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Managing Project - Essay Example
Network diagram is a diagrammatical representation of different types of activities of a project. Various nodes in the diagram represent the different activities. "It should also be appreciated that model output is not necessarily an end in itself but may be an input for assessing the impact of changes in economic, social and ecological terms." (Environmental Impact Assessment of Irrigation and Drainage Projects: Mathematical Modelling).
"However, the project's duration is equally calculated by determining the longest possible path through the project network." (Gantt Charts and Network Diagrams. 2008). The two frequently used network diagrams are Programme Evaluation Review Techniques (PERT)and Critical Path Method (CPM).
Normally, PERT and CPM are used when the activities are multivariate, intricate, and heavy industries where the activities are numerous and risks factors high, It is a brainchild of strategic military usage but is now being extensively used in nuclear installations, missile launching and other high technological areas. One of the most important features of a network diagram is that it can be used to determine the critical path, or the path, including all the probable variables of the project, which requires the attention of top management. Network diagrams are very much useful to determine the float, or slack in different activities which can be used by the top management to reschedule purchase, use of labour and other costs when necessary. Therefore one of the most notable features of a network diagram is that it can be used to reduce cost of project. ...