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1. A couple examples I can relate to that could be broken down into various sections such as structure, tasks, subtasks, and work packages could be the re-branding of an organization or the launching of a new product from the brand. There are many steps that should be taken throughout the process that are required to be completed before continuing onto the next one. Re-branding can be broken down into different sections such as research, design, and strategies for the re-branding to launch successfully. Allowing this process to be broken down gives each department the opportunity to revise the work being completed and avoid any mistakes and decrease any possible delays.

PERT; Project Evaluation and Review technique is the process of planning, scheduling, organizing, coordinating, and controlling activities that are taking place. What differs PERT from CPM is the three time estimates for each activity (Heizer, Render, & Munson, 2020). The three-time estimates compute expected values for the activity. Overall PERT and CPM have the same objective, to help manage and monitor large projects. The use of these charts is cost effective as they help understand and acknowledge the steps towards the project, how to achieve the steps, and the deadlines that must be met. Understanding the process is important as it can avoid costly mistakes and pushing deadlines back that can also cost extra money (Heizer, Render, & Munson, 2020).

Alondra,

2. By their very nature, projects are outside of the scope of any given corporations day-to-day operations. According to PMI, a project is a temporary endeavor undertaken to create a unique product, service or result, (Project Management Institute, n.d.). Because of this, there is not a systematic efficiency to conducting all the tasks of a project, and therefore room for error. This truth can be broken down and viewed in two ways: a corporation can outsource a project manager or team, or the corporation assembles a team from within to execute the project.

If a project manager is outsourced, if not properly vetted, there is a possibility that they have a narrow scope of knowledge about the industry, certainly company culture will present its own obstacles, and any nuance of operations could be lost in translation when trying to translate metrics into the project schedule and budget. These things could slow down progress, inflate project costs, or stir up friction between project team members. Similar results can occur when assembling from within. Though current employees have the advantage of having a deeper understanding of company operations and culture, there may be a risk of lacking project management experience or distracting preexisting relationships and egos. An inside team would need management capable of clarity, objectivity, and accountability.

Saria,

3. Forecasting is a technique for predicting future events that can assist organizations in planning, budges, project management, scheduling, and other functions of operations. Organizations have different forecasting techniques depending on their need. These techniques consist of time-series models which use historical data to predict future possibilities; and associative models that use influencing factors and statistical data to forecast (Heizer, Render & Munson, 2020).

Time-series techniques include the nave approach that uses the previous data and uses it for the next. The moving averages use a specified number of past periods to predict the future events. Exponential smoothing uses the last period prediction to the actual for the next prediction. The final time-series technique from the chapter is the trend projection which uses a linear line to predict the slope of the line as it goes on. The associative methods most used model is the linear regression analysis (Heizer, Render & Munson, 2020).

Time-series would most likely be used by a company such as a toy store that predicts monthly sales for inventory purposes. Historical data can be reviewed, especially trend projections. A company that would most likely use an associative method is a medical practice. Historical data could be used to predict patient volume per quarter, but other variables affect business, such as flu season, economic situations, pandemics, and open enrollment. Statistical data can be used for forecast.

Sabrina,

4. Time series models predict on the assumption that the future is function of the past. The various types of time series are:

Nave approach
Moving averages
Exponential smoothing
Trend projection
Associative models incorporate the variables or factors that can influence the quantity being forecast. An example of an associate model is linear regression.

Most companies use time series forecasting to help with business strategies where they are able to monitor, clarify, and predict certain behaviors. It helps understand how the past influences the future. Associative forecasting consider many variables related to the quantity being predicted which is more powerful than time series that use historical values like Dell PCs that is related to budget, their company prices, competitor prices, strategies, economy and unemployment rate.

Sharon,