MGMT 4700 Chapter Notes - Chapter 9: Critical Chain Project Management, Indirect Costs, Duration Series

• School: York University
• Department: Management
• Course: MGMT 4700
• Professor: Yuval Meron

Document Summary

Crash: term for shortening duration of an activity or project beyond when it can be normally done. Time to market: global competition and rapid tech advances make speed competitive advantage, firms have to do things in a flash, electronics industry, speed matters especially. Business survival depends on adaptation: those that survive will adapt to new challenges, ex. To balance out unforeseen delays that cause substantial delays midway in project: getting back on schedule requires compressing time on remaining critical activities, costs of getting back on schedule compared with consequences of being late. Incentive contracts: can make reduction of project time rewarding. Politician announces completion in 2 years: statements usually become imposed date, problematic common phenomenon: project duration set while project in concept phase. Important to reassign key equipment and/or people to new project: cost of compressing project compared with opportunity cost of not realising key equip/people.