time: the most probable amount of time required represented tm.

Project life cycle-

1- initiaiting: begins the process by outlining costs, benefits, and risks associated with a project. 2- planning: this phase provides details on deliverables, scope of the project, budget schedule, milestones, performance objectives resources needed , a quality plan and a plan for handling risks. 3- executing: in this phase the actual work of the project is carried out. 4- monitoring & controlling- phase occurs at the same time as execution. Involves comparing 5- managing & control project resources- managing personnel, equipment and the budget.

What does successful project management require?

Careful control and monitoring of all critical resources.-To deliver projects on time and on budget requires resource management.

Longest path is also known as the

Critical path

CPM ?

Critical path method

What information is included in a Gantt Chart?

List of tasks, their start date & how long they will take - software packages are available for the development and construction of Gantt Charts.

What is a critical path?

Longest Path- Since a project is complete when all the tasks are complete; the critical path is the longest path.

Formula for "Z"-

Specified time-path mean/ Path st.dev

Why do project managers utilize the Critical Path Method (CPM)?

To ensure on time and on budget project completion- Tasks on the critical path have zero slack time; a delay in these tasks will delay the completion of the project.