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Technology Operations

The document outlines the fundamentals of project management, including definitions, key questions, and essential terms such as Statement of Work (SOW) and Work Breakdown Structure (WBS). It emphasizes the importance of managing resources, tracking progress, and utilizing the Critical Path Method (CPM) to identify critical activities and optimize project timelines. Additionally, it details the calculations for early and late start/finish times, slack, and variance in project completion times.

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Tamar Salant
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Download as DOCX, PDF, TXT or read online on Scribd
2 views

Technology Operations

The document outlines the fundamentals of project management, including definitions, key questions, and essential terms such as Statement of Work (SOW) and Work Breakdown Structure (WBS). It emphasizes the importance of managing resources, tracking progress, and utilizing the Critical Path Method (CPM) to identify critical activities and optimize project timelines. Additionally, it details the calculations for early and late start/finish times, slack, and variance in project completion times.

Uploaded by

Tamar Salant
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Project Management #1 4/12/23

Project: A set of interrelated activities (or TASKS) that are directed at achieving a particular
good or objective.
Project Management: The process of planning & controlling key resources of the project and
their critical TASKS to meet the specified time, cost and functional objectives of a project.
-DELAYS in major projects=Costly; As timeline of project extends, so to does the budget (ie
inflation, interest, salary, plan changes)

Project Management Questions:


Activities– What activities are required to complete a project?
Sequence– What is the logical (optimal) sequence or PATH to completion?
Time Estimates– When should each activity be scheduled to begin and end?
Critical Path– Which activities are CRITICAL to completing the project on time?
Completion Probability– What is the probability of meeting the project completion due date or
budget?
Change Impact– What is the impact of a change in plans?

PM Terms:
Statement of Work (SOW): a written description of the objectives to be achieved (typically
organized by Program)
Project Workplan:
-Defines all activities (or TASKS) required to complete a project
-Outlines the activities sequence and all dependencies
-Defines the resources needed to complete the project
-Provides time estimates to complete each activity and overall project
Work Breakdown Structure (WBS):
-Refers to the hierarchy of project tasks, activities, and work packages
-Break down the work plan into or sub-tasks to small components

Project Chart (R): Charts are useful because their visual presentation is easily
understood. Software is available to create the charts.
Gantt Chart: A bar chart showing both the amount of time involved, the
sequence in which activities can be performed, and the relationship among the activities.
Tracking Progress:
Actual Progress vs planned Progress: Monitored & Graphed
Tracking Gantt Chart superimposes the current schedule onto a baseline, so
deviations are visible.
Project managers can manage the deviations and implications on project
deliverables.
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Managing Resources:In addition to scheduling each task, management needs to assign resources.
Project manager must then manage the resource deviations:
-Spot over-allocation: assigned resources exceed need.
-Spot under-allocation: too few resources assigned
-Add resources or reschedule
-Moving a task with slack time can free up resources
Stack: The amount of time an activity can be delayed without delaying the completion of the
project.

Critical Path Method (CPM):


1. Project is made of a sequence of interrelated activities (nodes) that form a project
network.
2. The critical path is the path taking the longest time through this network of activities.
3. Critical path method (CPM) helps to identify the critical path(s) within the network.
What does this sound like? BOTTLENECKS!

CPM- 5 STEPS!
1. Identify each activity to be done and estimate how long it will take
2. Determine the required sequence (predecessors & successors) and construct a network
diagram.
3. Determine the Early start/finish and Late start/finish
schedule
4. Identify activities with no slack time.
5. Determine the Critical Path: = path(s) through
activities with no slack time.
Drawing network diagram slide– Casserole Dish!

Determine the Early Start/Finish and Late Start/Finish schedule:


Earliest start (ES): The earliest time an activity can begin if all
previous activities begin at their earliest times
Earliest finish (EF): The earliest time an activity can be completed if it
is started at its early start time
Latest start (LS): The latest time an activity can begin and still finish at
its late finish time
Latest finish (LF): The latest time an activity can be completed
Slack: The amount of time an activity can be delayed without delaying

Node Format: Activity Name/Symbol (TOP); Activity duration


(BOTTOM); ES; EF; LF (on time); LS (on time)

Critical Path Definitions: FWD Pass → BKWD Pass


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ES: if all prev activities began, 0 or MAX time of all immediate predecessors
EF: ES+Task time
LS: LF-Task time; finish at LF; LF-duration
LF: min LS finish without delay [bkwd]
Slack: ES-LS [OR] EF-LF
*(ES=EF if only 1 predecessor!)

BKWD: Start with MAX EF in whole network; take MIN of 2 going bkwd
No Slack=Task on Critical Path
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–Means- variance of project=sum of variances of activities on CP, only those on CP.(a,c,d,g)


-Sum variances (Sigma^2); strd dev=sqrt variances;
-Expected completion time=EF
-ET(expected time)=activity durations ; with standard deviation
-Gives distribution of compilation time for project

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