Critical Path Analysis
"To be completed successfully, a project needs to be planned and managed, costs determined and times allocated, problems dealt with and, eventually, concluded. Formal methods of managing a project offer clear guidelines and deadlines. The key elements of project management include: • defining the project carefully, including the setting of clear objectives• dividing the project up into manageable tasks and activities• controlling the project at every stage to check that time limits are being kept to• giving each team member a clear role• providing controls over quality issues and risks."
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Business Management
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Sub: BusinessManagement CRITICAL PATH ANALYSIS
Topic: CPA
To be completed successfully, a project needs to be planned and managed, costs determined and times allocated, problems dealt with and, eventually, concluded. Formal methods of managing a project offer clear guidelines and deadlines. The key elements of project management include: defining the project carefully, including the setting of clear objectives dividing the project up into manageable tasks and activities controlling the project at every stage to check that time limits are being kept to giving each team member a clear role providing controls over quality issues and risks. Failure to manage projects successfully can have serious consequences for any organisation. In the ‘Setting the scene’ case study above, any failure to complete the building of the bridge on time and within budget could result in: penalty payments having to be paid to the customers bad publicity in the construction industry loss of future contracts.
Operational resources are expensive and the most expensive resource is that which is unused or underused – unused stocks take up space and working capital; machinery left idle wastes capital and can require protective maintenance; labour waiting for supplies to arrive will add unnecessarily to the wages bill. Efficient firms will always aim to use their resources as intensively as possible and avoid wasted time and idle assets. Keeping assets busy is not always as easy as it sounds, especially when the project is a complex one. Consider the construction of a house: The builder only wants to employ specialist staff on a subcontract basis when the job is ready for their particular skills
http://classof1.com/homework-help/business-management-homeworkhelp/?utm_source=Scribd&utm_medium=RA_ebook&utm_term=busi *The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades. ness&utm_content=footer&utm_campaign=%5BDoc%2BUploads%5 D
Sub: BusinessManagement
Topic: CPA
He also wants to order bricks and other materials to arrive just as they are needed, not weeks before, blocking up the site, wasting working capital and inviting theft. He certainly does not want them three days after the bricklayers require them. Specialist equipment is often hired and to keep this a day more than necessary will raise costs and affect cash flow.
How can all of the different tasks involved in building a house be put into order so that the right goods and labour can be employed just at the right time? The answer for many businesses is to use a technique known as critical path analysis (CPA) – also known as network analysis. CPA involves drawing a network diagram that indicates the shortest possible time in which a project can be completed. The activities − that must be completed to achieve this shortest time − make up what is known as the critical path. The process of using CPA involves the following steps: 1 Identify the objective of the project, e.g. building a factory in six weeks. 2 Put the tasks that make up the project into the right sequence and draw a network diagram. 3 Add the durations of each of the activities. 4 Identify the critical path – those activities that must be finished on time for the project to be finished in the shortest time. 5 Use the network as a control tool when problems occur during the project.
http://classof1.com/homework-help/business-management-homeworkhelp/?utm_source=Scribd&utm_medium=RA_ebook&utm_term=busi *The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades. ness&utm_content=footer&utm_campaign=%5BDoc%2BUploads%5 D
Sub: BusinessManagement
Topic: CPA
For more details on Classof1 or customized academic assistance please feel free to write to us at [email protected] or call our toll-free number 1- 877- 252- 7763. The list of subject areas in which we offer academic assistance is as given below:
1 Accounting 23 Engineering 24 English 25 Environmental Engineering 26 Environmental Science 27 Essay Writing 28 Finance 29 Financial Accounting 30 General Studies 31 Geography 32 Geology 33 HBS Case Studies 34 History 35 Hospitality Management 36 Human Resource Management 37 Information Systems 38 International Economics 39 International Finance 40 Investment Portfolio Management 41 MS-Office 42 Macro Economics 43 Management Accounting 44 Marketing 45 Mass Communication 46 Materials Engineering 47 Math 48 Mechanical Engineering 49 Medical Science 50 Micro Economics 51 Nursing 52 Operations Management 53 Philosophy 54 Physics 55 Physiology 56 Political Science 57 Psychology 58 Religious Studies 59 Rhetoric 60 Social Studies 61 Social Work 62 Sociology 63 Statistics 64 Taxation 65 Zoology 2 Actuarial Science 3 Anatomy 4 Anthropology 5 Architecture 6 Astronomy 7 Biochemical Engineering 8 Biochemistry 9 Biology 10 Business Law 11 Business Management 12 Chemical Engineering 13 Chemistry 14 Civil Engineering 15 Classical Studies 16 Computer Science 17 Corporate Finance 18 Corporate Strategy 19 Cost Accounting 20 Earth Science 21 Economics 22 Electrical Engineering
http://classof1.com/homework-help/business-management-homeworkhelp/?utm_source=Scribd&utm_medium=RA_ebook&utm_term=busi *The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades. ness&utm_content=footer&utm_campaign=%5BDoc%2BUploads%5 D
Homework Help
24/7 Support
Step-by-Step Solutions
Detailed Explanation
LEARN TO EXCEL
Experienced Tutors
www.classof1.com/homework-help/management Toll Free: 1-877-252-7763
Sub: BusinessManagement CRITICAL PATH ANALYSIS
Topic: CPA
To be completed successfully, a project needs to be planned and managed, costs determined and times allocated, problems dealt with and, eventually, concluded. Formal methods of managing a project offer clear guidelines and deadlines. The key elements of project management include: defining the project carefully, including the setting of clear objectives dividing the project up into manageable tasks and activities controlling the project at every stage to check that time limits are being kept to giving each team member a clear role providing controls over quality issues and risks. Failure to manage projects successfully can have serious consequences for any organisation. In the ‘Setting the scene’ case study above, any failure to complete the building of the bridge on time and within budget could result in: penalty payments having to be paid to the customers bad publicity in the construction industry loss of future contracts.
Operational resources are expensive and the most expensive resource is that which is unused or underused – unused stocks take up space and working capital; machinery left idle wastes capital and can require protective maintenance; labour waiting for supplies to arrive will add unnecessarily to the wages bill. Efficient firms will always aim to use their resources as intensively as possible and avoid wasted time and idle assets. Keeping assets busy is not always as easy as it sounds, especially when the project is a complex one. Consider the construction of a house: The builder only wants to employ specialist staff on a subcontract basis when the job is ready for their particular skills
http://classof1.com/homework-help/business-management-homeworkhelp/?utm_source=Scribd&utm_medium=RA_ebook&utm_term=busi *The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades. ness&utm_content=footer&utm_campaign=%5BDoc%2BUploads%5 D
Sub: BusinessManagement
Topic: CPA
He also wants to order bricks and other materials to arrive just as they are needed, not weeks before, blocking up the site, wasting working capital and inviting theft. He certainly does not want them three days after the bricklayers require them. Specialist equipment is often hired and to keep this a day more than necessary will raise costs and affect cash flow.
How can all of the different tasks involved in building a house be put into order so that the right goods and labour can be employed just at the right time? The answer for many businesses is to use a technique known as critical path analysis (CPA) – also known as network analysis. CPA involves drawing a network diagram that indicates the shortest possible time in which a project can be completed. The activities − that must be completed to achieve this shortest time − make up what is known as the critical path. The process of using CPA involves the following steps: 1 Identify the objective of the project, e.g. building a factory in six weeks. 2 Put the tasks that make up the project into the right sequence and draw a network diagram. 3 Add the durations of each of the activities. 4 Identify the critical path – those activities that must be finished on time for the project to be finished in the shortest time. 5 Use the network as a control tool when problems occur during the project.
http://classof1.com/homework-help/business-management-homeworkhelp/?utm_source=Scribd&utm_medium=RA_ebook&utm_term=busi *The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades. ness&utm_content=footer&utm_campaign=%5BDoc%2BUploads%5 D
Sub: BusinessManagement
Topic: CPA
For more details on Classof1 or customized academic assistance please feel free to write to us at [email protected] or call our toll-free number 1- 877- 252- 7763. The list of subject areas in which we offer academic assistance is as given below:
1 Accounting 23 Engineering 24 English 25 Environmental Engineering 26 Environmental Science 27 Essay Writing 28 Finance 29 Financial Accounting 30 General Studies 31 Geography 32 Geology 33 HBS Case Studies 34 History 35 Hospitality Management 36 Human Resource Management 37 Information Systems 38 International Economics 39 International Finance 40 Investment Portfolio Management 41 MS-Office 42 Macro Economics 43 Management Accounting 44 Marketing 45 Mass Communication 46 Materials Engineering 47 Math 48 Mechanical Engineering 49 Medical Science 50 Micro Economics 51 Nursing 52 Operations Management 53 Philosophy 54 Physics 55 Physiology 56 Political Science 57 Psychology 58 Religious Studies 59 Rhetoric 60 Social Studies 61 Social Work 62 Sociology 63 Statistics 64 Taxation 65 Zoology 2 Actuarial Science 3 Anatomy 4 Anthropology 5 Architecture 6 Astronomy 7 Biochemical Engineering 8 Biochemistry 9 Biology 10 Business Law 11 Business Management 12 Chemical Engineering 13 Chemistry 14 Civil Engineering 15 Classical Studies 16 Computer Science 17 Corporate Finance 18 Corporate Strategy 19 Cost Accounting 20 Earth Science 21 Economics 22 Electrical Engineering
http://classof1.com/homework-help/business-management-homeworkhelp/?utm_source=Scribd&utm_medium=RA_ebook&utm_term=busi *The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not for submitting the same in lieu of their academic submissions for grades. ness&utm_content=footer&utm_campaign=%5BDoc%2BUploads%5 D
