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Project Management

A project is a one-time set of tasks designed to achieve a significant outcome, involving substantial investment and resources. Projects are strategically important, requiring careful execution within budget and time constraints. This guide outlines the five phases of the project life cycle: conception, feasibility analysis, planning, execution, and termination. It also introduces network planning techniques like PERT and CPM, which help manage complex activities and visualize task relationships. Understanding these elements is crucial for successful project management.

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Project Management

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  1. Project Management Chapter 16

  2. What is a project? • A one-time set of related tasks that produce a major output and usually • Involves many tasks • Requires significant investment • Uses significant inputs • Has some tasks must be completed before others can be started • Is strategically important to the firm

  3. Examples of Projects • Starting a new business • Designing and launching a new product or model • Evaluating a merger or acquisition • Opening a new facility • Designing new equipment • Selecting and installing new software • Writing a new human resources manual • Construction or major renovations

  4. Project Requirements • Superior quality • Completed on time • Completed within budget

  5. Five Project Life Cycle Phases • Conception: identify the need • Feasibility analysis or study: costs benefits, and risks • Planning: who, how long, what to do? • Execution: doing the project • Termination: ending the project

  6. Network Planning Techniques • Program Evaluation & Review Technique (PERT): • Developed to manage the Polaris missile project • Many tasks pushed the boundaries of science & engineering (tasks’ duration = probabilistic) • Critical Path Method (CPM): • Developed to coordinate maintenance projects in the chemical industry • A complex undertaking, but individual tasks are routine (tasks’ duration = deterministic)

  7. Both PERT and CPM • Graphically display the precedence relationships & sequence of activities • Estimate the project’s duration • Identify critical activities that cannot be delayed without delaying the project • Estimate the amount of slack associated with non-critical activities

  8. Network Diagrams • Activity-on-Node (AON): • Uses nodes to represent the activity • Uses arrows to represent precedence relationships

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