Project Management is regarded as the organization of the exercises of organising, synchronization, and regulation of assets with the title of assembly, the particular rates, and time limits of a project. The project is based on Awesome Floor and Tile Corporation that has been requested to install new hardwood floors for a local office building. The main aim is to guarantee that Mike’s project is undertaken within in a reasonable duration (Pritchard, 2018). In this case, the project will entail the use of various apparatuses and resources that will aide Mike in coming up with a sensible timeframe for the completion of the project. This main aim of the paper is surveying ways the Program Evaluation and Review Techniques and the fundamental approaches impact the extend timeline.
Time Required to Complete Jobs
Mike was appointed as a project manager to fix hardwood floors for the business Awesome Floor and Tile. Mike and his team will be fixing fresh flooring into a local office building. Mike generates a list of work and approximates the interval. A record of activities and their expectant time of completion, the most probable completion period, and the doubtful completion period (all in days) are projected in the table.
Activity 2 begins instantly after Activity 1.
Activity 3, Activity 4, and Activity 5 begin simultaneously after Activity 2.
Activity 6 does not begin after the completion of Activity 3, Activity 4, and Activity 5.
The carpet setting up project is done after Activity 7 is accomplished.
Determine and Explain Key Calculations
In the evaluation of the project completion timeframe, the method utilized was (O+4ML+P)/6 to get mean duration for every activity. The variance method used in the calculating (P-O)/6)2. The over-all completion timeframe for the whole project is 39 days. The critical path entails A1, A2, A5, A6 and A7. The pre-eminent method of tackle of determining the ES and EF is diagram out every activity and following every predecessor appropriately within the formula. ES formula is =1 meaning that the early start will commence with 1. The EF method entails ES + Duration of Activity. This may facilitate the calculations of every activity from left to right. The LS = LF- Duration of Activity from Right to Left deducting every predecessor moving to the end. If there are two predecessors moving from the Left to Right, then a longer period may be taken and if it involves moving to the right to left, it takes a shorter period. The slack is established from the LS-ES and LF-EF in diagram.
Expected time =ET The Variance of the Task = VT
|Activity 1: (2+4*3+4)/6=3||Activity 1: (4-2)/6=0.3333^2=0.11111|
|Activity 2: (3+4*6+9)/6=6||Activity 2: (9-3)/6=1^2=1|
|Activity 3: (4+4*8+10)/6=8||Activity 3: (12-4)/6=1.3333^2=1.7778|
|Activity 4: (6+4*8+10)/6=8||Activity 4: (10-6)/6=0.6667^2=0.4446|
|Activity 5: (8+4*10+12)/6=10||Activity 5: (12-8)/6=1.3333^2=0.4446|
|Activity 6: (10+4*14+18)/6=14||Activity 6: (18-10)/66=1.3333^2=1.7778|
|Activity 7: (4+4*6+8)/6=6||Activity 7: (8-4)/6= 0.6667^2=0.4446|
|Activities||OT||MT||PT||Expected Completion Time||Variance|
Budget Completion Period
Activities 1,2,5,6 and 7 are the critical path in the project. The longest period through the project is considered as the critical path. This signifies that each assignment along the way should accomplished promptly or the project accomplishment duration will be influenced. Consequently, the projects are considered as basic. To ascertain the project’s completion period, it is important for an individual to recapitulate the project period besides the critical path.
For instance, based on the current project, the critical path is 1, 2, 5, 6, 7= 3+6+10+14+6= 39
The duration to complete the entire project will be 39days.
According to Kerzner (2013), it is important to integrate a “Forward Pass” in the course of the project. This may assist in determining the project duration. Therefore, it may similarly assist in locating the critical path. On the other hand, a “Backward Pass” is going in reverse to the assumption result to compute a late beginning or to determine the existence of any slack within the project. The slack time may be ascertained through the deduction of the Early Start time form the Late Start time for every activity. The possibility of finalizing the project within the stipulated timeframe may be decided by the result in the Z value in relation to the project. This may be accomplished through the application of the equation, whereby, the square root of Variance is the standard deviation. When the variance is identified then the standard deviation may then be computed by locating the square root. to compute for the Z for the critical path and establish the value in a Z table to ascertain the probability of conclusion.
Specified Time = ST, Expected Time= ET, Standard Deviation= SD, Path Variance= PV, Task Variance= TV,
Z= (ST- ET/SD)
Path Variance= Summation of TV on the Path = 6
ST= 40 days
ET= 39 days
Z= (40-39)/ 2.45 = 0.408
Using the Z table, it may be illustrated that the Z value of 0.41 produces a probability of 65.91% that the development may be concluded in a span of 40 days.
Benefits of Using Project Management Techniques
Project management is described as the implementation of data aptitudes, instruments, and processes to project undertakings to meet the needs of the project. The stages comprise of preparation, project definition, orderly placement of the project, conducting the project, regulation and project culmination. Collecting project requirements may be achieved by brainstorming. This is done through meetings with shareholders when sharing ideas and project requirements. Through sharing ideas, most project requirements may be outlined. This may also aid in identification of fresh requirements for an impending project (Hirsch, 2013). A motivated group may be another mode that will assist in identifying the needs and desires of specific shareholders.
As with every project, there may be alterations that may have an impact on the project’s general outcome and schedule. The elements may range from not sufficient sources, lack of proper definition of requirements, including the shareholders altering the project (Kimmons, 2017). In this case, critical path will assist the project managers and team members to differentiate the responsibilities that do not authorize any adaptableness in scheduling. This is to guarantee emphasis on the jobs that will not lead to project delay and preventing the delay of the ultimate project. Alterations within resource availability may result in the project being disoriented. This may have a negative impact on the project schedule. Similarly, well-defined project requirements can similarly affect the programme (Kimmons, 2017). By possessing a project plan, it may assist in mitigating the negative impacts.
The preeminent methods of handling project changes involves having in place the procedures that may help in easier management. A workflow may aid in maintaining the vital steps and guaranteeing that none are missed. This similarly keeps every individual on the same page. Moreover, having the request for alterations in form of writing also helps in guaranteeing that members of the team possess similar data and the backing materials are presented((IntorBooks, 2019). Dependent on the extent of the change requests, this may sustain the project’s viability.
Project Management approaches are extremely vital as they assist in accomplishing business’s operation purposes. In addition, project administration measures may aid in bringing authority and leadership to the project and therefore, making the project achieved promptly and effectively (Reschke & Schelle, 2013). Critical Path method may help guarantee completion of the project within a short period , improving resource administration and guarantee the utmost of project preparation. Every element is a contributing factor to the achievement of business objectives and requirements.
Project control is significant with any project a corporation may participate in. With so countless diverse project management methods that may be utilized it may be stress-free to locate one that will acceptable the kind of project undertaken. Several project management methods include are Evaluation and Review Techniques, Critical Path methods, Critical Chain methods and among others that may be selected from.