Critical Path Analysis

2913 Words May 3rd, 2013 12 Pages
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 of time, cost and some other measures of effectiveness) from the plan. If such a deviation is unacceptable to the concerned manager, he will be required to take corrective action to bring performance in conformity with the plans. The PERT and
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Breaking down the project into smaller components permits better and closer control.

2. Critical path analysis offers economical and effective system of control based on the principle of management by exception i.e. need for corrective action arises only in exceptional situations and in most of other cases, performance is in conformity with the plans.

3. It is a dynamic tool of management which calls for constant review, a reformulation of the network, and finding the current path of relevance and optimum resources allocation.

FUNDAMENTALS OF A CPA NETWORK

( Activity An activity is any portion of a project which consumes time or resources and has a definable beginning and ending. For example, "laying of pipe" is an activity requiring the use of resource mainly effort. Activity may involve labour, paper work, contractual negotiations, machinery operations, etc. Commonly used terms synonymous with "activity" are "task" and "job".

Figure 1 and 2

Activities are graphically represented by arrows, usually with description and time estimates written along the arrows. The tail of the arrow portraying an activity represents the starting point of the activity and its
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