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Project Management

Project Management. Chapter 16. What is a project?. A one-time set of related tasks that produce a major output and usually Involves many tasks Requires significant investment Uses significant inputs Has some tasks must be completed before others can be started

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Project Management

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  1. Project Management Chapter 16

  2. What is a project? • A one-time set of related tasks that produce a major output and usually • Involves many tasks • Requires significant investment • Uses significant inputs • Has some tasks must be completed before others can be started • Is strategically important to the firm

  3. Examples of Projects • Starting a new business • Designing and launching a new product or model • Evaluating a merger or acquisition • Opening a new facility • Designing new equipment • Selecting and installing new software • Writing a new human resources manual • Construction or major renovations

  4. Project Requirements • Superior quality • Completed on time • Completed within budget

  5. Five Project Life Cycle Phases • Conception: identify the need • Feasibility analysis or study: costs benefits, and risks • Planning: who, how long, what to do? • Execution: doing the project • Termination: ending the project

  6. Network Planning Techniques • Program Evaluation & Review Technique (PERT): • Developed to manage the Polaris missile project • Many tasks pushed the boundaries of science & engineering (tasks’ duration = probabilistic) • Critical Path Method (CPM): • Developed to coordinate maintenance projects in the chemical industry • A complex undertaking, but individual tasks are routine (tasks’ duration = deterministic)

  7. Both PERT and CPM • Graphically display the precedence relationships & sequence of activities • Estimate the project’s duration • Identify critical activities that cannot be delayed without delaying the project • Estimate the amount of slack associated with non-critical activities

  8. Network Diagrams • Activity-on-Node (AON): • Uses nodes to represent the activity • Uses arrows to represent precedence relationships

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