Project Management

What defines a project?

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

What are the four key elements of a project?

1⃣ Resources (Factors of Production) 2⃣ Money 3⃣ Scope 4⃣ Time

What are the key elements of managing a project?

✔ Defining the project, setting goals ✔ Dividing it into smaller activities ✔ Controlling & managing every stage ✔ Assigning clear roles ✔ Ensuring quality standards

What are the consequences of project failure?

⚠ Bad publicity ⚠ Loss of future contracts ⚠ Penalty payments

What causes projects to fail?

🚨 Lack of information 🚨 Financial & legal issues 🚨 Lack of coordination 🚨 Community opposition 🚨 Errors & wastage 🚨 Poor management 🚨 Unmotivated or unskilled workers 🚨 Economic downturns 🚨 Outdated project in a fast-changing market 🚨 Bad planning & insufficient resources

What is CPA in project management?

A planning technique that identifies all project tasks, sequences them, and determines the critical path to achieve the shortest completion time.

How do you determine the critical path?

1⃣ Identify the objective 2⃣ Put tasks in sequence & draw a network diagram 3⃣ Add durations 4⃣ Identify the critical path

What is a network diagram?

A graphical representation in CPA showing the logical sequence of activities and dependencies to determine the critical path.

How is Earliest Start Time (EST) calculated?

EST of previous activity + Duration of current activity

How is Latest Finish Time (LFT) calculated?

LFT = LFT of previous node − Duration of current activity

What is the formula for Free Float?

Free Float = EST(next activity) − Duration − EST(current activity) 🔹 Free float is the time an activity can be delayed without delaying the next activity.

What is the formula for Total Float?

Total Float = LFT − Duration − EST 🔹 Total float is the time an activity can be delayed without delaying the whole project. 🔹 If Total Float = 0, the activity is on the Critical Path and CANNOT be delayed.

What are Dummy Activities in CPA?

Represented by a dotted line; do not consume time or resources; used when dependencies must be clearly shown.

What are the benefits of CPA?

✅ Helps plan & manage complex projects ✅ Accurately calculates delivery dates ✅ Special orders can be managed using EST calculations ✅ LFT acts as a checklist for project efficiency ✅ Identifies activities that cannot be delayed (Critical Path) ✅ Non-critical activities' resources can be reallocated ✅ Encourages simultaneous development instead of sequential.

Why does CPA not guarantee project success?

❌ Skilled labor & motivated workers are still needed ❌ Good management is crucial ❌ Experienced senior managers are required.