MGTM 339 Final Exam Prep

the path that takes the longest

stock of materials

activity on node

interrelated set of activities with definite start and end point

a systemized, phased approach to defining, organizing, planning, monitoring, and controlling projects

scope, budget, time/deadline

Work breakdown structure

a visual display, designed to depict the relationships between activities, that consists of nodes (circles) and arcs (arrows)

Program Evaluation and Review Technique

Critical Path Method

the sequence of activities between a project's start and finish

excess time that each activity/node takes to complete their task

shortening the duration of the project

direct, indirect, penalty

reducing excess waste

operations systems that maximizes the value added by reducing waste

rate of production required to meet demand

the belief that waste can be eliminated by cutting unnecessary capacity or inventory and removing non-value-added activities in operations and processes