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OBJECTIVES
AFTER THE LECTURE WILL BE ABLE TO:
• DEFINE A PROJECT AND DEMONSTRATE A PROPER EXAMPLES OF PROJECTS.
DEFINING A PROJECT
A PROJECT IS A SEQUENCE OF UNIQUE, COMPLEX, AND CONNECTED ACTIVITIES THAT
HAVE ONE GOAL OR PURPOSE AND THAT MUST BE COMPLETED BY A SPECIFIC TIME,
WITHIN BUDGET, ACCORDING TO SPECIFICATION.
THE PROJECT DEFINITION CAN BE ACHIEVED BY ASKING THE FOLLOWING QUESTIONS:
• WHAT IS THE PURPOSE, OR PROJECT MISSION, I.E THE REASON FOR DOING THE
PROJECT?
• WHAT ARE THE GOALS, IE WHAT TARGETS DOES THE PROJECT AIM TO ACHIEVE.
• WHAT IS THE SCOPE OF THE PROJECT, IE HOW WILL THE ORGANISATION GAIN?
• WHAT ARE THE QUALITY STANDARDS AND PERFORMANCE CRITERIA?
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RESOURCE
AND SPECIFIES THE OCCURRENCE, TIMES OF EVENTS AND THE RELATIVE START AND FINISH TIMES
OF ACTIVITIES.
RISK ANALYSIS AND RISK MANAGEMENT
• A RISK IS AN EVENT, WHICH IS UNCERTAIN AND HAS A NEGATIVE IMPACT ON SOME ACTIVITY.
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SCHEDULE RISK
• SCHEDULE RISK IS THE RISK THAT THE PROJECT TAKES LONGER THAN SCHEDULED.
• IT CAN LEAD TO COST RISKS, AS LONGER PROJECTS ALWAYS COST MORE, AND TO
PERFORMANCE RISK, IF THE PROJECT IS COMPLETED TOO LATE TO PERFORM ITS
INTENDED TASKS FULLY.
• THE EARLIEST TECHNIQUE USED FOR SCHEDULE RISK ANALYSIS WAS THE GANTT
CHART, DEVELOPED BY HENRY GANTT IN 1917. A GANTT CHART GIVES A GRAPHICAL
SUMMARY OF THE PROGRESS OF A NUMBER OF PROJECT ACTIVITIES BY LISTING
EACH ACTIVITY VERTICALLY ON A SHEET OF PAPER.
• ONE COMMONLY-USED TECHNIQUE IS PROGRAM EVALUATION REVIEW TECHNIQUE
(PERT) WHICH USES A DETAILED DIAGRAM OF ALL ANTICIPATED TASKS IN A PROJECT,
ORGANISED INTO A NETWORK TO REPRESENT THE DEPENDENCE OF EACH TASK ON
THOSE THAT MUST PRECEDE IT.
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COST RISK
• COST RISK IS THE RISK THAT THE PROJECT COSTS MORE THAN BUDGETED. IT CAN
LEAD TO PERFORMANCE RISK IF COST OVERRUNS LEAD TO REDUCTIONS IN SCOPE
OR QUALITY. COST RISK CAN ALSO LEAD TO SCHEDULE RISK IF THE SCHEDULE IS
EXTENDED BECAUSE NOT ENOUGH FUNDS ARE AVAILABLE TO COMPLETE THE
PROJECT ON TIME.
• THE MAIN TECHNIQUE USED FOR COST ANALYSIS OF COMPLEX PROJECTS IS BASED
ON THE WORK BREAKDOWN STRUCTURE (WBS) WHICH ORGANISES PROJECT TASKS
INTO HIERARCHICAL STAGES OR PHASES.
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CRITICAL PATH
CRITICAL PATH ANALYSIS (CPA) IS AN EFFECTIVE METHOD FOR PLANNING AND MANAGING
PROJECTS. LET'S CONSIDER A VERY SIMPLE EXAMPLE, COOKING AND SERVING A FRIED
BREAKFAST. THE TASKS REQUIRED IN ROUGHLY CORRECT ORDER:
CRITICAL PATH
THE ORDER ISN'T QUITE RIGHT AS SOME OF THESE TASKS NEED TO TAKE PLACE
SIMULTANEOUSLY. ALSO, SOME TASKS MUST BE STARTED BEFORE OTHERS, AND SOME
TASKS MUST BE COMPLETED BEFORE OTHERS CAN BE STARTED, E.G.:
• THE PLATES NEED TO WARM WHILE OTHER TASKS ARE TAKING PLACE
• THE TOAST NEEDS TO BE MADE WHILE THE SAUSAGES ARE FRYING, AND THE BACON
AND TOMATOES ARE GRILLING.
• THE EGGS NEED TO BE FRIED LAST.
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