Critical Path Analysis: Its Use and Limitations
Consider critical analysis as a project planning tool. Can you think of circumstances in which this would not be a good tool to use on a project?
Introduction As firms begin to realize the need to improve on their project management capabilities, many companies and software developers have charged to fill this need by offering tools and techniques for a variety of projects. Some are tools for portfolio management, and some focus on particular disciplines within the project management field. Tools for resource planning, task and time management, communications management, resource allocation, or other project needs abound. Being a mature academic and practical course, Project Management has developed many tools and methodologies to assist in the planning, execution, evaluation and closeout of various types of projects. Varied tools can be used throughout many categories of project needs, while some tools are specific to certain types of projects. Some of the benefits of using project management tools and techniques as opposed to general management procedures, as mentioned in this week’s lecture, are that they have been proven to work particularly in a project environment and the uniformity of terms and approaches allows for better understanding and communication between members of the project team and the stakeholders. Tools such as Decision Trees, Cost-Benefit Analysis and programs such as Agile and Prince2 have proven to be particularly useful in producing best practice and expert results for projects that have employed them.
CPA Utility and Limitations Critical Path Method (CPM) or Critical Path Analysis (CPA), as a project management tool, operates as the basis for a project work schedule, and likewise of resource planning illustrating shortest possible time to complete a project. The tool outlines critical events noting their sequencing, precedence relations, and strict timing requirements (Shtub, Bard and Globerson, 2005:395). The authors further note
Introduction As firms begin to realize the need to improve on their project management capabilities, many companies and software developers have charged to fill this need by offering tools and techniques for a variety of projects. Some are tools for portfolio management, and some focus on particular disciplines within the project management field. Tools for resource planning, task and time management, communications management, resource allocation, or other project needs abound. Being a mature academic and practical course, Project Management has developed many tools and methodologies to assist in the planning, execution, evaluation and closeout of various types of projects. Varied tools can be used throughout many categories of project needs, while some tools are specific to certain types of projects. Some of the benefits of using project management tools and techniques as opposed to general management procedures, as mentioned in this week’s lecture, are that they have been proven to work particularly in a project environment and the uniformity of terms and approaches allows for better understanding and communication between members of the project team and the stakeholders. Tools such as Decision Trees, Cost-Benefit Analysis and programs such as Agile and Prince2 have proven to be particularly useful in producing best practice and expert results for projects that have employed them.
CPA Utility and Limitations Critical Path Method (CPM) or Critical Path Analysis (CPA), as a project management tool, operates as the basis for a project work schedule, and likewise of resource planning illustrating shortest possible time to complete a project. The tool outlines critical events noting their sequencing, precedence relations, and strict timing requirements (Shtub, Bard and Globerson, 2005:395). The authors further note
References: Maylor, H. (2010) Project Management. 4th Edition. England, Pearson Education Limited. Shtub, A., Bard, J. and Globerson, S. (2005) Project Management – Processes, Methodologies and Economics. 2nd Edition. New Jersey, Pearson Education Inc. US Food and Drug Administration (2004) Innovation or Stagnatioon: Challenge and Opportunity on the Critical Path to New Medical Products [Internet] Available from: < http://www.nipte.org/docs/Critical_Path.pdf> [Accessed 4 April 2013] Woolf, M. (2008) When is the critical path not the most critical path? [Internet] AACE International Transactions 2008, pp1-9.