Week 7 & 8 Discussion

The goal of this discussion is for you to demonstrate your understanding of the major concepts in the content covered this week and you will do so in four steps as follows:

Defining in your own words 4 concepts, two from each of the Chapters in the below table;

Explaining the context in which each concept applies;

Applying it to a specific business or personal example.

Illustration of above three steps using: Evidence-based management

Definition A decision making approach in which data or facts pertaining to the issue are analyzed before making a final decision.

Context This can be applied by any company small or big. For example, before launching a new product or service, the company will use a sample to test the market, collect evidence of how the product is performing and analyze it before deciding to go into full scale manufacture.

Personal/Application On a personal level I can use evidence-based management when I am about to make a major or even minor decision about my career or purchase of a product or service. To do that I would gather as much information as possible about the alternatives I have before me and use those fact to inform my decision. For a career choice, for example I would create a LinkedIn profile and use it to track companies I am interested in by reading reviews about the company and even interviewing employees at the company. For personal purchase, I would track the product reviews on the product website and use it to decide whether or not I should purchase it.

4) Contributing at least three (3) additional substantive insights to the discussion.

Chapter	Concepts	Definition	Context	Personal Example
7. Scheduling Stochastic Projects	1. Using Buffers in Scheduling
	2. The Role of Simulation in Scheduling
	3. Applying the Theory of Constraints on Projects
8. Managing Project Resources	1. Three Resource Types
	2. Criteria for Scheduling Resource Types
	3. Supply Chain Management and Projects