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Midterm

BU 385 MIDTERM 2 Notes.docx

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Department
Business
Course
BU385
Professor
Shailendra Jha
Semester
Winter

Description
BU 385 MIDTERM #2 NOTES / CHAPTER 17 / Project – unique, large, one time job requiring special activities to accomplish a specific objective in a limited time frame • Program – is a set of projects • EX; constructing a store, redesigning a process, putting on a play, etc. Performance Goals – for a project: keeping the project within schedule, budget, and quality guidelines Phases of a Project: • Initiation (conception, feasibility) • Planning and scheduling • Execution – purchasing material, using team members to perform tasks • Control – observing progress, issuing performance reports, making changes • Closeout o Project initiator/sponsor is usually as senior manager/VP o Influenced by company’s strategies, policies, and environment (culture, IS, HR) o Scope – the work that needs to be accomplished to deliver a good or service, the specified objective) o Project Portfolio Selection – deciding which projects to implement o Steps:  Establish a project council  Identify some project categories  Collect projects data  Assess resources  Prioritize the projects within categories  Select projects to be funded  Communicate the results to stakeholders Matrix Organization – an organizational structure that temporarily groups together specialists from different departments to work on special projects Project Manager – the person responsible for planning, scheduling, executing, and controlling a project from inception to completion, meeting the project’s requirements and ensuring completion on time, within budget, and to the required quality standards • Must possess strong leadership skills for projects that have a high degree of uncertainty Project Planning – analyzing the project into work packages and activities, estimating resources needed and durations, scheduling, etc. Risk Management Planning: • The probability of occurrence of risk events is highest near the beginning of a project and lowest near the end • The costs associated with risk events is lowest near the beginning and highest near the end • Steps: o Identify risks  Risk register – where the list of risks and other information obtained in the following steps is stored o Evaluate and determine probability of occurrence  Risk responses – redundant systems, using less complex processes, frequent monitoring, transferring risks or risk sharing, etc. Work Breakdown Structure (WBS) – a hierarchal listing of what must be done during a project • Steps: o Identify the major components of the project o Identify the major subcomponents of the components Project Scheduling – determining the timing of activities of the project • Identify the activities in the WBS, sequential dependencies, resources required, duration of each activity, finally develop the schedule Gantt Chart: • Visual aid for scheduling and control of the activities of a project • Simple but lacks in identifying relationships amongst activities PERT – program evaluation and review technique, used for scheduling and control of large projects CPM – critical path method, used for scheduling and control of large projects • Precedence Network – diagram of project activities and their sequential relationships by use of arrows and nodes o Activity on Arrow – network in which arrows designate activities (AOA) o Activity on Node – network in which nodes designate activities (AON)  Finish to start (an activity must finish before its immediate successor can start), start to start (an activity that can start only after another has started), finish to finish, and start to finish • Path – a sequence of activities that leads from the start node to the end node o The length of a path can be determined by summing the expected duration of the activities on it o Critical Path – the longest path and its activities are referred to as critical activities o Path Slack Time – allowable slippage for a path; the difference between the length of the path and the length of the critical path Deterministic Durations – durations that are fairly certain • Define: o ES – the earliest time an activity can start o EF – the earliest time an activity can finish o LS – the latest time an activity can start o LF – t
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