Project Management

What is a project?

A specific and temporary activity with a start and end date, clear goals, defined objectives, and a given budget.

What are the key elements of a project?

Resources, Money, Scope, Time.

What is the purpose of project management?

To plan, manage, and ensure cost efficiency for the success of a project.

What are some impacts of project failure?

Bad publicity, loss of future contracts, and penalty payments.

What are common reasons for project failure?

Not enough information, lack of finance, legal issues, coordination problems, errors, poor management, and worker demotivation.

What does CPA stand for in project management?

Critical Path Analysis.

What is the critical path in a project?

The sequence of tasks that must be completed to achieve the shortest project duration.

What are the steps to identify the critical path?

Identify the objective, put tasks in sequence, draw a network diagram, add durations, and identify the critical path.

What does a network diagram represent in CPA?

The logical sequence and dependency of activities in a project.

What is Free Float?

The length of time an activity can be delayed without delaying the next activity.

When does Total Float equal 0?

When the activity is on the critical path and cannot be delayed.

What are dummy activities in CPA?

Activities indicated by a dotted line that do not consume time or resources.

What is one advantage of using CPA for project management?

It helps in assisting the planning and management of complex projects.

What does EST stand for?

Earliest Start Time.

Why is good management important in project success?

It ensures that skilled labor and motivated workers are utilized effectively.