1. PERT is that technique of project management which is used to manage uncertain (i.e., time is not known) activities of any project. CPM is that technique of project management which is used to manage only certain (i.e., time is known) activities of any project.
Cost per thousand impressions, the online advertising equivalent.
Step 1: Identify & Meet with StakeholdersMake sure you identify all stakeholders and keep their interests in mind when creating your project plan. Meet with the project sponsors and key stakeholders to discuss their needs and project expectations, and establish a scope baseline, budget, and timeline.
Terms in this set (23)The three phases involved in the management of large projects are: planning, scheduling and controlling.
Project Management can be seen to contain three distinct phases: Planning, Scheduling and Controlling. During the Planning phase, the requirements of the project are properly understood.
CPM networks are mainly used for those projects for which a fairly accurate estimate of time of completion can be made for each activity. A PERT network is activity-oriented while a CPM network is event-oriented. Explanation: A CPM network is activity-oriented while a PERT network is event-oriented.
Critical Path Method (CPM) is the most widely used scheduling technique and is often referred to as critical path scheduling. This scheduling technique used to plan and control a project and calculates the minimum completion time for a project along with the possible start and finish times for the project activities.
The critical path (or paths) is the longest path (in time) from Start to Finish; it indicates the minimum time necessary to complete the entire project.
Compute the crash cost per time period. If crash costs are linear over time:?Crash cost per period = (Crash cost – Normal cost) / (Normal time– Crash time)2. Using current activity times, find the critical path and identify the critical activities.
Slack time, used in Program Evaluation and Review Technique (PERT), denotes how much an activity can be delayed beyond its earliest start date, without causing any problems in the completion of the project by its due date.
A dummy activity is an activity added to a project schedule as a placeholder. A dummy activity is intended to show a path of action in a project activity diagram and is employed when a logical relationship between two activities cannot be linked by showing the use of arrows linking one activity to another.
One important extension to the basic network analysis technique relates to project cost/ project time tradeoff. In this extension to the basic method we assume that, for each activity, the completion time can be reduced (within limits) by spending more money on the activity.
Waiting for the arrival concrete materials: It won't require any cost nor any time hence it can be called as a dummy activity. Cure the foundation concrete: This is the third stage after the lay of concrete which requires minimum 7 days of curing and manpower & resource cost.
Slack is the amount of time that an activity can be delayed past its earliest start or earliest finish without delaying the project. A delay in the critical path delays the project. Similarly, to accelerate the project it is necessary to reduce the total time required for the activities in the critical path.
Which statement is true of Critical Path Method (CPM)? It determines the critical path for the completion of a series of interrelated activities. Activities that are on the critical path are flexible and can be delayed without delaying a project. Activities on the critical path take the shortest time to be completed.
Answer: Drawing the Project Network • AOA – Activity on Arrow: networks show each activity as an arrow, and the nodes represent the starting and ending points • AON – Activity on Node: networks show each activity as a node and arrows show the immediate predecessor activities.
A project network is a graph that shows the activities, duration, and interdependencies of tasks within your project.
The total float is the difference between project completion date and the total duration of critical path activities. In other words, you have a project to finish in 25 days. Your calculated critical path activities on the schedule network diagram will take 22 days. So you have a project float of +3 days.
Free float is how long an activity can be delayed without delaying the Early Start of its successor. You can calculate the free float by subtracting the Early Finish Date of the activity from the Early Start Date of the next activity.
The CPM would describe the sequence that takes the most time. For example, if you're building a house, you would have several task sequences as follows: Each task takes a different amount of time and resources. It takes more time to build walls and lay the roof than to install faucets and fixtures.
How to Calculate Critical Path
- Divide the Project into Tasks. Make a list of your tasks.
- Order and Identify Dependencies. Put your tasks in a logical line-up.
- Create the Network Diagram. Now, you can make your task line-up visual.
- Estimate Duration.
- Perform Resource Leveling.
- Determine the Critical Path.
Calculating Early Start (ES) and Early Finish (EF)The formula used for calculating Early Start and Early Finish dates: Early Start of the activity = Early Finish of predecessor activity + 1. Early Finish of the activity = Activity duration + Early Start of activity – 1.
Critical path activities can have float; hence the critical path can have float.
In project management, float or slack is the amount of time that a task in a project network can be delayed without causing a delay to: subsequent tasks ("free float") project completion date ("total float").
Negative float is the difference between checks written against or deposited in an account and those that have cleared according to bank records. When a checking account owner writes a check, the funds represented by the check remain in the account until the check is presented to and cleared by the check writer's bank.
A PERT chart uses circles or rectangles called nodes to represent project events or milestones. These nodes are linked by vectors, or lines, that represent various tasks. A PERT chart allows managers to evaluate the time and resources necessary to manage a project.
Full form of PERT- Program (Project) Evaluation and Review Technique. Meaning: CPM is a statistical project management technique which manages well established project activities. Suitable for: Non-research based projects for example Civil Engineering Construction, ship building etc. Estimates: One time estimate.
How to develop a PERT chart
- Step 1: List out your project milestones and tasks.
- Step 2: Identify the sequence of those tasks.
- Step 3: Determine the time criteria for your tasks.
- Step 4: Draw up your PERT diagram.
- Step 5: Draw out your critical path.
- Step 6: Update your PERT chart as needed.
Schedule Development
Program Evaluation and Review Technique (PERT) is a method used to examine the tasks in a schedule and determine a Critical Path Method variation (CPM). It analyzes the time required to complete each task and its associated dependencies to determine the minimum time to complete a project.As with Gantt Charts, the essential concept behind Critical Path Analysis is that you cannot start some activities until others are finished. These activities need to be completed in a sequence, with each stage being more-or-less completed before the next stage can begin. These are "sequential" activities.
PERT is an abbreviation of the Program Evaluation and Review Technique. CPM is an abbreviation of the Critical Path Method.
The test covers data analysis, geometry, and algebra on both intermediate and basic levels. The topics on the math test includes: linear equations, linear inequalities, literal equation, and quadratic formulas. simultaneous linear equations with two variables.
Essentially, a Gantt chart is a bar chart that lays out project tasks and timelines linearly. A PERT chart, on the other hand, is structured as a flow chart or network diagram that displays all the project tasks in separate boxes and connects them with arrows to clearly show task dependencies.
PERT technique is best suited for a high precision time estimate, whereas CPM is appropriate for a reasonable time estimate. PERT deals with unpredictable activities, but CPM deals with predictable activities. PERT is used where the nature of the job is non-repetitive.
