Operations Management Graduate MBA Course Lectures - Lecture 17 Project Management

Operations Management Chapter 17: Project Management This lecture explores: Project Life Cycle The Project Management Triangle Avoiding Problems Project Champion Work Breakdown Structure (WBS) Network Diagram Network Conventions Deterministic Time Estimates Probabilistic Time Estimates Beta Distribution Time-Cost Trade-Offs: Crashing Crashing Activities Sources of Error Risk Management This lecture is ideal for MBA students, business majors, and professionals seeking a clear, structured introduction to how operations support organizational strategy and leadership. 📚 Whether you’re preparing for an exam, teaching a course, or strengthening your leadership toolkit, this session provides a practical and conceptual foundation for managing operations in today’s complex environment. The textbook for this course is Operations Management by William J. Stevenson: https://amzn.to/4ruYWF5 https://amzn.to/3ZNxFkR https://amzn.to/3MJ5KiZ https://amzn.to/4at9s9J As an Amazon Associate, I earn from qualifying purchases. If you found this helpful, please like, subscribe, and share with others studying business and leadership. 0:00 Introduction 1:38 Project Life Cycle 2:31 The Project Management Triangle 5:51 Avoiding Problems 6:52 Project Champion 8:02 Work Breakdown Structure (WBS) 11:00 Network Diagram 11:32 Network Conventions 14:00 Example Path 14:39 Example (Continued) D 15:46 Deterministic Time Estimates 20:29 Probabilistic Time Estimates 21:11 The Beta Distribution 24:37 Time-Cost Trade-Offs: Crashing 25:06 Crashing Activities 26:34 Sources of Error 27:29 Risk Management 30:03 Summary