Project Management

Flashcard 1: What is a Project?

Q: What defines a project?
A: A specific, temporary activity with a start & end date, clear goals, and defined objectives, completed within a given budget.

Flashcard 2: Elements of a Project

Q: What are the four key elements of a project?
A:
1⃣ Resources (Factors of Production)
2⃣ Money
3⃣ Scope
4⃣ Time

Flashcard 3: Key Elements of Project Management

Q: What are the key elements of managing a project?
A:
✔ Defining the project, setting goals
✔ Dividing it into smaller activities
✔ Controlling & managing every stage
✔ Assigning clear roles
✔ Ensuring quality standards

Flashcard 4: Impact of Project Failure

Q: What are the consequences of project failure?
A:
⚠ Bad publicity
⚠ Loss of future contracts
⚠ Penalty payments

Flashcard 5: Reasons for Project Failure

Q: What causes projects to fail?
A:
🚨 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🚨 Outdated project in a fast-changing market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

Flashcard 6: Critical Path Analysis (CPA)

Q: What is CPA in project management?
A: A planning technique that identifies all project tasks, sequences them, and determines the critical path to achieve the shortest completion time.

Flashcard 7: Steps to Identify the Critical Path

Q: How do you determine the critical path?
A:
1⃣ Identify the objective
2⃣ Put tasks in sequence & draw a network diagram
3⃣ Add durations
4⃣ Identify the critical path

Flashcard 8: Network Diagrams

Q: What is a network diagram?
A: A graphical representation in CPA showing the logical sequence of activities and dependencies to determine the critical path.

Flashcard 9: CPA Formulas - Earliest Start Time (EST)

Q: How is Earliest Start Time (EST) calculated?
A:

EST of previous activity+Duration of current activity

Flashcard 10: CPA Formulas - Latest Finish Time (LFT)

Q: How is Latest Finish Time (LFT) calculated?
A:

LFT=LFT of previous node−Duration of current activity

Flashcard 11: CPA Formulas - Free Float

Q: What is the formula for Free Float?
A:

Free Float=EST(next activity)−Duration−EST(current activity)

🔹 Free float is the time an activity can be delayed without delaying the next activity.

Flashcard 12: CPA Formulas - Total Float

Q: What is the formula for Total Float?
A:

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.

Flashcard 13: Dummy Activities

Q: What are Dummy Activities in CPA?
A:

• Represented by a dotted line

• Do not consume time or resources

• Used when dependencies must be clearly shown
  📌 Example: If C follows only A but D follows both A & B, a dummy activity is used.

Flashcard 14: Advantages of CPA

Q: What are the benefits of CPA?
A:
✅ 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

Flashcard 15: Evaluation of CPA

Q: Why does CPA not guarantee project success?
A:
❌ Skilled labor & motivated workers are still needed
❌ Good management is crucial
❌ Experienced senior managers are required