Chapter 4 Project management
---> The project can be accelerated by adding the resources required to decrease the time for the activities in the critical path. Such a shortening of the project sometimes is referred to as project crashing.
---> The amount of time that a non-critical path activity can be delayed without delaying the project is referred to as slack time.
---> The critical path determines the total time required for the project.
---> Variance for each activity is given by: [(PT - OT) / 6]2
---> Expected time = (OT + (4 x MT)+ PT) / 6
---> Most likely time (MT) - the completion time having the highest probability. This
---> Pessimistic time (PT) - the longest time that an activity might require.
---> Optimistic time (OT) - generally the shortest time in which the activity can be completed.
---> Weeks are a commonly used unit of time for activity completion
---> Critical path (the longest path on the network from start node to end node)
---> The milestones generally are numbered so that the ending node of an activity has a higher number than the beginning node.
---> In a project, an activity is a task that must be performed and an event is a milestone marking the completion of one or more activities
---> A Project is a programme that has a start and an end.
---> Stages in a project – need identification, project initiation,project execution, project control, project close out
---> Planning , is the most important stage of project