Planning and Decision Making

Front

What is a PERT chart? 

Back

A PERT (Programme Evaluation and Review Technique) chart is a way to represent a project using nodes (representing activities) and arrows (showing the order of activities). It helps track tasks, durations, and dependencies.

Front

What do you use a Gantt chart for? 

Back

A Gantt chart visually represents project tasks as bars along a timeline. It shows the duration of each activity, when they overlap, and how long the project will take.

Front

How do you calculate slack time on a PERT chart? 

Back

Slack time is the amount of time an activity can be delayed without affecting the overall project completion. It’s calculated by subtracting the earliest start time from the latest finish time.

Front

What is a critical path in project management? 

Back

The critical path is the longest sequence of tasks that must be completed on time for the project to finish on schedule. Any delay on this path will delay the whole project.

Front

What are the advantages of a Gantt chart? 

Back

- Simple and easy to understand 

- Shows the length of each task 

- Clearly shows overlapping activities 

- Helps identify the critical sequence of tasks 

- Helps calculate the total project length

Front

What’s the difference between Gantt and PERT charts? 

Back

- Gantt Chart: Uses bars for tasks, shows duration and overlapping tasks, but does NOT show task dependencies. 

- PERT Chart: Uses nodes for tasks, shows task dependencies and the order in which tasks must be completed, and helps find the critical path.

Front

Why would you use a PERT chart over a Gantt chart? 

Back

- Easy to identify task dependencies and the order of tasks. 

- Makes it easier to find the critical path. 

- Helps in determining slack time.

Front

What are the four main factors to consider when planning a project? 

Back

1. Reasons for initiating the project (problem solving or system improvement). 

2. Feasibility (cost-benefit analysis). 

3. Planning project activities (tasks and schedule). 

4. Controlling activities and team (monitoring and management).

Front

What is expected value in decision-making? 

Back

Expected value is a way to calculate the expected profit or cost of a decision. It’s calculated by multiplying the probability of an outcome by the profit or cost, and then subtracting expected costs from expected profits.

Front

How do you calculate expected value for profit and costs? 

Back

- Expected Profit = Probability of profit × Amount of profit 

- Expected Cost = Probability of cost × Amount of cost 

- Expected Value = Expected Profit - Expected Cost