List and describe the three project scheduling tools.
What will be an ideal response?
Planning sheets state an objective and list the sequence of activities required to meet the objective, when each activity will begin and end, and who will complete each activity. It is commonly used with simple, singular tasks to be accomplished.
Gantt charts use bars to graphically illustrate a schedule and progress toward the objective over a period of time. The different activities to be performed are usually listed vertically, with time shown horizontally. The resources to be allocated, such as people or machines, are also commonly shown on the vertical axis. Gantt charts are used when independent sequential steps are needed to accomplish the objective. Unlike a planning sheet and PERT, a Gantt chart can show multiple projects on one chart.
Performance evaluation and review technique (PERT) is a network scheduling technique that illustrates the dependence of activities. Activities are considered dependent when one must be completed before the next activity can begin. The key components of PERT are activities, events, times, and the critical path. The critical path is the most time-consuming series of activities in a PERT network. It is important to know the critical path because it determines the length of time it will take to complete a project.
You might also like to view...
Working capital is the excess of a company's current assets over current liabilities
Indicate whether the statement is true or false
What does the term organic growth mean?
What will be an ideal response?
A cost that will not be affected by later decisions is termed a(n):
A) historical cost B) differential cost C) sunk cost D) replacement cost
When considering risk, a manager will often use a judgemental method of risk adjustment
Indicate whether the statement is true or false