1. Projects are unique, one-time operations designed to accomplish a specific set of objectives in a limited timeframe Project managers are responsible for managing the cost and timely completion of the project Gantt Charts and Critical Path Analysis are tools that support project managers Project Management

2. Immediate Expected Activity Description Predecessors Time A R & D Portable Vacuum Design -- 6 weeks B Plan Market Research -- 2 weeks C Routing (manufacturing) A 3 weeks D Build Prototype Model A 5 weeks E Prepare Marketing Brochure A 3 weeks F Cost Estimates C 2 weeks G Preliminary Product Testing D 3 weeks H Market Survey B,E 4 weeks I Pricing & Forecast Report H 2 weeks J Final Report & Recommendation F,G,I 2 weeks

3. Project Management Determine all specific activities associated with the project along with estimates for the amount of time required to complete each activity. Identify the interdependencies of the activities Create a network to depict the sequential relationships between the activities Perform Critical Path Analysis to determine the critical activities and expected project completion time

4. Critical Path Analysis Definitions A path is a sequence of activities that leads from the starting node of the project to the finishing node of the project The length of the path is the sum of the activity times of the activities comprising the path The critical path is the path with the longest length of time. It represents the minimum project completion time.

5. Critical Activity Definitions Critical activities are the activities which make up the critical path. Any delays with these activities will hurt the project completion time. Slack time is the delay an activity can experience without hurting the project completion time, assuming that the other activities stay on track with their schedule. Slack time for critical activities = 0 while the slack time for noncritical activities > 0!