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 (A)

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 (B)</p> Signup and view all the answers

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

<p>False (B)</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. (D)</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 (A)</p> Signup and view all the answers

A predecessor activity can begin before its predecessor is complete.

<p>False (B)</p> Signup and view all the answers

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

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

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

<p>Rarity (B)</p> Signup and view all the answers

Only anchor firms are considered participants in a business ecosystem.

<p>False (B)</p> Signup and view all the answers

Integrative negotiation focuses on competition and zero-sum outcomes.

<p>False (B)</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 (A)</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 (D)</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 (C)</p> Signup and view all the answers

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

<p>Engaging in specialization (D)</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 (B)</p> Signup and view all the answers

Which of the following is NOT considered a leadership quality?

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

Tasks on the critical path have slack or float time.

<p>False (B)</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 (B)</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 (A)</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

Flashcards

Proactive Conflict Management

This approach aims to prevent conflicts by fostering clear communication, active listening, and establishing expectations for roles and responsibilities to prevent misunderstandings.

Conflict Resolution Methods

This involves finding compromises, collaborating for mutual benefit, or exploring other solutions to resolve conflicts.

Dual Concerns Model

This model assesses negotiations based on the concerns of both parties involved, understanding their needs and priorities.

Principled Negotiation

This structured method emphasizes focusing on the actual issues at hand rather than personal positions, emphasizing collaboration and finding solutions.

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Transformational Leadership

This style of leadership inspires and motivates followers to achieve higher goals, fostering innovation and change within an organization.

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Collaboration in Ecosystems

Organizations join forces, sharing knowledge and resources to achieve shared goals, achieving outcomes they couldn't on their own.

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Anchor Firm

A key player in a business ecosystem that provides the main product or service.

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Complementors

Companies that offer products or services that complement the main offering of the ecosystem.

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Suppliers

Organizations providing raw materials, technology, or components needed for the ecosystem to operate.

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Distributors

Organizations that deliver goods or services to end customers within the ecosystem.

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Regulators

Entities that ensure compliance with rules and standards within the ecosystem.

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Innovation Capability

The ability to create new products, processes, or services that differentiate an organization in the market.

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Operational Excellence

The ability to deliver high-quality products or services efficiently.

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Customer Centricity

The ability to understand customer needs deeply and provide tailored experiences.

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Agile & Adaptability

The ability to adapt quickly to changes in the market and be flexible to disruptions.

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Arrow Diagram

A diagram used for representing a project, where each arrow represents an activity, showing the time required and its predecessor activity.

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Critical Path

The longest path through a project network that determines the shortest time to complete the entire project. Any delay on this path affects the overall project.

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Forward and Backward Pass

A method used to calculate the earliest and latest start and finish times for each activity in a project network. It helps to identify critical activities and potential delays.

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Crashing

A technique used to shorten the project duration by adding resources, extending hours, or working overtime. It typically involves increased cost.

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Cost Benefit Analysis

A method to evaluate financial and non-financial outcomes of decisions by considering costs, benefits, and risks. It helps prioritize tasks and justify project choices.

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Project Network Diagram

A visual representation using arrows and nodes to show the tasks and dependencies in a project. It helps understand the flow of work.

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Three Point Technique (TPT)

A technique to estimate activity duration using optimistic, pessimistic, and most likely estimates. (O + 4M + P) / 6

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Key Features of Critical Path Method

Key characteristics of the critical path method include: Zero slack for tasks on the critical path, high priority for these tasks, focused effort on critical tasks, efficient resource allocation, and effective timeline management.

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VRIO Framework

Evaluates whether a resource or capability provides a sustainable competitive advantage by assessing its value, rarity, imitability, and organization.

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Best Alternative to a Negotiated Agreement (BATNA)

The most favorable outcome a party can achieve if negotiations break down. It acts as a fallback position.

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Zone of Possible Agreement (ZOPA)

The range of acceptable outcomes where both parties can potentially find a mutually beneficial agreement.

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Reservation Point

The minimum acceptable outcome a party is willing to accept in a negotiation. A negotiator will not accept a deal below their reservation point.

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Distributive Negotiation

A negotiation style based on competition, where one party's gain comes at the expense of the other party.

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Integrative Negotiation

A negotiation style focused on collaboration, where parties work together to create value for everyone involved.

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Transactional Leadership

A leadership style based on an exchange of rewards or punishments for performance. Leaders motivate followers through incentives and consequences.

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PRINCE2

A structured framework for managing projects effectively, focusing on defined principles, themes, and processes.

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Conflict

A state of disagreement or conflict that arises from differences in opinions, values, interests, or perceptions.

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Critical Path Method

A project management technique used to identify the longest chain of tasks, known as the "critical path", which directly impacts the overall project duration.

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Dynamic Nature of Networks

The ability of project networks to change in response to internal and external factors, affecting the project timeline and resources.

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Unforeseen Delays

Unexpected events that can disrupt the planned project schedule, impacting the critical path and increasing project risk.

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Mega Projects

Large-scale, complex projects with significant budgets, often exceeding $1 billion in cost.

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Cost Overruns

The tendency for mega projects to exceed their initial budget due to unexpected scope changes, delays, and inflation.

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Scheduling Delays

Challenges faced by mega projects due to the need for extensive stakeholder negotiations, impacting the overall project timeline.

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Business Ecosystems

A network of interconnected organizations, including businesses, suppliers, customers, and government entities, working together to create and share value.

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Specialization

Focusing on specialized skills and expertise within a business ecosystem to create and deliver unique value.

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Innovation

The introduction of new technologies, products, and services within a business ecosystem, leading to mutual benefits for all participants.

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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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