The expected time for an activity represents the average time it would take if the activity is performed over and over again. It is known empirically that the probability density function of activity duration closely follows a Beta distribution, which defines the following relationship (Heldman & Baca, 267)
Standard Deviation is used for calculating the variability associated with the high degree of uncertainty in estimated time durations. The standard deviation is represented by sigma symbol ‘σ’ and is calculated as
The time analysis elements such as the forward pass (Early Start time ES and Early Finish time EF) and the Backward Pass (Late Start time LS and Late Finish time LF) are used to find the Critical Path. These times are calculated using the Expected Time (te) for the respective activity relative to the zero date (date when the project clock starts ticking) of the project.
The Backward Pass Late Start (LS) and Late Finish (LF) values are calculated considering that the earliest completion time of the project for the last activity and then working backwards towards the predecessors. For all the last activities, the LF will be equal to the respective EF value. Therefore, values of LF for the activities O, N, M, I and C are equal to the respective values of EF.
The Critical Path can be determined by finding the Total Slack for each activity. Total Slack for any activity is the maximum time by which the start of an activity can be delayed without affecting the critical path.
The path with the longest Expected time duration is the critical path. Activities on the critical path have slack as 0, since these activities cannot be delayed at all. Each path from the Start to the Finish node is defined along with the respective time duration. The Expected Completion Time (Et) for each path is equal to the expected duration of the constituent activities. For Example, A-E-H-K-I is calculated ...
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Wal-Mart’s success is attributable to its competitive pricing strategy and a diversity of friendly facilities that include super-centers, neighborhood markets, discount stores and Sam’s club warehouses (Wal-Mart Corporate, n.d.) This paper examines the influence of project management on other functions in Wal-Mart and the difficulties involved in implementing PERT and CPM in the organization Influence of Project Management on Other Functions in the Organization A project is a temporary and unique activity that is performed by people, limited by resources, and is controlled in terms of time and cost.
Project management is ‘a dynamic process that utilises the appropriate resources of the organisation in a controlled and structured manner to achieve some clearly defined objectives identified as strategic needs’ (Young, 2010, p. 15). The challenge facing all project managers is that all projects are conducted with a corresponding set of constraints (Young, 2010).
PERT technique allows a complete project to be divided into its individual tasks and the time durations that these activities need such that the estimation of the completion of the total project can be done. The technique enables the determination of the earliest times when an individual task may be started and hence determines the critical path or the longest path of the project.
It provides the path through which the firm goes about achieving its mission, either in the short term or long term. Through this process of strategic management, the organization is moved from its present position to a future strategic position with the aim of securing a sustainable competitive advantage (Kerzner, 2013).
Efficiency 4 3.7. Project Management Plan 5 3.8. Elements in a project 6 4.0. Conclusion 8 5.0. Recommendations 8 6.0. References 9 1.0. Executive Summary In this paper, there are set of questions that I am set to set to answer in compliance to a course that I am enrolled in.
Even after the completion of the project the private sector offers DBOM (Design, Build, Operate and maintain) and in lieu receives payment for the accumulated cost over a long term period, generally 25 years (Grimsey and Lewis, 2005). Most of the governmental infrastructural projects and constructions are done through PPP/PFI, thanks to the initiation of this practice by Australia and then the UK.
Although program evaluation and review technique PERT) and critical path method (CPM) are the most important tools to have been developed since the Gantt in 1917, other related techniques like work breakdown structures WBS, cost optimization and control are as important to the economic and timely completion of projects.
The new project has also looked into past projects similar to it and has compared the time and cost estimates as well as analyzed the reflected differences. The allocated time frame is appropriate for the new project.
In this event our main task is to manage the activities of installation of an artificial ice rink. In this project we also need to manage and organize a concert. In this scenario we will manage and plan this overall project activity regarding ice rinks installation