Class 3 SummaryQuestions that PERT/CPM can help answerThree Phases of Project ManagementFormulating the problem: constructing the project networkPlanning: finding the critical path (CP)Monitoring and ControlLimitations of any Project Management softwareThings to think aboutClass 3 SummaryProject Planning and Scheduling with PERT/CPM01/14/19Dr. Coty Keller 2Questions that PERT/CPM can help answerHow long will the project take? How much will it cost?What are the critical activities?What are the non-critical activities (and how much flexibility -slack- do they have)?Is the project on track (time and $ cost)?How might delays be handled?01/14/19Dr. Coty Keller 3Three Phases of Project ManagementI. Formulating the problem: constructing the project networkII. Planning: finding the critical path (CP) III. Monitoring and control01/14/19Dr. Coty Keller 4Formulating the problem: constructing the project networkCreate the activity table- ID activities that make up the project–Establish precedence relationships among activities–Estimate duration of activities (and cost too if you want a budget)Draw the project network (by entering the activity table info into MS Project)01/14/19Dr. Coty Keller 5Planning: finding the critical path (CP)ID critical activities*ID Critical path*Observe slacks on non-critical activities (may help if you need to reallocate resources)*Plan to monitor the CP carefully – any slip in critical activities will case a delay in the whole project01/14/19Dr. Coty Keller 6Monitoring and ControlMonitor activities and completion times/actual costID deviations from the planWhen delays occur in critical activities, re-plan Consider transferring resources from non-critical to delayed critical activities to avoid potential delays01/14/19Dr. Coty Keller 7Limitations of any Project Management softwareDoes not do the hard work/thinking/leading/managing Human aspects of project management are essential to –ID activities, –estimate duration and cost,–recognize relationships,–monitor implementation,–make decisions, nor –take corrective action when delays or cost overruns occur01/14/19Dr. Coty Keller 8Things to think aboutSMAC idea - create a project plan for your organization, like we did for Vikky Roberts’ Studebaker restorationPossible Exam question: Show how MS Project can be used to plan and schedule a project (problem will be
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