Managing Project Essay Example | Topics and Well Written Essays - 2500 words

Managing Project - Essay Example b) Activity Q is completed 1 day before schedule Q is completed 1 day before schedule. In such an event, the project would be completed in 61 instead of 62 days. c) A 1-day delay during activity N. A period of 1 day delay during activity N would not affect the completion of the project as it is not within the ambit of the critical path. 6) Importance of network diagrams: 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). The network diagram is a management tool for assessing the path the various activities of a project needs to follow and what is the maximum period and length it would take. Based upon the network diagram, management could work out the time, costs, manpower requirements and resources mapping needed for executing the project with utmost efficiency and minimum costs. "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..."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.