1critical path
the path that takes the longest
2Inventory
stock of materials
4project
interrelated set of activities with definite start and end point
5Project Management
a systemized, phased approach to defining, organizing, planning, monitoring, and controlling projects
6The overall objective of a project has three basic targets:
scope, budget, time/deadline
7WBS
Work breakdown structure
8Network Diagram
a visual display, designed to depict the relationships between activities, that consists of nodes (circles) and arcs (arrows)
9PERT
Program Evaluation and Review Technique
10CPM
Critical Path Method
11Path
the sequence of activities between a project's start and finish
12Slack
excess time that each activity/node takes to complete their task
13Project Crashing
shortening the duration of the project
14Project Costs
direct, indirect, penalty
15Lean
reducing excess waste
16Lean Systems
operations systems that maximizes the value added by reducing waste
17Takt time
rate of production required to meet demand
18Just-in-time (JIT) Philosophy
the belief that waste can be eliminated by cutting unnecessary capacity or inventory and removing non-value-added activities in operations and processes