Critical path analysis
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1 Critical path analysis
2 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to
3 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan
4 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise
5 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally
6 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries
7 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries construction
8 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries construction defence
9 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries construction defence engineering
10 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries construction defence engineering software design
11 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries construction defence engineering software design plant maintenance
12 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Complete tasks more quickly improve efficiency and profitability Tool: critical path analysis which uses network diagrams Tool is used to plan organise manage resources optimally Used in the following industries construction defence engineering software design plant maintenance aerospace
13 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency:
14 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time
15 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline
16 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making:
17 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making
18 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data)
19 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data) Time-based management:
20 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data) Time-based management: techniques to minimize time spend on processes
21 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data) Time-based management: techniques to minimize time spend on processes identify order of tasks that have to be done
22 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data) Time-based management: techniques to minimize time spend on processes identify order of tasks that have to be done Working capital control:
23 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data) Time-based management: techniques to minimize time spend on processes identify order of tasks that have to be done Working capital control: identify when materials/equipment will be used
24 NATURE AND PURPOSES OF CRITICAL PATH ANALYSIS Efficiency: saving production/installation time helps meeting the deadline Decision making: scientific/objective method for decision making length of time of project estimated (on past data) Time-based management: techniques to minimize time spend on processes identify order of tasks that have to be done Working capital control: identify when materials/equipment will be used purchase materials when needed (e.g., just-in-time)
25 NETWORKS EXAMPLE: TASKS OF AN INSTRUMENT REPAIRER
26 NETWORKS EXAMPLE: TASKS OF A CAKE MANUFACTURER
27 NETWORK ANALYSIS businesses involve a series of complicated tasks and orders have to carried out in a certain order
28 NETWORK ANALYSIS businesses involve a series of complicated tasks and orders have to carried out in a certain order estimate the time required to complete a project
29 NETWORK ANALYSIS businesses involve a series of complicated tasks and orders have to carried out in a certain order estimate the time required to complete a project identify the sequence or path of tasks importance of planning networks ahead
30 NETWORK ANALYSIS EXAMPLE: RENOVATING A COTTAGE arrows and lines:
31 NETWORK ANALYSIS EXAMPLE: RENOVATING A COTTAGE arrows and lines: order of carrying out tasks (e.g., simultaneous, in sequence)
32 NETWORK ANALYSIS EXAMPLE: RENOVATING A COTTAGE arrows and lines: order of carrying out tasks (e.g., simultaneous, in sequence) arrows and lines cannot cross
33 NETWORK ANALYSIS EXAMPLE: RENOVATING A COTTAGE arrows and lines: order of carrying out tasks (e.g., simultaneous, in sequence) arrows and lines cannot cross time required to complete task
34 NETWORK ANALYSIS EXAMPLE: RENOVATING A COTTAGE arrows and lines: order of carrying out tasks (e.g., simultaneous, in sequence) arrows and lines cannot cross time required to complete task circles in diagram are called nodes: start & finish of tasks
35 NETWORK ANALYSIS EXAMPLE: RENOVATING A COTTAGE arrows and lines: order of carrying out tasks (e.g., simultaneous, in sequence) arrows and lines cannot cross time required to complete task circles in diagram are called nodes: start & finish of tasks nodes contain information about timing
36 NETWORK ANALYSIS EARLIEST START TIME (EST) Located at the top right of the node
37 NETWORK ANALYSIS EARLIEST START TIME (EST) Located at the top right of the node Node 5: maximum of the different paths that lead to it
38 NETWORK ANALYSIS EARLIEST START TIME (EST) Located at the top right of the node Node 5: maximum of the different paths that lead to it same for node 8!
39 NETWORK ANALYSIS LATEST FINISHING TIME (LFT) Located at the bottom right of the node
40 NETWORK ANALYSIS LATEST FINISHING TIME (LFT) Located at the bottom right of the node LFT of earlier nodes = LFT at node - time taken to complete previous tasks
41 IDENTIFYING THE CRITICAL PATH critical path: where the earliest start time and the latest start finish times in the nodes are the same
42 IDENTIFYING THE CRITICAL PATH critical path: where the earliest start time and the latest start finish times in the nodes are the same indication: broken line, crossed line, highlighted line, colored line
43 CALCULATING THE FLOAT Float time: amount of time by which a task can be delayed without causing the project to be delayed Total float: Total float = LFT of activity EST of activity duration
44 CALCULATING THE FLOAT Float time: amount of time by which a task can be delayed without causing the project to be delayed Total float: Free float: Total float = LFT of activity EST of activity duration Free float = EST start of next task EST start of this task duration
45 CALCULATING THE FLOAT
46 LIMITATIONS OF CRITICAL PATH ANALYSIS incorrect estimation of time
47 LIMITATIONS OF CRITICAL PATH ANALYSIS incorrect estimation of time changes that occur during life of project
48 LIMITATIONS OF CRITICAL PATH ANALYSIS incorrect estimation of time changes that occur during life of project difficulty to assign material elsewhere (e.g., crane)
49 LIMITATIONS OF CRITICAL PATH ANALYSIS incorrect estimation of time changes that occur during life of project difficulty to assign material elsewhere (e.g., crane) complexity increases with size of project (e.g., skyscraper) use computer software
50 KEY TERMS Earliest start time: how soon a task in a project can begin. It is influenced by the length of time taken by tasks which must be completed before it can begin
51 KEY TERMS Earliest start time: how soon a task in a project can begin. It is influenced by the length of time taken by tasks which must be completed before it can begin Critical path: the tasks involved in a project which, if delayed, could delay the project
52 KEY TERMS Earliest start time: how soon a task in a project can begin. It is influenced by the length of time taken by tasks which must be completed before it can begin Critical path: the tasks involved in a project which, if delayed, could delay the project Critical path analysis (CPA)/network analysis: a method of calculating the minimum time required to complete a project, identifying delays which could be critical to its completion
53 KEY TERMS Earliest start time: how soon a task in a project can begin. It is influenced by the length of time taken by tasks which must be completed before it can begin Critical path: the tasks involved in a project which, if delayed, could delay the project Critical path analysis (CPA)/network analysis: a method of calculating the minimum time required to complete a project, identifying delays which could be critical to its completion Free float: the time by which a task can be delayed without affecting the following task
54 KEY TERMS Latest finish time: the latest time that a task in a project can finish
55 KEY TERMS Latest finish time: the latest time that a task in a project can finish Network diagram: a chart showing the order of the tasks involved in completing a project, containing information about the times taken to complete the tasks
56 KEY TERMS Latest finish time: the latest time that a task in a project can finish Network diagram: a chart showing the order of the tasks involved in completing a project, containing information about the times taken to complete the tasks Nodes: positions in a network diagram which indicate the start and finish of a task
57 KEY TERMS Latest finish time: the latest time that a task in a project can finish Network diagram: a chart showing the order of the tasks involved in completing a project, containing information about the times taken to complete the tasks Nodes: positions in a network diagram which indicate the start and finish of a task Total float: the time by which a task can be delayed without affecting the project
58 KEY TERMS REVISION OF CHAPTER 21 Aims: What a business tries to achieve in the long term
59 KEY TERMS REVISION OF CHAPTER 21 Aims: What a business tries to achieve in the long term Objectives: The goals or targets set by a business to help achieve its long-term purpose
60 KEY TERMS REVISION OF CHAPTER 21 Aims: What a business tries to achieve in the long term Objectives: The goals or targets set by a business to help achieve its long-term purpose Sales maximisation: An attempt to sell as much as possible in a given time period (or an attempt to generate as much sales revenue as possible in a given time period)
61 KEY TERMS REVISION OF CHAPTER 22 Articles of Association: A document that provides details of the internal running of a limited company
62 KEY TERMS REVISION OF CHAPTER 22 Articles of Association: A document that provides details of the internal running of a limited company Certificate of Incorporation: A document that declares a business is allowed to trade as a limited company
63 KEY TERMS REVISION OF CHAPTER 22 Articles of Association: A document that provides details of the internal running of a limited company Certificate of Incorporation: A document that declares a business is allowed to trade as a limited company Co-operative: A business organisation owned by its members, who have equal voting rights
64 KEY TERMS REVISION OF CHAPTER 22 Articles of Association: A document that provides details of the internal running of a limited company Certificate of Incorporation: A document that declares a business is allowed to trade as a limited company Co-operative: A business organisation owned by its members, who have equal voting rights Deed of Partnership: A binding legal document that states the formal rights of partners
65 KEY TERMS REVISION OF CHAPTER 22 Articles of Association: A document that provides details of the internal running of a limited company Certificate of Incorporation: A document that declares a business is allowed to trade as a limited company Co-operative: A business organisation owned by its members, who have equal voting rights Deed of Partnership: A binding legal document that states the formal rights of partners Franchise: A business model in which a business (the franchisor) allows another operator (the franchisee) to trade under their name
66 KEY TERMS REVISION OF CHAPTER 22 Lifestyle business: A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner
67 KEY TERMS REVISION OF CHAPTER 22 Lifestyle business: A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner Limited company: A business organisation that has a separate legal entity from that of its owners
68 KEY TERMS REVISION OF CHAPTER 22 Lifestyle business: A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner Limited company: A business organisation that has a separate legal entity from that of its owners Limited liability: A legal status which means that a business owner is only liable for the original amount of money invested in the business
69 KEY TERMS REVISION OF CHAPTER 22 Lifestyle business: A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner Limited company: A business organisation that has a separate legal entity from that of its owners Limited liability: A legal status which means that a business owner is only liable for the original amount of money invested in the business Limited partnership: A partnership where some members contribute capital and enjoy a share of profit, but do not participate in the running of the business. At least one partner must have unlimited liability.
70 KEY TERMS REVISION OF CHAPTER 22 Lifestyle business: A business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner Limited company: A business organisation that has a separate legal entity from that of its owners Limited liability: A legal status which means that a business owner is only liable for the original amount of money invested in the business Limited partnership: A partnership where some members contribute capital and enjoy a share of profit, but do not participate in the running of the business. At least one partner must have unlimited liability. Memorandum of Association: A document that sets out the constitution and states key external details about a limited company
71 KEY TERMS REVISION OF CHAPTER 22 Mutual organisation: A business owned by its members who are customers not shareholders
72 KEY TERMS REVISION OF CHAPTER 22 Mutual organisation: A business owned by its members who are customers not shareholders Online business: A business that uses the global communications infrastructure of the internet as a trading base
73 KEY TERMS REVISION OF CHAPTER 22 Mutual organisation: A business owned by its members who are customers not shareholders Online business: A business that uses the global communications infrastructure of the internet as a trading base Partnership: A business organisation that is usually owned by between 2 20 people
74 KEY TERMS REVISION OF CHAPTER 22 Mutual organisation: A business owned by its members who are customers not shareholders Online business: A business that uses the global communications infrastructure of the internet as a trading base Partnership: A business organisation that is usually owned by between 2 20 people Primary sector: Production involving the extraction of raw materials from the earth
75 KEY TERMS REVISION OF CHAPTER 22 Mutual organisation: A business owned by its members who are customers not shareholders Online business: A business that uses the global communications infrastructure of the internet as a trading base Partnership: A business organisation that is usually owned by between 2 20 people Primary sector: Production involving the extraction of raw materials from the earth Secondary sector: Production involving the concersion of raw materials into finished and semi-finished goods
76 KEY TERMS REVISION OF CHAPTER 22 Sleeping partner: A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business
77 KEY TERMS REVISION OF CHAPTER 22 Sleeping partner: A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business Social enterprise: A business that trades with the objective of improving human or environmental well-being charities and workers co-operatives, for example
78 KEY TERMS REVISION OF CHAPTER 22 Sleeping partner: A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business Social enterprise: A business that trades with the objective of improving human or environmental well-being charities and workers co-operatives, for example Sole trader or sole proprietor: A business organisation which has a single owner
79 KEY TERMS REVISION OF CHAPTER 22 Sleeping partner: A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business Social enterprise: A business that trades with the objective of improving human or environmental well-being charities and workers co-operatives, for example Sole trader or sole proprietor: A business organisation which has a single owner Tertiary sector: The production of services in the economy
80 KEY TERMS REVISION OF CHAPTER 22 Sleeping partner: A partner that contributes capital and enjoys a share of the profit but takes no active role in running the business Social enterprise: A business that trades with the objective of improving human or environmental well-being charities and workers co-operatives, for example Sole trader or sole proprietor: A business organisation which has a single owner Tertiary sector: The production of services in the economy Unlimited liability: A legal status which means that the owner of a business is personally liable for all business debts
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