# Shared Flashcard Set

## Details

Operations Management
Final Exam
17
04/10/2012

Term
 Projects
Definition
 Unique, one-time operations designed to accomplish a specific set of objectives in a limited time frame.
Term
 Project Champion
Definition
 A person who promotes and supports a project; usually resides within the organization; facilitates the work of the project by "talking up" the project.
Term
 WBS
Definition
 A hierarchical listing of what must be done during a project; establishes a logical framework for identifying the required activities for the project.
Term
 Deterministic Time Estimates
Definition
 Time estimates that are fairly certain.
Term
 Probabilistic Time Estimates
Definition
 Time estimates that allow for variation.
Term
 Early Start (ES)
Definition
 The earliest time an activity can start; assumes all preceding activities start as early as possible.For activities with one arrow entering, ES = EF of the entering arrowFor activities with multiple arrows entering, ES = the largest of the largest entering EF
Term
 Early Finish (EF)
Definition
 The earliest time an activity can finish.EF = ES + t
Term
 Late Start (LS)
Definition
 The latest time the activity can start and not delay the project.LS = LF (the latest finishing time) - t
Term
 Late Finish (LF)
Definition
 The latest time the activity can finish and not delay the project.For nodes with one arrow leaving, LF for nodes entering that node equals the LS of the leaving arrow. For nodes with multiple leaving arrows, LF for arrows entering equals the smallest of the leaving arrows.
Term
 Slack
Definition
 LS - ESLF - EF
Term
 Critical Path
Definition
 Indicated by the activities with zero slack.
Term
 Probabilistic Time Estimates
Definition
 Optimistic Time (To) - length of time required under optimal conditions.Pessimistic Time (Tp) - length of time required under the worst conditions.Most Likely Time (Tm) - the most probable length of time required.
Term
 Expected Time Formula
Definition
 Te = (To + 4Tm + Tp)/6Path Mean = Sum of expected times of activities on the path.
Term
 Standard Deviation Formula
Definition
 Sigma^2 = [(Tp - To)/6]^2
Term
 Z-Score Formula
Definition
 (Specified Time - Path Mean) / Path St. Dev.
Term
 Independence
Definition
 Assumption that path duration times are independent of each other.Requires that activity times are independent and that each activity is on only one path.
Term
 Crashing
Definition
 Shortening activity durations; typically involves the use of additional funds to support additional personnel or more efficient equipment and the relaxing of some work specifications.
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