Ch 5: Project Management

About This Chapter

Watch video lessons and learn about the different methods of project planning, scheduling and management. The quizzes that follow each lesson can help you gauge your comprehension of the materials.

Project Management - Chapter Summary and Learning Objectives

Expert planning, scheduling and management are keys to success with any type of business project. Putting together a strong team, breaking down the work into a manageable timeframe and computing costs are all part of project management. In this chapter, we'll explore project management theories, determine the factors that can cause a time schedule to go awry and even examine how cultural differences can impact a project. With these lessons, you'll learn about factors such as:

  • Using a PERT analysis for project scheduling
  • Why it's important to determine pessimistic, as well as optimistic and probable, time estimates
  • The contribution Henry Gantt made to project management
  • How the time cost tradeoff problem impacts scheduling
  • Direct and indirect costs
  • The purpose of project crashing

Project Planning: Steps, Process & ReturnLook at the components of project planning, including scoping, risk analysis, estimation and scheduling.
The Project Team and Work Breakdown ScheduleLearn how a project team is formed and how it utilizes the work breakdown structure.
PERT Analysis and Project Completion Identify PERT analysis and its use in completing a project within a certain timeframe.
Gantt Charts and Bar Graphs: Henry Gantt's Contributions to ManagementLearn how Gantt charts and bar graphs visually represent projects.
Critical Path MethodDefine critical path and show how to use network diagrams.
Project Crashing Analysis: Definition & Examples Define project crashing, and explain how to manually crash a project network.
Time Cost Tradeoff Analysis: Project Scheduling & EstimatesLook at the impact of the time cost trade off problem on project schedules.
Scheduling and Controlling Project Costs with PERT/Cost Review how PERT/Cost can schedule and control project costs.
Direct and Indirect Costs in Project Management Understand how direct and indirect costs are related.
Global and Diversity Issues in Project Management Look at the cultural issues that can influence project management in another country.

6 Lessons in Chapter 5: Project Management
Test your knowledge with a 30-question chapter practice test
Project Planning: Steps, Process & Return

1. Project Planning: Steps, Process & Return

More and more, the ability to plan and execute a project is a way to get ahead in work. In this lesson, we'll go over the basics of project planning, from the drawing board to completion.

PERT Analysis & Project Completion

2. PERT Analysis & Project Completion

Time-based decision methods are used a great deal when a manager or company looks at a time-based project. To ensure the project can be done on time, managers use PERT analysis, a tool for estimating the time it will take to complete a project. This lesson will outline PERT and help you to understand how it is used to predict time based projects.

Gantt Charts & Bar Graphs: Henry Gantt's Contributions to Management

3. Gantt Charts & Bar Graphs: Henry Gantt's Contributions to Management

This lesson will describe how Henry Gantt revolutionized management practices by providing a graphical representation, also known as the Gantt chart, of work processes that showed scheduling and monitoring projections. Other contributions of Henry Gantt, such as the task and bonus system, will also be discussed.

Critical Path Method: Definition, Analysis & Examples

4. Critical Path Method: Definition, Analysis & Examples

In this lesson, you'll learn what the critical path methodology is, how it is used as a planning tool, and how the project manager uses it to execute projects on schedule and on budget.

Direct and Indirect Costs in Project Management

5. Direct and Indirect Costs in Project Management

Managing the costs of a project is a key element in effective project management, but not all costs are the same. In this lesson, you'll learn about direct and indirect costs in project management.

Global and Diversity Issues in Project Management

6. Global and Diversity Issues in Project Management

In a global economy, companies in one country often set up operations in other parts of the world. This means issues involving the culture like customs, etiquette, and language barriers may arise while managing projects abroad.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.