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Project Management. Chapter 3 BUSI 2106 – Operations Management. Project s and Project Management. What is a project? What is project management? Why is project management so important? What three basic activities are in project management?. Project s and Project Management.

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Project management

Project Management

Chapter 3

BUSI 2106 – Operations Management

Project s and project management
Projects and Project Management

  • What is a project?

  • What is project management?

  • Why is project management so important?

  • What three basic activities are in project management?

Project s and project management1
Projects and Project Management

  • What is a project?

    • A “unique event” with a unique goal

    • With a start, end, work, inputs and outputs.

    • Work, outside of the defined production system

  • What is project management entail?

    • Planning – activities to be done

    • Scheduling - work

    • Controlling – resources

Project s and project management2
Projects and Project Management

Project s and project management3
Projects and Project Management

  • Why is project management so important?

    • Projects can be complex

    • The track record for project success is actually low

    • (at cost, on time, to spec)

    • Must coordinate resources across functional lines


  • Work Breakdown Structure (WBS) – hierarchical representation of project work, broken down into individual activities


  • Gantt chart – shows sequences of activities, start and end dates.


  • Controlling Costs and Time

  • Use of software

    • Microsoft Project

    • Fast Track

    • MacProject

    • OpenWorkBench

Pert cpm

  • Diagram Representation of a project, its activities and sequence

  • Six Steps

    • Define Project, Build WBS

    • Develop sequences – what tasks must be complete before another one starts

    • Draw network diagram connecting all activities

    • Assign time and cost estimates for each activity

    • Compute critical path

      • Why is it critical?

    • Use the diagram to help plan, schedule, monitor, etc.

Pert cpm step 2
PERT/CPM: Step 2

  • Develop sequences

Pert cpm step 3
PERT/CPM: Step 3

  • Draw network diagram

Pert cpm step 4
PERT/CPM: Step 4

  • Assign time and cost

Pert cpm step 5
PERT/CPM: Step 5

  • Compute critical path

  • Substeps

    • Forward Pass: Assign earliest start (ES) and earliest finish (EF) to each activity

    • Backward Pass: Assign latest finish (LF) and latest start (LS) to each activity

    • Calculate slack time for each activity

    • Identify critical path activities (activities where slack = 0)

Pert cpm step 51
PERT/CPM: Step 5

  • Page 70 (the one with the transparencies)

Variability in activity times
Variability in Activity Times

  • Many techniques to make more accurate estimations

  • Three time estimates (optimistic (a), pessimistic (b), most likely (m))

  • Time = (a + 4m + b)/6

  • Variance = ([b + a]/6)^2

Probability of project completion
Probability of Project Completion

  • When you need to know the probability that a project will be completed at/before a certain time

Probability of project completion1
Probability of Project Completion

  • “what is the probability that my this project, estimated to be finished in 15 weeks, will be complete in under 16 weeks?”

  • Find the z-score of 16 weeks

Project crashing
Project Crashing

  • Sometimes you need to add extra resources to speed up

  • Steps

    • Compute crash cost per time pd (week, day, etc) for each activity

    • Find critical path

    • On critical path, select the activity with the smallest crash cost.

      • Crash this activity by one pd

      • May need to check other activities on other critical paths

    • Update all activity times. Repeat from step 2 if needed.