GMS 450 Lecture Notes - Lecture 8: Standard Deviation, Gantt Chart, Project Management Software

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 450
• Professor: Peter Khaiter

Document Summary

If resource is used but not consumed, which project must wait to use resource. If resource is consumed during use, may not be available for other projects or other projects must wait for replacement. Approaches: the critical path method, fast-tracking a project, project expediting in practice. The critical path method: normal duration estimates, normal costs, crash duration estimates, crash costs, crash cost per day. Crashing: opportunities before the project begins, opportunities when the project is underway. Important to make sure the resources required to crash the project are available: technology may be used to crash an activity. Using ditch witch to dig a ditch rather than adding more workers: may have to expedite tasks not on critical path to make resources available to other projects. Select activities to crash, one at a time: focus on the critical path(s, select least expensive activity to crash, calculate slope information on activities to crash.