Essay:

Essay details:

  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

Text preview of this essay:

This page is a preview - download the full version of this essay above.

II. Chose the essential structure of the activities and build a network returning the antecedence relationships:

• Identify the first antecedence linked with the activity

• The first antecedence are the activities that needs to be completed just before an activity.

• E.g., activity A needs to be completed before we start activity B and C and needs to be completed before D can start.

III. Determine the critical path: we examine the sequence of activities from the beginning to the ending of the project. In this case, there are two ways:

• A-B-D: 4 units

• A-C-D: 3 units

Since, A-C-D has the maximum units among the two above and is called critical path.

Critical Path- “is the path where the sum of activity is the longest among all the activities.” If any activities along the critical path is delayed for any reason, then the whole project will be delayed.

IV. Determine the early start or finish time and late start or finish time:

• Earliest start time (ES) - “the time when an activity can begin without reducing the duration of any of the preceding activities”.

• Earliest finish time (EF)- “to the time when an activity can be completed without reducing the duration of any of the preceding activities”.

• Latest start time (LS)- “to the time when an activity can begin and still allow the project to be completed on time”.

• Latest finish time (LF)- “to the time when an activity can end and still allow the project to be completed on time”.

• Slack Time- it is the difference between the Latest Start Time (LST) and the Early Start Time (EST) and between Late Finish Time (LFT) and Early Finish Time (EFT)

To find the value of EST and EFT, we start calculating from the beginning to the end of the network. In the above example, activity A has an EST of 0 unit and an EFT of 1 unit. Activity B has a EST of 1unit and an EFT of 3 units and in the same way, the EST of activity C is 1 unit and EFT is 2 units. Similarly, the EST of activity D is 3 units while the EFT is 4 units. Next step is to update our diagram

To find the value of LST and LFT, we start calculating from the end of the network to the beginning of the network. In the above example, activity D has an LST of 3 and an EFT of 4. Activity C has a LST of 2 and an LFT of 3 and in the same way, the LST of activity B is 1 and LFT is 3. Similarly, the LST of activity A is 0 while the LFT is 1. There is no slack tin activity A, B and D but activity C has a slack of 1 unit (week). Next step is to update our diagram.

The next step is to notice the difference between the Late Start Time (LST) and the Early Start Time (EST) and between Late Finish Time (LFT) and the Early Finish Time (EFT) which is also called “Slack Time”. In the given example, the slack time of the activity is 1 unit (week).

    

   i.e., Slack Time= LST-EST and LFT-EFT

Since, we skip the path from activity A to activity D through activity C as it has a slack time of 1 unit (week). Therefore, we prefer the path through activities A-B-D.

Calculating the units (weeks) taken by the network to complete = 1+2+1 units (weeks)   

      = 4 units (weeks)

Crashing

There might be a possibility that the project has to be completed earlier than the time estimated by the critical path method (CPM). In such cases, we re-plan the whole project accordingly and in some cases, reducing the original critical path of a project leads to a different sets of activities being chosen as the critical path. Crashing a project requires the employees to know the crash and cost time of each activity.

    Crash cost / duration = (crash - normal cost) / (normal time – crash time)

Few reasons which might lead to shortening of time are:

i. Penalty clauses

ii. Divergence of resources to some other project

iii. Committed completion dates

iv. Different deadlines

Importance of Slack and Critical Path

• slack shows how long an activity can be delayed without delaying the actual finish time of the project

• only those sequence of activities which have zero slack from the beginning to ending of the project comes under critical path.

• No other activities other than critical activities can follow the critical path

• If any activity following the critical path is stretched or reduced, then the project time would adjust itself accordingly.

• Resources can only be used for speeding up the critical activities so that it shortens the project time rather than wasting resources on non-critical activities.

• Resources should be saved if one has an option to lengthen the non-critical activities till the time slack is zero.

Benefits of CPM and PERT Network  

   

• Provides a steady platform for all tasks, work units and work packages in an activity

• It shows the interconnection of work packages, units and tasks with each other

• Ensures proper communication between the departments and other functions

• Calculates the expected completion date of the project

• It helps in identifying all the critical activities which to an extent can be delayed in the project completion time.

• It identifies the slack time of an activity and tells for how much time an activity can be delayed with no penalty being charged.

• Highlights the tasks which should be coordinated together so that there is no conflict between them

• Shows which two or more task can run together to quicken the project completion time   

is one of the oldest technique existing in the world which is used to present the scheduled project information. In early 1800s, an industrial engineer called Henry L. Gantt created these in order to improve the efficiency of the factory. It is considered to be the most useful method till date and most commonly called, “Bar Charts”. The representation of every task is by a bar displayed against the horizontal line (time scale) while the length of the bar shows the time period in which the task is supposed to get completed. They contain a lot of information in them, are easy to interpret. The Gantt chart shows the outlined and the actual progress for the tasks in hand and is the most effective method for interpreting the actual status at present of each task compared to the one outlined. Thus, Gantt charts can be used in speeding up, consecution and modifying the resources used in the tasks and can also help in making a monotonous task exciting by keeping track of how the tasks are progressing. Also, the charts contain some special symbols to differentiate items which are very important in an ongoing task. Gantt chart are not good for logical constraints and should only be used to complement networks not replace them.

Let us take an example to understand Gantt Chart properly-

is one of the oldest technique existing in the world which is used to present the scheduled project information. In early 1800s, an industrial engineer called Henry L. Gantt created these in order to improve the efficiency of the factory. It is considered to be the most useful method till date and most commonly called, “Bar Charts”. The representation of every task is by a bar displayed against the horizontal line (time scale) while the length of the bar shows the time period in which the task is supposed to get completed. They contain a lot of information in them, are easy to interpret. The Gantt chart shows the outlined and the actual progress for the tasks in hand and is the most effective method for interpreting the actual status at present of each task compared to the one outlined. Thus, Gantt charts can be used in speeding up, consecution and modifying the resources used in the tasks and can also help in making a monotonous task exciting by keeping track of how the tasks are progressing. Also, the charts contain some special symbols to differentiate items which are very important in an ongoing task. Gantt chart are not good for logical constraints and should only be used to complement networks not replace them.

Let us take an example to understand Gantt Chart properly-

• Individual tasks and the time required to complete it is displayed

• They are easy to maintain even if the information has to be updated frequently

• They are easily understood despite the fact that they contain a lot of information

• Offers a sketch of the present state of a project

• Are easy to build

DISADVANTAGES OF GANTT CHARTS

• They can become extremely abstruse and are only used for simple projects

• Each bar in the Gantt chart indicates the time period in which the task has to be completed but none of them shows the amount of work to be done

• They need to be constantly updated

• Critical paths are not easily identified

• Do not provide detailed information for abstruse projects

Project Management within Operations Management

• The techniques used in project management helps in providing a structure to the project managers so that they could trace the progress of various activities of a network in hand.

• Main emphasis is given to critical path as it helps in completing the project on time.

• If any delay is caused to critical path activity due to any reason then, the project will not complete on time. They help in signifying the estimated completion time and the cost of a project.

Project Management with Operations Management

• Project Management (PM) is used in accounting to determine a time line for major expenses in the project.

• Marketing also uses the help of project management to provide the updates of the aim achieved to the customers.

• Helps in developing and maintaining the software which supports the project in Information Systems.

• It is also used in Operations so that it could monitor the activities going on and off the track of critical path in order to manage the resources well.

...(download the rest of the essay above)

About this essay:

This essay was submitted to us by a student in order to help you with your studies.

If you use part of this page in your own work, you need to provide a citation, as follows:

Essay Sauce, . Available from:< https://www.essaysauce.com/essays/marketing/2016-3-19-1458403214.php > [Accessed 21.10.19].