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12 Cards in this Set

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Why can we run into shortages?
Because demand is random in nature
What do you have to understand for a random variable?
You must understand the distribution. For a random variable, the distribution is a normal distribution.
Project
An endeavor with specific objectives and multiple activities with defined precedence relationships to be completed with in limited duration.
Project management
Involves planning, scheduling, and controlling a project. It's goal is to ensure objectives are achieved on time and on budget.
What is a project?
A project is a one time operational activity
Project planning
When you plan you must understand the objectives and goals of the project.
WBS
Work breakdown structure.
With this approach we have a project. To complete the project we will always have a project leader who will be responsible for the project. They will divide the project into different modules depending on the nature. Project leader appoints a person to complete each part.
Critical path method
Developed to coordinate maintanance projects in the chemical industry. A complex undertaking but individual tasks are routine. Tasks duration = deterministic.
Program Evaluation and Review techniques
Developed to manage the Polaris missle project. Many tasks pushed boundaries of science and engineering. Task duration - probabalistic
What type of diagrams are used to represent the project?
NEtwork diagrams.
Which path will determine completion time?
The longest path
Critical activities
Are activities which have no slack There is no room for delay. The beauty of knowing these is then you know if your project is going to be behind. Non-critical activities can be robbed of their resources. IF you take too many resources, then you will make the non-critical activity a critical activity.