Petroleum Project Management & Decision Analysis

Running head: PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
Petroleum Project Management & Decision Analysis
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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
Table of Contents
1. Question 1....................................................................................................................................2
1.1 Key project management tools..............................................................................................2
1.2 Key project management techniques.....................................................................................2
2. Question 2....................................................................................................................................3
2.1 Effect on cash flow................................................................................................................3
3. Question 3....................................................................................................................................0
3.1. Network Diagram.................................................................................................................0
3.2. Computing............................................................................................................................0
3.3. Activities in Critical Path......................................................................................................1
3.4. Minimum time......................................................................................................................1
3.5. Activity G.............................................................................................................................1

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PETROLEUM PROJECT MANAGEMENT & DECISION ANALYSIS
1. Question 1
1.1 Key project management tools
Network diagrams: It is one of the recommended tool for the project planning that
presents a visual representation of the activities and their predecessors those need to be
completed within the expected duration.
Critical path method: It is method of identifying the critical tasks those need to be
completed exactly as per the planning and changes should be applied in other tasks or activities if
there is any issue in meeting the project constraints.
PERT chart: This tool is helpful in evaluating the project activities and determining how
efficiently and effectively the project was driven including the critical path analysis.
Gantt chart: It is another visual representation of the timeline in the form of the bars that
demonstrates the exact timeline needed for the delivery of the entire project.
Work Break down Structure: It is essential to determine the activities and the sub-
activities those are very necessary for the development and growth of the project in manner to
assure that the resources and activities has been determined in an effective and efficient manner.
1.2 Key project management techniques
Stakeholder matrix: Determining the roles and responsibilities as per the need of the
project can be done through utilizing this technique and thus, allocation of the jobs can be done
considering the capability of the individuals.