GMS 450 Chapter Notes - Chapter 5: Critical Path Method, Beta Distribution, Longest Path Problem

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 450
• Professor: Peter Monkhouse

Document Summary

Consider the job of planning the project, developing a budget, and scheduling all of the tasks. >a budget must include both the amounts and timing of resources received or expended. >the project plan implies a schedule just as a schedule implies a plan. Budgeting and scheduling are interconnected activities, equally important topics, and should be done simultaneously. Program evaluation and review technique (pert) and critical path method. Finding critical path, critical time and activity slack time. Calculating probabilistic activity times, and pro tability of completing the project on time. Project schedule is the project plan in an altered format. Schedule: a listing of a projects milestones, activities, and deliverables, usually with intend start and nish dates. It can be prepared in several formats: gantt charts, pert network, cpm network. >includes both time and cost estimates to allow time/cost trade-offs. Both employe networks to schedule and display task sequence.