ENTREPRENEURIAL OPERATIONS
TIME MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Increase the time allowed on those tasks that have float.
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Try to invest more time on tasks that are behind schedule
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Replace the team members that are not performing well
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Put extra resources on the tasks that are on critical path.
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Detailed explanation-1: -Tasks that are dependent on another need to be a part of your critical path calculation. There are four types: those that are start-start, start-stop, stop-start and stop-stop. By identifying these task dependencies, you can avoid bottlenecks later on in the project.
Detailed explanation-2: -The activity which should be crashed is the one on the critical path which will add the least amount to the overall project cost. This will be the activity with the flattest or least-cost slope. The duration can be reduced as long as the critical path is not changed or a new critical path is created.
Detailed explanation-3: -Step 1: Analyze the critical path. Step 2: Identify all tasks that can be shortened with additional resources. Step 3: Calculate for each task: trade-off, gain, time reduction. Step 4: Choose the least costly approach. More items
Detailed explanation-4: -Define the project logic. Add the duration for each activity. Establish the project critical path. Calculate the cost of crashing each activity. Calculate the cost of crashing per unit time. Calculate the most cost-effective crash sequence. More items