Note on Project Management

by: James S. Reece , Eric Svaan

Publication Date: July 2, 2012
Length: 14 pages
Product ID#: 1-429-244

Core Disciplines: Leadership/Organizational Behavior, Operations Management/Supply Chain

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Teaching Note

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Description

Whether you are constructing a new building, installing a new computer, or introducing a new product to the market, you are using project management strategies to get from A to B. This note concentrates on the Critical Path Method (CPM) and Program Evaluation and Review Technique (PERT). By reading this note, students will find that these techniques have been designed to ensure high-quality projects are completed on time and on budget.

Teaching Objectives

After reading and discussing the material, students should:

  • Determine the critical path and expected duration for a project.
  • Determine the earliest point that the example project could be completed if tasks were “crashed.”
  • Calculate the least additional cost required to achieve a given completion date.
  • Calculate the project duration that minimizes total project costs.
  • Calculate the estimated total cost at completion.
  • Calculate the estimated completion date.