Project Management

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Project Management

  1. 1. PROJECT MANAGEMENT Project A project refers to the process of creating a complex, one-of-a-kind product or service for some specific objectives. Examples of projects include new product design, facility construction, software system design, capital equipment purchase. Project Management Project management is the planning, scheduling, organizing, directing, and controlling of resources for a project. Defining a Project (Statement of Work) A project is typically defined through a series of activities (tasks), subtasks, work packages, and milestones. Organization for Project Management 1. Line-staff organization. 2. Pure project organization. 3. Matrix organization. Key Considerations in Project Management 1. Time - schedule. 2. Cost - resource requirements. 3. Performance. Project Life Cycle 1. Definition phase. 2. Planning phase. 3. Execution phase. 5. Delivery phase. 1
  2. 2. Network Representation of a Project Networks are commonly used in project management to describe the logical constraints among the activities and to analyze the effects of scheduling decisions on cost and performance. Types of Networks Activity-On-Node (AON) Networks Activity-On-Arc (AOA) Networks Critical Path(s) A path is a set of nodes connected by arrows, which begins at the initial node of a network and ends at the terminal node. A critical path is the longest path in a network, i.e., the path with the longest duration. Activities on a critical path are called critical activities. Temporal Analysis of Networks * When will the project be complete? * Which activities will contribute directly to the duration of the project? Early Start Time (ES) = The earliest time at which an activity could possibly be started = the maximum EF time of all its immediate predecessors Early Finish Time (EF) = ES + activity duration. Late Finish Time (LF) = The latest time at which an activity could be completed without delaying the project beyond its due date = the minimum LS time of all its successors Late Start Time (LS) = LF - activity duration. Total Slack or Float (S) = The amount of time that an activity may delay in start time without delaying the project, given that all other activities on the same path are not delayed. = LF - EF = LS – ES 2
  3. 3. Immediate Activity Duration ES EF LF LS S Predecessor(s) 1-2 8 _ 2-4 6 1-2 1-3 4 - 3-5 9 1-3 2-5 11 1-2 4-5 3 2-4 5-6 1 2-5, 3-5, 4-5, Program Evaluation and Review Technique (PERT) PERT is very useful in planning and scheduling a large project consisting of numerous activities with uncertain durations, such as research and development projects. EXPECTED DURATIONS OF ACTIVITIES PERT calculates the "expected" duration of an activity as a weighted average of three estimates: t e = ( t 0 + 4t m + t p ) / 6 where t o = Optimistic Estimate t m = Most Likely Estimate t p = Pessimistic Estimate 3
  4. 4. VARIABILITY OF ACTIVITY DURATIONS PERT defines the variance of an activity duration as: V = [(tp - to)/6]2 DURATION OF A PATH IN PERT Given the expected duration of each activity, the expected duration of a path is equal to the sum of the expected durations of all the activities on that path. Similarly, the variance of a path duration is defined as the sum of the variances of all activities on that path. The path having the longest expected duration is defined as the critical path. PROBABILITY OF COMPLETING A PROJECT PERT assumes that the duration of a path has a normal distribution. Probability statements about the possible duration of a project can then be made accordingly. Variance of Probability of Path Expected Duration Path Duration Completion a-b-c 10.0 0.944 d-e-f 16.0 1.00 g-h-i 13.5 1.139 What is the probability that the project can be completed within 15 weeks of its start? 4

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