Project Management: Critical Path and PERT
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Questions and Answers

What is the focus of the transactional leadership style?

  • Building strong relationships
  • High motivation and engagement
  • Communication and collaboration
  • Exchanges and rewards (correct)

    • Proactive approach in conflict management includes defining roles and expectations.

    True

    What does the Dual Concerns Model help to understand?

    The negotiation process from the perspective of the individuals.

    Transactional leadership is less effective in driving ___ and long-term change.

    <p>innovation</p> Signup and view all the answers

    Match the leadership styles with their key characteristics:

    <p>Transformational Leadership = Can lead to burnout if demands are too high Transactional Leadership = Focuses on exchanges and rewards Proactive Approach = Emphasizes clear communication and role definition</p> Signup and view all the answers

    What is a key characteristic of mega projects?

    <p>Large-scale and complex</p> Signup and view all the answers

    The critical path method should not be applied when a project is behind schedule.

    <p>False</p> Signup and view all the answers

    Name one challenge that mega projects commonly face.

    <p>Cost overruns or scheduling delays.</p> Signup and view all the answers

    The critical path method is useful for projects that have a _____ deadline.

    <p>tight</p> Signup and view all the answers

    What is the significance of the critical path in project management?

    <p>It represents the longest path through a project network.</p> Signup and view all the answers

    Match the following project management strategies with their purpose:

    <p>Real-time monitoring = Track progress of tasks Network reviews = Assess impact of changes Risk management = Identify and mitigate risks Communication = Promote transparency</p> Signup and view all the answers

    What is the primary purpose of co-creation of value?

    <p>To achieve outcomes collaboratively</p> Signup and view all the answers

    A predecessor activity can begin before its predecessor is complete.

    <p>False</p> Signup and view all the answers

    Which factor does NOT influence the dynamic nature of project networks?

    <p>Regular team meetings</p> Signup and view all the answers

    Which component of the VRIO Framework addresses whether a resource is unique compared to competitors?

    <p>Rarity</p> Signup and view all the answers

    Only anchor firms are considered participants in a business ecosystem.

    <p>False</p> Signup and view all the answers

    Integrative negotiation focuses on competition and zero-sum outcomes.

    <p>False</p> Signup and view all the answers

    Name one intangible resource that organizations might possess.

    <p>Brand equity</p> Signup and view all the answers

    What does the term 'slack' refer to in project management?

    <p>The difference between the late and early start time.</p> Signup and view all the answers

    Collaboration and competition exist within business ecosystems.

    <p>True</p> Signup and view all the answers

    In project management, crashing refers to reducing the project duration by adding more ________.

    <p>resources</p> Signup and view all the answers

    What is one recommendation for managing network dynamics?

    <p>Invest in real-time monitoring tools.</p> Signup and view all the answers

    What does BATNA stand for in negotiation terms?

    <p>Best Alternative to a Negotiated Agreement</p> Signup and view all the answers

    The __________ capability allows organizations to develop new products that differentiate them in the market.

    <p>Innovation</p> Signup and view all the answers

    Which of the following best describes 'Operational Excellence'?

    <p>Delivering high-quality products or services efficiently</p> Signup and view all the answers

    Mega projects often experience _____ and environmental compliance challenges.

    <p>legal</p> Signup and view all the answers

    Match the following project management terms with their definitions:

    <p>Forward Pass = Calculates early start and finish times Backward Pass = Determines late start and finish times Slack = The difference between late and early start Crashing = Reducing project duration by adding resources</p> Signup and view all the answers

    The VRIO framework includes Value, Rarity, Imitability, and ________.

    <p>Organization</p> Signup and view all the answers

    Which activity is considered first when crashing a project?

    <p>Identify the critical path</p> Signup and view all the answers

    Which of the following is a way that business ecosystems create value?

    <p>Engaging in specialization</p> Signup and view all the answers

    Match the following leadership theories with their descriptions:

    <p>Transactional Leadership = Based on exchanges between the leader and followers Transformational Leadership = Motivates followers to pursue shared goals</p> Signup and view all the answers

    Mutual dependence among organizations in a network has no impact on their success.

    <p>False</p> Signup and view all the answers

    Which of the following is NOT considered a leadership quality?

    <p>Statistical analysis</p> Signup and view all the answers

    Tasks on the critical path have slack or float time.

    <p>False</p> Signup and view all the answers

    List two components involved in business systems.

    <p>Anchor firms and customers</p> Signup and view all the answers

    PRINCE2 provides a flexible methodology that must always be strictly followed.

    <p>False</p> Signup and view all the answers

    What is the formula used to calculate the expected activity duration using the TPT?

    <p>(O + 4M + P) / 6</p> Signup and view all the answers

    To succeed in a business ecosystem, organizations need to align their __________ across participants.

    <p>objectives</p> Signup and view all the answers

    Match the following components of business systems with their roles:

    <p>Anchor Firms = Provide core products Complementors = Supplementary products or services Suppliers = Raw materials and components Distributors = Deliver goods to customers</p> Signup and view all the answers

    What is the ZOPA in negotiation?

    <p>Zone of Possible Agreement</p> Signup and view all the answers

    Conflicts can be classified as either interpersonal or ________.

    <p>group-based</p> Signup and view all the answers

    What primarily drives long-term success in a business environment?

    <p>Trust and collaboration</p> Signup and view all the answers

    Match the following types of negotiation with their characteristics:

    <p>Distributive Negotiation = Based on competition and zero-sum outcomes Integrative Negotiation = Collaboration and creating value for all parties</p> Signup and view all the answers

    Study Notes

    Arrow on Arrow Diagram + Critical Path (CP)

    • Arrow diagrams visually represent project activities and their dependencies
    • Nodes represent activities; arrows depict sequence
    • Critical Path (CP) = longest sequence of dependent activities
    • Earliest Start Time (EST) + Duration = Earliest Finish Time (EFT)
    • Backward Pass calculates Late Start Time (LST) and Late Finish Time (LFT)
    • Slack/Float = LST - EST or LFT - EFT
    • Crashing an activity on the critical path shortens the project duration

    Calculating Crash Time

    • Crash time is the minimum amount of time a task can take
    • Required to calculate cost and time trade-offs
    • Calculate the cost of crashing the activities along the critical path

    PERT (Program Evaluation and Review Technique)

    • Three-point technique for task duration estimation
    • Uses optimistic, pessimistic, and most likely estimates
    • Accounts for uncertainty in task duration
    • Improved accuracy

    Critical Path Method (CPM)

    • Determines the critical path, which is the longest sequence of dependent activities in a project
    • Focuses on critical path tasks for effective resource allocation
    • Useful for shorting the project duration
    • It is crucial for identifying risks

    Cost/Benefit Technique

    • Used to evaluate the financial and non-financial aspects of a project
    • Helps to decide if a project is worth pursuing
    • Used to compare multiple options
    • To compare alternatives with cost and benefit analysis to pick the best

    Dynamic Nature of Networks

    • Projects evolve over time due to factors like changing technologies, resource availability, and scope changes
    • Planning and project management need to adapt as factors change

    Guidelines for Dynamic Networks

    • Real-time monitoring tools are important for project teams
    • Regular network reviews and risk assessments help predict and manage problems
    • Incorporate risk management practices early on
    • Continuously assess and mitigate risks
    • Adapt the network to reflect ongoing changes

    Sound Investment Recommendations

    • Invest in real-time updating technology
    • Allocate sufficient contingency funds for unexpected delays
    • Develop contingency plans for potential disruptions or changes
    • Provide training to the project team to develop expertise in Dynamic Project Management

    Baseline Plans and Policies

    • Foundation for project scope, schedule, and cost
    • Standards and expectations for project execution and monitoring
    • Baselines highlight the project's important areas
    • Scope baseline includes requirements, deliverables, and boundary conditions
    • Schedule baseline defines project timeline and milestones
    • Cost baseline shows the approved budget and expenses
    • Quality baseline specifies standards for project outputs and quality

    Impact of Changes to Baseline Plans

    • Changes to baselines can impact the project's timeline, budget, quality, risks, and stakeholder satisfaction
    • Changes may induce unforeseen or unanticipated problems

    How Organizations Create Resources

    • Organizations develop and acquire assets to allow them to deliver a product/service to their customer
    • Resources can include tangible assets, like property, equipment, and inventory; intangible assets, such as brand reputation and intellectual property; and human resources, such as employees' skills and knowledge

    Capabilities

    • Capabilities are the unique strengths of an organization that allow it outperform its competitors. They can range from operational excellence to customer centricity
    • Companies rely on these capabilities, which are distinctive, to succeed

    Theories of Negotiation

    • Distributive negotiation is where one party's gain is the other's loss
    • Integrative negotiation involves collaboration to create value for all parties
    • Effective negotiation requires communication, understanding, adaptability, clear objectives, and the ability to manage emotions

    Theories of Leadership

    • Theories aim to explain how individuals influence others to achieve common goals
    • Transformational and transactional leadership are different approaches; transformational leadership focuses on inspiring followers, while transactional leadership focuses on exchanges between leaders and followers

    Conflict

    • Conflict arises from differences in opinions and interests
    • Conflict can occur between individuals (interpersonal) or groups (organizational)
    • Managers need proactive strategies to manage conflicts effectively

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    Description

    This quiz covers the fundamental concepts of the Critical Path Method (CPM), including Arrow on Arrow Diagrams, calculating crash time, and the Program Evaluation and Review Technique (PERT). Test your knowledge on project activities, dependencies, and essential calculations to enhance your project management skills.

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