1. Welcome to MM305 Unit 7 Seminar Dr. Bill Wood Project Management

2. MM320 Math History Have you ever wondered about Mathematics and where it all came from? Ever taken a math class and thought: Who invented Algebra? What role have women had in the development of modern mathematics? Is there more math to discover? Did only the ancient Greeks contribute to our current mathematical understanding? (No!) 2

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4. 1.Define the project and all of its significant activities or tasks 2.Develop the relationships among the activities and decide which activities must precede others 3.Draw the network connecting all of the activities 4.Assign time and/or cost estimates to each activity 5.Compute the longest time path through the network; this is called the critical path 6.Use the network to help plan, schedule, monitor, and control the project Six Steps of PERT/CPM The critical path is important since any delay in these activities can delay the completion of the project

5. General Foundry Example of PERT/CPM Network for General Foundry A Build Internal Components H Inspect and Test E Build Burner C Construct Collection Stack Start F Install Control System Finish G Install Pollution Device D Pour Concrete and Install Frame B Modify Roof and Floor Figure 7.1

6. Activity Times In some situations, activity times are known with certainty. In many projects there is uncertainty about activity times PERT employs a probability distribution based on three time estimates for each activity A weighted average of these estimates is used for the time estimate and this is used to determine the critical path CPM assigns just one time estimate to each activity and this is used to find the critical path We will use the CPM method in this class

7. How to Find the Critical Path General Foundry’s network with expected activity times A2A2C2C2 H2H2E4E4 B3B3D4D4G5G5 F3F3 StartFinish Figure 13.3

8. How to Find the Critical Path To find the critical path, we need to determine the following for each activity in the network 1.Earliest start timeES 1.Earliest start time (ES): the earliest time an activity can begin without violation of immediate predecessor requirements 2.Earliest finish timeEF 2.Earliest finish time (EF): the earliest time at which an activity can end 3.Latest start timeLS 3.Latest start time (LS): the latest time an activity can begin without delaying the entire project 4.Latest finish timeLF 4.Latest finish time (LF): the latest time an activity can end without delaying the entire project

9. General Foundry’s ES, EF, LS and LF times A20202A20202 C22424C22424 H2 1315 E44848E44848 B30314B30314 D43748D43748 G5 813 F3 47 1013 StartFinish Activity Time Earliest Time Latest Time

10. Planning and Scheduling Project Costs: Budgeting Process The overall approach in the budgeting process of a project is to determine how much is to be spent every week or month This can be accomplished in four basic budgeting steps 1.Identify all costs associated with each of the activities then add these costs together to get one estimated cost or budget for each activity 2.In large projects, activities can be combined into larger work packages. A work package is simply a logical collection of activities. 3.Convert the budgeted cost per activity into a cost per time period by assuming that the cost of completing any activity is spent at a uniform rate over time 4.Using the ES and LS times, find out how much money should be spent during each week or month to finish the project by the date desired

11. QM for Windows Cost Budgeting Single Time Estimate Input Screen

12. QM for Windows Cost Budgeting Single Time Estimate Solved

13. QM for Windows Cost Budgeting Single Time Estimate Solved Chart Note the tabs

14. Using Technology Appendix C (Page 303-307): Using POM-QM for Windows Appendix D (Page 307): Using Excel QM Appendix 7.1 (Page 272)