...Table of Contents 1.0 INTRODUCTION 3 2.0 NETWORK TECHNIQUES 7 2.1 Introduction 7 2.2 Critical Path Method (CPM) ……………………………………………………………..…………………………………… 8 2.2.1 Steps of CPM Project Planning ……….……………………………………………………………………………… 9 2.2.2 Example of CPM …………………………………………………………………………………………………………… 11 2.2.3 Benefits of CPM …………………………………………………………………………………………………………… 12 2.2.4 Limitation of CPM …………….…………………………………………………………………………………………. 12 2.3 Project Evaluation and Review Techniques (PERT) ……..……………..………………………………………… 13 2.3.1 Steps of PERT in Project Planning ……....……………………………………………………………………….. 14 2.3.2 Benefits of PERT……..……………………………………………………………………………………………………. 16 2.5.1 Limitation of PERT ……………………………………………………………………………………………………….. 16 3.0 CONCLUSION 17 4.0 REFERANCES 29 1.0 INTRODUCTION: 1.1 What is a project? A project is a series of activities directed to accomplishment of a desired objective. A project have a defined start which is when the descision of the project process starts and also a defined end where by that point the goal and the objectives of that project is achived. 1.2 What is project management? Project management its concerned with the overall planning and co-ordination of a project from conception to completion aimed at meeting the stated requirements and ensuring completion on time, within cost and to required quality standards. Project management is normally reserved for focused, non-repetitive, time-limited...
Words: 2946 - Pages: 12
...This is simply the project managing method which in turn gives the time used by each factor of a project, and the amount of time needed for it to be finished. PERT tends to divide the project keen on activities and events that should be done. It comes up with a sequence which revolves around associations, and period in a structure of network. Basically the lines that are used in the link of the events are called paths, and also there is the longest path of connection that is linked with all the events which is known as the critical path. When looking at the span of the critical path, it is also the particular time a project will take in that order. If by any chance there is a delay of any kind, it will also delay the entire project. In conclusion PERT is a scheduling tool and it is not used in the lookout of the best or shortest methods of completion of any given project. (Baca, 2008). Critical Path Method This is a gradually method used in process planning. It gives account of the critical and also the non- critical duties basing on the aim of avoiding time casing troubles and method bottlenecks. The CPM is mainly placed to projects that are attached to various activities which are widely related. Some of the steps that can be used in the application of the CPM include the definition of the task at hand and writing them in a list, making of a chart that shows the relation of one task to another, Picking out the non-critical and critical paths between the tasks, stating the amount...
Words: 946 - Pages: 4
...is most appropriate today for managing a project? A. BAR charts B. Milestone charts C. PERT charts D. Precedence charts (E) 2. Which of the following scheduling techniques is most appropriate today for reporting project status to a customer during an interchange meeting? A. BAR charts B. Milestone charts C. PERT charts D. Precedence charts (M) 3. The major disadvantage of using a bar chart on large projects is that bar charts: A. Cannot identify critical paths B. Do not show dependencies between activities C. Cannot identify milestones D. Cannot show slack (E) 4. Which of the following is not one of the four network diagramming techniques? A. PERT B. GERT C. VERT D. PDM (H) 5. Which of the following activity-on-arrow network diagramming methods does not require three estimates for durations? A. PERT B. GERT C. ADM D. PDM (M) 6. Which of the following network diagramming methods do not use dummy activities? A. PERT B. GERT C. ADM D. PDM (M) 7. Which of the following network diagramming methods allows for branching and looping? A. PERT B. GERT C. ADM D. PDM (M) 8. Which of the following is an activity-on-node network diagramming method? A. PERT B. GERT C. ADM D. PDM (H) 9. Which of the following cannot be determined...
Words: 931 - Pages: 4
...Some activities of project are critical in the sense that delay in their commencement will delay the overall project completion time. Therefore, management and scheduling of projects is inevitable. In this paper, project scheduling in agriculture, for establishing 300 hectares grape garden in Agricultural Research Center of University of Zabol, is carried out by CPM (Critical Path Method) and PERT (Program Evaluation Review Technique) methods. Results show that the minimum completion time of this project, based on using Normal time and PERT method is 390 days and 364.67 days, respectively. Also the results obtained from employing CPM method indicate that the cost of reducing the project completion time to 365 days is 23643530 Rials. Key words: Project scheduling % CPM % PERT % Agriculture INTRODUCTION Project scheduling and control refers to the planning, scheduling and control of projects, which consist of numerous activities. In the other words, Scheduling issue is a frequent task in the control of various systems such as manufacturing processes [1], project management [2] and service system control (reservation systems, timetabling). Examples can be found in diverse areas such as shipbuilding, road construction, oil refinery maintenance, missile launching and auditing. The management of such projects is problematic, because certain activities must be completed in a prescribed order or sequence. This means that some of these activities are critical so that they delay in their commencement...
Words: 5559 - Pages: 23
...and ‘T’ be the time period for which funds are invested then interest earned will be … d. P*I*T 3. Following the above given conditions, compound interest is given by … b. P*(1+I)T 4. Firms resorting to “Proactive Growth” a. do constant strategic planning 5. SPACE stands for Strategic Position and Action Evaluation 6. Increasing market expenditure heading to an increased market share is known as … c. market expansion 7. If profit after tax is ‘A’, depreciation be ‘B’ and interest be ‘I’, then Interest cover ratio is given by 8. E-V rule is also called … 9. In case of internally generated funds the opportunity cost to the firm is … b. the lending rate 10. ‘PERT’ stands for Program Evaluation and Review Technique. Part Two: 1. Write a note on ‘Sinking Fund Payment’. Answer: A sinking fund is a means of repaying funds that were borrowed through a bond issue. The issuer makes periodic payments to a trustee who retires part of the issue by purchasing the bonds in the open market. Rather than the issuer repaying the entire principal of a bond issue on the maturity date, another company buys back a portion of the issue annually and usually at a fixed par value or at the current market value of the bonds, whichever is less. Should interest rates decline following a bond issue, sinking-fund provisions allow a firm to lessen the interest rate risk of its bonds as it essentially replaces a portion...
Words: 1834 - Pages: 8
...is most appropriate today for managing a project? A. BAR charts B. Milestone charts C. PERT charts D. Precedence charts (E) 2. Which of the following scheduling techniques is most appropriate today for reporting project status to a customer during an interchange meeting? A. BAR charts B. Milestone charts C. PERT charts D. Precedence charts (M) 3. The major disadvantage of using a bar chart on large projects is that bar charts: A. Cannot identify critical paths B. Do not show dependencies between activities C. Cannot identify milestones D. Cannot show slack (E) 4. Which of the following is not one of the four network diagramming techniques? A. PERT B. GERT C. VERT D. PDM (H) 5. Which of the following activity-on-arrow network diagramming methods does not require three estimates for durations? A. PERT B. GERT C. ADM D. PDM (M) 6. Which of the following network diagramming methods do not use dummy activities? A. PERT B. GERT C. ADM D. PDM (M) 7. Which of the following network diagramming methods allows for branching and looping? A. PERT B. GERT C. ADM D. PDM (M) 8. Which of the following is an activity-on-node network diagramming method? A. PERT B. GERT C. ADM D. PDM (H) 9. Which of the following cannot be determined...
Words: 931 - Pages: 4
...………………………………………………………….. 4 1.2 Statement of Problem ……………………………………………………………... 4 1.3 Objectives of Study ……………………………………………………………….. 5 1.4 Significance of Study ……………………………………………………………... 5 Chapter 2.Literature Review ………………………………………………………...………….. 5 2.1 Graph Theory ……………………………………………………………………. 5 2.2 Network Analysis ………………………………………………………………... 6 2.3 Project Management …………………………………………………………...... 6 2.3.1 Network Crashing ………………………………………………….. 7 2.3.2 PERT ………………………………………………………………. 7 2.3.3 CPM ………………………………………………………………...9 2.3.4 Gantt Chart …………………………………………………….........9 Chapter 3.Research Method …………………………………………………………………... 10 3.1 Research and Sample …………………………………………………………. 10 3.2 Instruments and Materials …………………………………………………….. 10 Chapter 4.Analysis and Results ………………………………………………………………. 13 4.1 Data analysis and Results ………………………………………………… 13 4.2 Interpretation of Results ………………………………………………….. 15 4.3 Discussion of Results …………………………………………………….. 15 4.4 Recommendations...
Words: 5317 - Pages: 22
...1) Please identify the critical path using the activity letter provided and explain the significance of the critical path. The QSB output below shows the critical path. The path is significant because it demonstrates the path that is the most time consuming (longest to finish), as the activities on the critical path have no slack. The completion of each activity in this sequence is critical to the start of the next activity in the sequence. There is likely a “bottle neck” with one or more of these activities that contribute to the critical paths long finish time. 2) With respect to the total project what is the best estimate of: [pic] A) the expected project completion time? The project is expected to be completed in 448.0 Days as shown by the QSB run above. B) the most-likely project-completion time? The probability analysis output shows that the probability of finishing in 474 is most likely to happen. C) the variance of the project completion time? The standard deviation of the expected project completion time of 448 days is -5.4874. Therefore the variance = 5.4874^2 or 30.1116 Also, one by one please discuss briefly the specific statistical assumptions if any that you made to answer questions 1a, 1b, and 1c. 3) Please create the fully labeled network diagram for the project using the activity letters provided as labels and explain its usefulness in managing this project. What information...
Words: 2493 - Pages: 10
...THE IMPORTANCE OF PROJECT MANAGEMENT Globalization has changed the way business organizations work. Modern organizations face bigger and harder challenges as competitions and technology grow. Growing project complexity and collapsing product/service life cycle has made businesses have to adapt to sustain their profitability and competitiveness. Hard Rock Cafe and Bechtel Group are two examples of firms that manage to adapt to these changes using their strength in managing projects. Bechtel uses their outstanding project management skills to build massive constructions all over the world. Hard Rock Cafe won’t be able to run their day-to-day business and sponsor the annually-held Rockfest if they don’t have a good project management team. Scheduling projects is a difficult challenge for operation managers. Cost overruns and unnecessary delays may occur due to poor schedulling and controls. Good project management is a substantial key to guarantee projects comes within budget and meet the required time and quality. Businesses usually form project organizations outside the normal production system to run projects that takes month or year to finish. Project organizations within a firm is usually set up to handle specific jobs and often disbanded when the project is complete. The management of project involves three phases: planning, scheduling, and controlling. PROJECT PLANNING Planning projects is the first phase of project management. This phase includes setting goals...
Words: 2734 - Pages: 11
...Tools used by Project Managers Lisa M. Wondolowski Embry-Riddle Aeronautical University Tools used by Project Managers Formally, an organization and/or company typically would decide to commence a project exertion and appoint the project necessary resources to a prudently selected person and inferred that the individual will use some form of project management. Nonetheless, organizational implications were of little importance in the past. Although the necessary concepts of project management are straightforward, applying these approaches is to an existing organization is not. Richard P. Olsen, in his article "Can Project Management Be Defined?" defined project management as, "The application of a collection of tools and techniques- to direct the use of diverse resources toward the accomplishment of a unique, complex, one-time task within time, cost, and quality constraints. Each task requires a particular mix of these tools and techniques structured to fit the task environment and life cycle (from conception to completion) of the task." (Adams, 1997) Conclusively, employing project management methodologies and technologies decreases the diversion of routine business activities in many cases by placing under a single command all of the technologies, resources and skills necessary to effectuate the project. The dexterity that is vital depends upon each specific project and the assets available at that time. There are ten key elements...
Words: 1635 - Pages: 7
...CPM/PERT Presented by DATE- 08 Aug. 2014 Shravan Kumar Project “A project is a series of activities directed to accomplishment of a desired objective.” Plan your work first…..then work your plan Network analysis Introduction Network analysis is the general name given to certain specific techniques which can be used for the planning, management and control of projects. One definition of a project: “A project is a temporary endeavour undertaken to create a "unique" product or service” History Developed in 1950’s CPM by DuPont for chemical plants PERT by U.S. Navy for Polaris missile CPM was developed by Du Pont and the emphasis was on the trade-off between the cost of the project and its overall completion time (e.g. for certain activities it may be possible to decrease their completion times by spending more money how does this affect the overall completion time of the project?) PERT was developed by the US Navy for the planning and control of the Polaris missile program and the emphasis was on completing the program in the shortest possible time. In addition PERT had the ability to cope with uncertain activity completion times (e.g. for a particular activity the most likely completion time is 4 weeks but it could be anywhere between 3 weeks and 8 weeks). CPM - Critical Path Method Definition: In CPM activities are shown as a network of precedence relationships using activity-on-node network construction – Single estimate of activity time – Deterministic...
Words: 947 - Pages: 4
...with PERT/CPM One of the most challenging jobs that any manager can take on is the management of a large-scale project that requires coordinating numerous activities throughout the organization. A myriad of details must be considered in planning how to coordinate all these activities, in developing a realistic schedule, and then in monitoring the progress of the project. Fortunately, two closely related operations research techniques, PERT (program evaluation and review technique) and CPM (critical path method), are available to assist the project manager in carrying out these responsibilities. These techniques make heavy use of networks (as introduced in the preceding chapter) to help plan and display the coordination of all the activities. They also normally use a software package to deal with all the data needed to develop schedule information and then to monitor the progress of the project. Project management software, such as MS Project in your OR Courseware, now is widely available for these purposes. PERT and CPM have been used for a variety of projects, including the following types. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Construction of a new plant Research and development of a new product NASA space exploration projects Movie productions Building a ship Government-sponsored projects for developing a new weapons system Relocation of a major facility Maintenance of a nuclear reactor Installation of a management information system Conducting an advertising campaign PERT and...
Words: 27582 - Pages: 111
...the following questions. 1. Describe the nature of the project, and its key objectives. 2. Define “Dummy Activities” and describe their role in this project. 3. Describe the key problem(s) in this project and the strategies used to address these problems. Introduction This case example, although for a very small project, illustrates some interesting features of planning using critical path analysis. although there are only 17 activities, the precedence logic is a little complex to draw clearly owing to the number of crossed links, and we show how this difficulty is easily overcome by inserting dummy activities at three of the crossover points. Our case example demonstrates the application of pert (program evaluation and review technique), in which the estimated duration for each activity can be subjected to a probabilistic study in an attempt to forecast the most likely completion time for the entire project. Finally, this case will demonstrate how a project manager need not accept the results of time analysis without question, but can plan to apply extra effort to expedite critical activities (usually for additional cost) to bring the planned project completion date forward. Project Background CEN-CONSTRUCT is a medium-sized business located in Sydney, Australia that is owned and operated by a family. It is principally a consulting company that specializes in aviation civil engineering, having worked on runway construction and paving projects as well as several...
Words: 1531 - Pages: 7
...of goods and services by transforming inputs into outputs. True (What is operations management? easy) 5. An example of a "hidden" production function is money transfers at banks. True (What is operations management? moderate) 6. One reason to study operations management is to learn how people organize themselves for productive enterprise. True (Why study OM, easy) 7. The operations manager performs the management activities of planning, organizing, staffing, leading, and controlling of the OM function. True (What operations managers do, easy) 8. "How much inventory of this item should we have?" is within the critical decision area of managing quality. False (What operations managers do, easy) 9. In order to have a career in operations management, one must have a degree in statistics or quantitative methods. False (What operations managers do, easy) 10. Henry Ford is known as the Father of Scientific Management. False (The heritage of operations management, easy) 11. Shewhart’s contributions to operations management came during the Scientific Management Era. False (The heritage of operations management, easy) 12. Students wanting to pursue a career in operations management will find...
Words: 18670 - Pages: 75
...ABSTRACT Critical Chain Project Management: An Overview Christopher Aitken Director: Elisabeth Umble, Ph.D. The purpose of this thesis is to introduce to the reader Critical Chain Project Management, which is the application of the Theory of Constraints (TOC) process to project management. Eli Goldratt describes the process in the book Critical Chain. Applying Critical Chain protocol will improve the projects due date performance and the quality of deliverables, whatever the project or circumstance. To prove these claims this document explores specific case studies of recent implementations of Critical Chain. It then goes back to look at the history of project management and some of the innovations that led to Critical Chain, including an in depth look at Theory of Constraints. It concludes by exploring the TOC approach to causing change in thinking processes and how this would be done for Critical Chain. This document is written to be accessible to any reader regardless of the level of prior exposure to the Theory of Constraints. APPROVED BY DIRECTOR OF HONORS THESIS: ______________________________________________________ Dr. Elisabeth Umble, Department of Management APPROVED BY THE HONORS PROGRAM: __________________________________________________ DATE: _______________________ CRITICAL CHAIN PROJECT MANAGEMENT: AN OVERVIEW A Thesis Submitted to the Faculty of Baylor University In Partial Fulfillment of the Requirements for the Honors Program By Christopher...
Words: 8356 - Pages: 34
