Definitions and Formulars

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Critical Path
It is a tool used to plan activities so that a job can be completed in the shortest time. It breaks a job down into a number of tasks, and looks at the dependency of them. Commonly used in manufacturing.
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An Activity
Requires time and/or resources. They are drawn as ARROWS from left to right.
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A Node
These represent the start and the end of an activity. Represented by a CIRCLE. Every network must start and end with a node.
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Calculating 'The earliest start time' (EST)
EST= EST of Previous activity + Duration of previous activity.
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Calculating 'The latest finishing time' (LFT)
LFT= LFT at the end of following activity - Duration of following activity
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Decision Tree
A technique which shows all possible outcomes of a decision. The likley result can then be compared so that the business can find the most profitable alternative.
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Other cards in this set

Card 2

Front

Requires time and/or resources. They are drawn as ARROWS from left to right.

Back

An Activity

Card 3

Front

These represent the start and the end of an activity. Represented by a CIRCLE. Every network must start and end with a node.

Back

Preview of the back of card 3

Card 4

Front

EST= EST of Previous activity + Duration of previous activity.

Back

Preview of the back of card 4

Card 5

Front

LFT= LFT at the end of following activity - Duration of following activity

Back

Preview of the back of card 5
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