Project Management (AQA A Level Business): Flashcards
Exam code: 7132
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Define project management.
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Define project management.
Project management is the process of planning, organising, coordinating and controlling the resources, tasks and timescales needed to complete a specific, one-off objective, known as a project.
How does a project differ from a business's normal operations?
A project has a clearly defined start and end point, rather than being a continuous activity. It usually has its own fixed budget and timeframe and often brings together staff from different departments.
What is the role of a project manager?
A project manager is responsible for planning the project, allocating resources and managing risks. They must ensure objectives are met on time and within budget.
Managing a project effectively involves setting clear objectives, agreeing a realistic schedule and continuously ________ progress against that plan.
Managing a project effectively involves setting clear objectives, agreeing a realistic schedule and continuously monitoring progress against that plan.
True or False?
Project management is only useful for large-scale projects, such as building a new factory.
False.
Projects vary in scale and type. Project management also supports small-scale projects, such as launching a single new product or running a marketing campaign.
What problems are more likely without effective project management?
Without effective project management, projects are more likely to run over budget, miss deadlines or fail to meet the quality expected.
How does project management help a business manage risk?
Potential problems can be identified and planned for in advance, rather than dealt with only once they have already caused disruption.
How does project management increase accountability?
The project manager and team have clearly defined responsibilities and are answerable for meeting agreed milestones.
Structured project management tools, such as Gantt charts or ___________ analysis, provide clear information on progress and priorities.
Structured project management tools, such as Gantt charts or critical path analysis, provide clear information on progress and priorities.
True or False?
Project management can improve a business's communication with stakeholders such as investors and customers.
True.
Stakeholders can be kept informed of progress against a clear, agreed plan. This improves communication with investors, customers and employees.
How does project management improve coordination between departments?
It helps different departments or teams work together on the same project, reducing the risk of duplicated work or conflicting priorities.
Define network analysis.
Network analysis is a tool that supports the management of complex and time-sensitive projects by constructing a visual model of the project.
What are the three key elements included in a network analysis model?
The model includes a list of all activities, the time (duration) each activity takes and how each activity depends on others.
How does network analysis help managers use resources efficiently?
Resources such as raw materials and components can be ordered or hired at precisely the time they are needed. Working capital can also be managed efficiently.
True or False?
Network analysis often relies on estimates and forecasts, so it cannot guarantee that a project will succeed.
True.
Network analysis does not guarantee success, because it often relies on estimates and forecasts. Project managers also need to be highly skilled and experienced.
Define node.
A node is a circle that represents a point in time where an activity is started or finished.
What do the top right and bottom right sections of a node show?
The top right section shows the earliest start time (EST). The bottom right section shows the latest finish time (LFT).
On a network diagram, each activity is shown as a __ linking two nodes, with its duration written below it.
On a network diagram, each activity is shown as a line linking two nodes, with its duration written below it.
How are earliest start times calculated on a network diagram?
Working forwards from Node 1, the duration of each activity is added. Where more than one activity leads into a node, the highest total is used.
How are latest finish times calculated on a network diagram?
Working backwards from the final node, the duration of each activity is subtracted. Where more than one activity leaves a node, the lowest result is recorded.
Define critical path.
The critical path highlights the activities that determine the length of the whole project, so a delay to any of them delays the whole project.
True or False?
The critical path follows the nodes where the EST is lower than the LFT.
False.
The critical path follows the nodes where the EST and LFT are equal. A gap between them shows that spare time is available.
How is total float calculated?
Total float is calculated using this formula:
Total float = LFT for the activity − Duration of the activity − EST for the activity
An activity has an EST of 6 weeks, a duration of 4 weeks and an LFT of 11 weeks. What is its total float?
Total float is 11 − 4 − 6 = 1 week.
Where float time is identified, managers may ______ resources such as staff or machinery to more critical activities.
Where float time is identified, managers may transfer resources such as staff or machinery to more critical activities.
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