Comprehensive Project Management & Scheduling Techniques for Students

Project

A single unit with many related activities that must be completed within a specific time and cost framework.

Project Management

The process of planning, scheduling, and controlling project activities to meet objectives within time, cost, and quality limits.

Three Major Project Management Functions

Planning, Scheduling, Controlling.

Project Planning

Setting goals, defining the project, creating a work breakdown structure, determining resources, and organizing the team.

Project Scheduling

Relating people, money, and supplies to project activities and determining activity timing.

Project Controlling

Monitoring resources, costs, quality, and budgets and revising plans when needed.

Work Breakdown Structure (WBS)

A hierarchical breakdown of a project into smaller tasks and activities.

Levels of Work Breakdown Structure

Project → Major tasks → Subtasks → Activities (work packages).

Project Organization

A temporary structure that uses specialists from across the company to complete a project.

Matrix Organization

An organizational structure where employees report to both functional managers and project managers.

Project Manager

Person responsible for ensuring activities are completed on time, within budget, and meet quality goals.

Characteristics of Good Project Managers

Good communicators, good coaches, and able to organize activities from different disciplines.

Project Scheduling Techniques

Methods used to ensure activities are planned, ordered, timed, and that the overall project time is determined.

Gantt Chart

A visual bar chart showing project activities and their timelines.

Critical Path Method (CPM)

A project management technique identifying the longest path of activities that determines project completion time.

Program Evaluation and Review Technique (PERT)

A project scheduling technique using probabilistic time estimates.

Critical Path

The longest path through the project network that determines the shortest possible completion time.

Slack

The amount of time an activity can be delayed without delaying the overall project.

Forward Pass

Method used to calculate earliest start (ES) and earliest finish (EF) times.

Backward Pass

Method used to calculate latest start (LS) and latest finish (LF) times.

Project Crashing

Shortening project duration by adding resources to critical path activities.

Purpose of Project Scheduling

Shows activity relationships, identifies precedence, sets realistic time estimates, and helps identify bottlenecks.

Process Strategy

The approach used to transform inputs into outputs that meet customer requirements and operational goals.

Four Process Strategies

Process focus, repetitive focus, product focus, mass customization.

Process Focus

Low-volume, high-variety production using general-purpose equipment and skilled workers.

Repetitive Focus

Assembly-line production using modules to create product variations.

Product Focus

High-volume, low-variety production with continuous processes and specialized equipment.

Mass Customization

Rapid, low-cost production that combines flexibility of process focus with efficiency of product focus.

Advantages of Mass Customization

Provides customized products while maintaining efficient production.

Equipment Selection Factors

Cost, cash flow, market stability, quality, capacity, and flexibility.

Flexibility

The ability to respond to changes with little penalty in time, cost, or customer value.

Process Analysis

Examining workflows to determine how efficiently inputs are transformed into outputs.

Process Redesign

Reevaluating and improving processes to increase efficiency or reduce cost.

Capacity

The maximum output a facility can produce in a given period of time.

Design Capacity

The maximum theoretical output under ideal conditions.

Effective Capacity

The maximum output expected under normal operating conditions.

Actual Output

The real output achieved after accounting for disruptions.

Utilization

Actual Output ÷ Design Capacity.

Efficiency

Actual Output ÷ Effective Capacity.

Bottleneck

The step in a process with the lowest capacity that limits overall output.

Bottleneck Time

The processing time of the slowest workstation in the system.

Throughput Time

The total time required for a unit to pass through the entire production process.

Theory of Constraints

A management approach that focuses on identifying and improving system constraints.

Five Steps of the Theory of Constraints

Identify constraint → Develop plan → Focus resources → Reduce constraint effects → Repeat process.

Capacity Strategy Considerations

Forecast demand, match technology with sales volume, find optimal operating size, and build flexibility.

Tactics for Matching Capacity to Demand

Staffing changes, adjusting equipment, improving processes, redesigning products, and adding flexibility.

Earliest Start (ES)

The earliest time an activity can begin after all predecessors are completed.

Earliest Finish (EF)

ES + activity duration.

Latest Finish (LF)

The latest time an activity can finish without delaying the project.

Latest Start (LS)

LF − activity duration.

Slack Formula

Slack = LS − ES or LF − EF.

Break-even (units)

Fixed Costs ÷ (Price − Variable Cost).

Break-even (sales dollars)

Fixed Costs ÷ Contribution Margin Ratio.

utilization capacity

actual output/design capacity

efficiency capacity

actual output/effective capacity

efficiency formula

actual output / effective capacity

weighted contribution

Cm * percent of sales