What is a PERT chart? - Program evaluation and review technique. It provides a visual representation of a project's timeline and breaks down individual tasks., Explain what a critical path is. - Is the sequence of activities that allows the project to be completed in the shortest possible timescale. (Note: shortest timescale is found by following the longest path)., In relation to a PERT chart, what are essential activities? - In relation to a PERT chart, an essential activity must be completed to finish the project, but there may be flexibility in when they are completed (float time)., In relation to a PERT chart, what are critical activities? - In relation to a PERT chart, a critical activity are ones in which any delay in the activity would result in a delay in the project., What is the float time? - The amount of time that a task can be delayed (in relation to PERT & GANTT charts)., What is a precedence table? - Is a tool for scheduling activities in planning a project. It is based on the logic of what activities must follow other activities and what activities can run at the same time, What is a Gantt chart? - A horizontal bar chart used in project management to visually represent tasks within a project over time., Give an advantage of a PERT chart? - 1)stakeholders evaluate multiple workflows and choose the most efficient path, 2) identify which tasks must be completed and which teams are responsible for them, 3) provide a clear picture of project tasks and their dependencies, making it easier to understand the project flow.​, Give a disadvantage of a PERT chart? - 1)very time-focused and may not be suited to all projects. They may not work well if more than two projects need to share resources. 2) need to be regularly updated, especially if new tasks are added or time estimates change. The more complex the chart, the harder it is to update without error.​, Give an advantage of a Gantt chart? - ​1)it is visually easy to share information with stakeholders, making it easier to communicate. 2) help identify potential workflow issues by highlighting critical paths and dependencies. 3) providing a visual overview of the project, breaking it down into tasks, and identifying critical tasks., Give a disadvantage of a Gantt chart? - 1)accessibility for people who are colour blind. 2)complex and difficult to understand for larger projects. 3)only provide an overview of the project, don't give any details about the tasks., What is an expected value? - Expected value = expected value – expected costs. Examples: Coin toss: If you toss a coin three times, you can expect to get heads 1.5 times. This is because the probability of getting heads for each coin toss is 0.5. Insurance: Expected value can be used to calculate insurance risks and prices., What is cost benefit anaylsis? - The process of comparing the projected or estimated costs and benefits (or opportunities) associated with a project decision. Example: A start-up company might consider hiring a web designer to build its brand. The cost is £500, but the company estimates that the increased website traffic will lead to £1000 in increased revenue., What is a mitigating measure? - Actions or procedures that reduce the severity of a hazardous event/project/activity. Example, Business insurance: Regularly maintaining equipment can reduce the chance of it breaking down., What is a control measure? - Actions taken to reduce risk and prevent harm. In insurance, control measures are actions taken by an insurer to reduce the potential for losses in an insurance policy. Example, Insurance companies may lower premiums for drivers who take an advanced driving course.,

HAoM: Planning & Decision Making

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