Critical Path Analysis
Critical Path Analysis
INTRODUCTION:
Planning, Scheduling and Controlling are three important functions of management. Planning involves the formulation of objectives and goals that are subsequently translated into Specific plans and projects. Scheduling is concerned about the implementation of activities necessary to achieve the laid down plans. The function of control is to institute a mechanism that can trigger a warning signal if actual performance is deviating (in terms of time, cost and some other measures of effectiveness) from the plan. If such a deviation is unacceptable to the concerned manager, he will be required to take corrective action to bring performance in conformity with the plans. The PERT and CPM models are extremely useful for the purpose of planning, scheduling and controlling the progress and completion of large and complex projects or for carrying out the analysis of these three managerial functions. Before we describe the basic concepts used in the construction and analysis of these models, let us first understand the meaning of a project.
What is a project?
A project can be defined as a set of large number of activities or jobs that are performed in a certain sequence determined logically or technologically and it has to be completed within (i) a specified time, (ii) a specified cost and (iii) meeting the performance standards. Examples of a project from fairly diverse fields are given below:
1. Introducing a new product in the market. 2. Construction of a new bridge over a river or construction of a 25 storied building, 3. Executing a large and complex order on jobbing production. 4. Sending a spacecraft to the mars.
GENERAL FRAMEWORK OF PERT/CPM A network is a graphical representation of a project, depicting the flow as well as the sequence of well-defined activities and events. Developed during the 1950s, both CPM (Critical Path Method) and
INTRODUCTION:
Planning, Scheduling and Controlling are three important functions of management. Planning involves the formulation of objectives and goals that are subsequently translated into Specific plans and projects. Scheduling is concerned about the implementation of activities necessary to achieve the laid down plans. The function of control is to institute a mechanism that can trigger a warning signal if actual performance is deviating (in terms of time, cost and some other measures of effectiveness) from the plan. If such a deviation is unacceptable to the concerned manager, he will be required to take corrective action to bring performance in conformity with the plans. The PERT and CPM models are extremely useful for the purpose of planning, scheduling and controlling the progress and completion of large and complex projects or for carrying out the analysis of these three managerial functions. Before we describe the basic concepts used in the construction and analysis of these models, let us first understand the meaning of a project.
What is a project?
A project can be defined as a set of large number of activities or jobs that are performed in a certain sequence determined logically or technologically and it has to be completed within (i) a specified time, (ii) a specified cost and (iii) meeting the performance standards. Examples of a project from fairly diverse fields are given below:
1. Introducing a new product in the market. 2. Construction of a new bridge over a river or construction of a 25 storied building, 3. Executing a large and complex order on jobbing production. 4. Sending a spacecraft to the mars.
GENERAL FRAMEWORK OF PERT/CPM A network is a graphical representation of a project, depicting the flow as well as the sequence of well-defined activities and events. Developed during the 1950s, both CPM (Critical Path Method) and