CRITICAL PATH ANALYSIS To be completed successfully‚ a project needs to be planned and managed‚ costs determined and times allocated‚ problems dealt with and‚ eventually‚ concluded. Formal methods of managing a project offer clear guidelines and deadlines. The key elements of project management include: • defining the project carefully‚ including the setting of clear objectives • dividing the project up into manageable tasks and activities • controlling the project at every stage to check
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CPM - Critical Path Method In 1957‚ DuPont developed a project management method designed to address the challenge of shutting down chemical plants for maintenance and then restarting the plants once the maintenance had been completed. Given the complexity of the process‚ they developed the Critical Path Method (CPM) for managing such projects. CPM provides the following benefits: Provides a graphical view of the project. Predicts the time required to complete the project. Shows which
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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
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TECHNIQUES FOR ESTIMATING TASK DURATIONS IN PROJECT MANAGEMENT As part of planning a project‚ tasks are assigned to project team members. Durations for task completion are also specified. Task duration estimation is necessary since it helps in cost and resource estimation. Iranmanesh and Mokhtari (2008)‚ further affirmed the importance of project duration estimation by saying that‚ estimation of time and cost to complete work in a project and follow up them during implementation are major contributors
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must be established and priorities set. Task must be identified and time estimate made. Resource requirement must be projected and budget prepared. Progress must be monitored to assure that project goal and objective will be achieved. In our case‚ we have building construction project. A farm owner is going to erect a maintenance building with a connecting electrical generator and water tank. The activities‚ activity descriptions‚ and estimated durations are given in the following table: Activity
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Critical Path Analysis (CPA) Operational resources are expensive and the most expensive resource is that which is unused or underused – unused stocks take up space and working capital; machinery left idle wastes capital and can require protective maintenance; labor waiting for supplies to arrive will add unnecessarily to the wages bill. Efficient firms will always aim to use their resources as intensively as possible and avoid wasted time and idle assets. Keeping assets busy is not always as easy
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THE WEST AFRICAN EXAMINATIONS COUNCIL NOVEMBER/DECEMBER 2014 WEST AFRICAN SENIOR SCHOOL CERTIFICATE EXAMINATION THE VERY FINAL INTERNATIONAL TIMETABLE DATE PAPER CODE SUBJECT/PAPER DURATION TIME(G.M.T.) Wednesday 27th P3043 French 3 (Oral) 40mins Time for paper will be arranged by August‚ 2014 the Council Friday‚ 29th P7023A Foods and Nutrition 3 (Practical Planning Session) 1hr 08.30 hrs. – 09.30 hrs. August‚2014 P7033A Home Management 3 (Practical Planning
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5 Hedging Interest-Rate Risk with Duration Before implementing any kind of hedging method against the interest-rate risk‚ we need to understand how bond prices change‚ given a change in interest rates. This is critical to successful bond management. 5.1 Basics of Interest-Rate Risk: Qualitative Insights The basics of bond price movements as a result of interest-rate changes are perhaps best summarized by the five theorems on the relationship between bond prices and yields. As an illustration
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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
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Nightingale – A 1. Will the project as planned meet the October 25thdeadline? No‚ the project as planned actually reach end on 21st December2010. 2.What activities lie on the critical path? There are 15 critical activities in this network as below:-a.Architectural decisionsb.Feature specificationsc.Databased.Review designe.Integrationf.Procure prototype componentsg.Assemble prototypesh.Lab test prototypesi.Field test prototypes j.Adjust designk.Order stock partsl.Assemble first production
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