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Project life cycle

Project

• a sequence of unique, complex, and connected activities

• that have one goal or purpose

• and that must be completed by a specific time, within budget, and according to specification.

Project life cycle

CPM The critical path method is a step-by-step project management technique for process planning that defines critical and non-critical tasks with the goal of preventing time-frame problems and process bottlenecks. The CPM is ideally suited to projects consisting of numerous activities that interact in a complex manner.

Critical path is the Longest sequence of activities in a project plan which must be completed on time for the project to complete on due date. An activity on the critical path cannot be started until its predecessor activity is complete; if it is delayed for a day, the entire project will be delayed for a day unless the activity following the delayed activity is completed a day earlier.

Crashing -A technique used to shorten the schedule duration for the least incremental cost by adding resources.

PERT Program Evaluation and Review Technique is a scheduling method originally designed to plan a manufacturing project by employing a network of interrelated activities, coordinating optimum cost and time criteria.

First developed in the aerospace industry, 1958

The same basics as CPM

Requires 3 estimates of duration between events:

Optimistic time t_o: the time the activity takes if everything goes as planned

Most likely time t_m: most realistic estimate

Pessimistic time t_p: assuming very unfavourable conditions

Critical activity Activities on the critical path are called critical activities. If any of these activities is delayed, the completion of the project will be delayed by an equal amount.

Fast tracking -reduce project duration by speeding tasks by doing them in parallel or overlapping them

A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.