Network analysis: Flashcards

(7 cards)

1
Q

What is network analysis?

A
  • Network analysis is a project management tool that supports the planning of complex and time-sensitive strategies
  • It involves the construction of a visual model of the strategy that includes key elements
  • A list of all activities required to implement the strategy
  • The time (duration) that each activity will take to complete
  • How each project activity depends on others
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2
Q

What does network analysis show?

A
  • The order in which activities must be completed
  • The longest path of project activities to the full implementation of the strategy
  • The earliest and latest that each project activity can start and finish without delaying completion of the strategy as a whole
  • Activities within a strategy that can be carried out simultaneously are identified
  • The critical project activities which, if delayed, will cause the strategy as a whole to over-run
  • Those project activities where some delay is acceptable without delaying the strategy as a whole
  • The shortest time possible to fully implement the strategy
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3
Q

What does network analysis allow managers to do?

A
  • It allows managers to identify the relationships between the activities involved and to work out the most efficient way of completing the strategy
  • Resources such as raw materials and components can be ordered or hired at precisely the right time they are needed
  • Working capital may be managed efficiently
  • Where delays occur managers can identify the implications for the strategy’s completion and redirect resources if required
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4
Q

What are the limitations of network analysis?

A
  • Very lengthy or complex projects involve a very large number of activities that have numerous dependencies
  • Network analysis often relies on estimates and forecasts
  • Network analysis does not guarantee the success of a project
  • Resources may not prove to be as flexible as hoped when managers identify float periods
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5
Q

What is a node in network analysis?

A
  • A node is a circle that represents a point in time where an activity is started or finished
  • The node is split into three sections
  • The left half of the circle is the activity number
  • The top right section shows the earliest start time (EST) that an activity can begin based on the completion of the previous activity
  • The bottom right section shows the latest finish time (LFT) by which the previous activity must be completed
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6
Q

What are activities in network analysis?

A
  • An activity is a process or task within a project that takes time
  • Activities are shown on the network diagram as a line which link nodes
  • A description of the activity or a letter representing the activity is usually shown above the line
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7
Q

What is duration in network analysis?

A
  • The duration is the length of time it takes to complete an activity
  • The duration is shown as a number of time units such as hours or days below the activity line
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