Project management

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Questions and Answers

What is formed by one or more work packages?

  • Cost account (correct)
  • Project timeline
  • Engineering budget
  • Design account

A Gantt chart displays tasks or activities versus cost.

False (B)

What information is needed to create a Gantt chart?

Project tasks, precedence relationships, expected duration

To create a Gantt chart, you need the project tasks, the precedence relationship, and the expected __________ of each task.

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

Match the following components with their associated cost accounts:

<p>Design = Design Cost Account Manufacturing = Mfg Cost Account Drafting = Drafting Cost Account Engineering = Engineering Cost Account</p> Signup and view all the answers

Which of the following is NOT part of the cost accounts listed?

<p>Mechanical Cost Account (A)</p> Signup and view all the answers

A full-scale fan rig is associated with the testing phase.

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

What does a cost account primarily help with?

<p>Tracking expenses for specific project components</p> Signup and view all the answers

A __________ relationship describes how tasks are dependent on each other in a project.

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

Which component is NOT shown under the project management structure?

<p>Cost Balance Sheet (A)</p> Signup and view all the answers

What is a defining characteristic of a project?

<p>It is a one-of-a-kind activity. (B)</p> Signup and view all the answers

A project is typically an ongoing endeavor without a defined end point.

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

What are the key elements described in a project proposal?

<p>Objectives, time needed, and resources needed.</p> Signup and view all the answers

The _________ describes the tasks to be performed and deliverables in a project.

<p>Statement of Work</p> Signup and view all the answers

What is one of the criteria for deciding whether to bid for a project?

<p>Do we have the needed resources? (C)</p> Signup and view all the answers

Match the following project planning tools to their descriptions:

<p>Milestone Schedule = Key project stages or phases. Work Breakdown Structure (WBS) = Level-by-level subdivision of project work. Statement of Work = Itemizes tasks to be performed and deliverables. Project Proposal = Details of what is to be accomplished and resources needed.</p> Signup and view all the answers

End-items are the resources needed during the project.

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

The ultimate unit by which work is controlled is known as a _________.

<p>Work Package</p> Signup and view all the answers

What does the term 'Cost Account' refer to in project planning?

<p>Where project components meet functional organization/departments.</p> Signup and view all the answers

Which of the following is NOT a component of the proposal phase?

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

What is the purpose of the Critical Path Method (CPM)?

<p>To determine the longest path of activities in a project (D)</p> Signup and view all the answers

In CPM, it is allowed to have loops in the activity diagram.

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

What is the expected time formula for an activity in PERT?

<p>te = (a + 4m + b) / 6</p> Signup and view all the answers

In CPM, the _____ indicates the maximum time that a project can be delayed without affecting the deadline.

<p>Slack/Float</p> Signup and view all the answers

Match the following components with their definitions:

<p>Activity = A task or a series of tasks in a project Event = A point in time when an activity is completed Critical Path = The sequence of activities that determines the project duration Duration = The total time required to complete an activity</p> Signup and view all the answers

Which of the following is NOT a restriction in network scheduling systems like CPM?

<p>Multiple finish points (D)</p> Signup and view all the answers

In PERT, the pessimistic time estimate is typically the most likely duration of an activity.

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

What do the letters te and σ represent in PERT?

<p>te is expected time; σ is standard deviation</p> Signup and view all the answers

The sum of expected times for activities on the _____ path gives the expected time for the entire project in PERT.

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

Which of the following activities has a duration of 2.0?

<p>Activity C (D)</p> Signup and view all the answers

Flashcards

What is a project?

A temporary undertaking with a defined beginning and end, aimed at creating a unique product, service, or result.

Project Proposal

A formal document outlining the project's scope, objectives, costs, benefits, and constraints.

Statement of Work (SOW)

A detailed description of what the project will deliver, including tasks, deliverables, data, and reports.

Milestone Schedule

Key stages or phases of a project. Each milestone involves tasks, people, and resources, aiding in developing a detailed project plan.

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Work Breakdown Structure (WBS)

A product-oriented diagram that breaks down the work of a project into smaller components.

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End-Item

The final outcome of a project, the actual product or service delivered.

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Dimension 1

The different components of a project, such as design, development, testing, or deployment.

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Dimension 2

The functional organizations or departments involved in a project, such as marketing, engineering, or finance.

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Cost Account

Where two dimensions (project components and functional organizations) meet, representing a cost allocation point.

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Work Packages

The smallest unit of work that can be controlled and managed within a project.

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Gantt Chart

A comprehensive plan that outlines the project tasks, their sequence, and their estimated duration.

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Precedence Relationship

The relationship between tasks, where one task must be completed before another can begin.

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Task Duration

The estimated time it takes to complete a task.

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Drafting

The process of creating detailed drawings and specifications for a product or system.

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Design

The initial phase of product development, focused on defining requirements and exploring design options.

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Analytical Design

The process of analyzing and optimizing a product's design based on performance and cost.

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Engineering

The specialized knowledge and expertise required for a specific engineering discipline.

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Mfg

The manufacturing process, where raw materials are transformed into finished products.

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Activity

A step or task within a project plan, with a defined duration and dependencies.

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Event

A point in time marking the completion of one or more activities, often indicating the start of another activity.

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Critical Path

The sequence of activities that determines the shortest possible completion time for a project, where any delay on one activity will delay the entire project.

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Duration

The estimated time required to complete an activity.

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Earliest Start Date

The earliest possible time an activity can start, taking into account preceding activities.

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Latest Finish Date

The latest possible time an activity can be completed without delaying the entire project.

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Slack/Float

The amount of time an activity can be delayed without affecting the project completion date.

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Critical Path Method (CPM)

A technique for project planning and scheduling that involves estimating the duration of each activity and identifying the critical path.

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Program Evaluation Review Technique (PERT)

A project scheduling technique similar to CPM, where activity durations are considered uncertain and are represented as a range of estimates.

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Optimistic Time (a)

The most optimistic estimate of the time an activity will take, assuming everything goes perfectly.

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Study Notes

Project Planning and Acquisition

  • Project Definition: A project is a collection of tasks leading to a specific objective, with a finite lifespan, and a unique outcome.
  • Project Proposal Process:
    • Description of objectives to be accomplished
    • Estimated time required
    • Required resources
    • Preproposal Considerations:
      • Project viability
      • Bidding capability
      • Necessary resources (human and other)
      • Project alignment with needs
      • Likelihood of success
    • Proposal Details:
      • Project scope
      • Objectives
      • Costs
      • Benefits
      • Constraints

Project Planning Tools

  • Statement of Work (SOW): Outlines project deliverables, tasks, and required data/reports
  • Milestone Schedule: Depicts key project phases, tasks, personnel, and resources, assisting in detailed project planning.
  • Work Breakdown Structure (WBS): Hierarchical subdivision of project work (level-by-level) for contract management

Other Project Management Tools

  • Precedence Diagramming Method (PDM): Similar to other methods but handles time delays between activities (e.g., Finish-to-Start, Start-to-Start, Finish-to-Finish).
  • Graphical Evaluation and Review Technique (GERT): Enables handling of uncertain or probabilistic events during a project.
  • Resource Allocation: Optimizes resource allocation by potentially delaying resource commitments based on project slack time.

Types of Contracts

  • Fixed-Price Contracts: Predetermined fixed price for the project, incentivizing contractor efficiency but important for detailed specifications.
  • Cost-Type Contracts: Payment based on the actual project costs, with potential variations as detailed in the book.

Terms to Know

  • End-Item: Final deliverables of a project
  • Dimensions 1 & 2: Project components and functional organization
  • Cost Account: Unit of work control; combines functional and project dimensions
  • Work Packages: Sub-units of work, each potentially becoming a cost account

Gantt Chart

  • Used to plot tasks versus time.
  • Requires project tasks, precedence relationships, and estimated task durations.

Network Scheduling Systems

  • Critical Path Method (CPM): A network scheduling system, crucial for critical path activities.

Program Evaluation Review Technique (PERT)

  • Considers project activities as variables with optimistic, most likely, and pessimistic time estimates and a variance calculation
  • Calculates expected time and standard deviation for critical activities, supporting project timeline calculations

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