Please read Chapter 3 of the Textbook and watch the two videos “Introduction to Project Management (2019)” and “12 Terms You Should Know | Project Management Fundamental”, all of which are posted in Module 3 (Lesson 3).
www.youtube.com/watch?v=rBSCvPYGnTc
www.youtube.com/watch?v=qTQsdJFG4SQ
n at least 250 words, please answer the following:
(a) What is project management?
(b) Describe why project planning, scheduling, and controlling are each critical aspects of project management.
(c) What is Critical Path Method (CPM)? And what is Program Evaluation and Review Technique (PERT)?
(d) How are Critical Path Method (CPM) and PERT different?
reply#1
Project management refers to the provision of leadership in implementation of programs to achieve preset business goals in respect of strict timelines. The main responsibility of a project manager is to lead teams in working on deliverables within the major constraints of project scope, budget, and time. Management entails the optimization of inputs allocation and the institution of processes at every phase to meet enlisted objectives (365 Careers, 2018).
Project planning enables the definition of project tasks with attainable goals for the handling of works within fields that are unique and more complex. Project scheduling is the allocation of time limits to each event. The process highlights responsibilities for specific teams and individuals to promote accountability. Controlling involves events to monitor resource use, regulate costs, check on product quality, and align programs to budgetary provisions. Project controlling helps organizations in assessing and mitigating risks to ensure goals achievement (Psoda, 2017.)
A critical path method (CPM) is a technique that applies a single time factor in examining a project activity. It outlines task sequences required for project completion, draws a path for each activity, and uses an algorithm to determine the time needed for each path and develop a critical path. A project evaluation and review technique (PERT) is a method that applies three estimates in determining the time needed by a project team to complete each task (Heizer, Render & Manson, 2017).
The main difference between CPM and PERT is in the process used in measuring time for each project activity. Using CPM, project teams assume that they can determine time for each activity with certainty and; therefore, only use one time factor in measuring time for each activity. On the other hand, PERT uses three time estimates in determining expected values and computing standard deviations to approximate time required for each activity (Heizer, Render & Manson, 2017).
reply#2
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements (PMI, 2016). And the management of projects involves three phases: planning, scheduling, and controlling. Planning includes goal setting, defining the project, and team organization. Scheduling relates people, money, and supplies to specific activities and relates activities to each other. Controlling is how the firm monitors the resources, costs, quality, and budgets – it also revises or changes plans and shifts resources to meet time and cost demands (Heizer et al, 2016).
Project planning plays an essential role in helping guide stakeholders, sponsors, teams, and the project manager through other project phases. Planning is needed to identify desired goals, reduce risks, avoid missed deadlines, and ultimately deliver the agreed product, service, or result. Without careful planning, project performance is almost certainly guaranteed to suffer. Effective project scheduling plays a crucial role in ensuring project success. To keep projects on track, set realistic time frames, assign resources appropriately, and manage quality to decrease product errors. This typically results in reduced costs and increased customer satisfaction. And finally, project controls provide a meticulous approach to managing risk. By preemptively identifying risks, monitoring risk continuously, and developing contingency plans to address and mitigate issues, it becomes possible to reduce the impact on budget and schedule. It also helps prevent some risks from happening in the future (HEXAGON, 2021).
CPM refers to a project management technique that uses only one time factor per activity, while PERT is a project management technique that employs three time estimates for each activity (Heizer et al, 2016). They both follow the six-step process but have several great differences. Firstly, PERT is a technique of planning and control of time, unlike CPM, which is a method to control costs and time. Secondly, PERT focuses on uncertain activities, while CPM focuses more on well-defined activities. What is more, PERT is set according to events while CPM is aligned towards activities (Surbhi, 2019).
Reference
HEXAGON. (2021). Project Controls: Key Elements, Benefits and Challenges. EcoSys. https://www.ecosys.net/knowledge/what-is-project-controls/.
Heizer J., Render B., & Munson C. (2016). Operations Management. [VitalSource Bookshelf]. Retrieved from https://online.vitalsource.com/#/books/97801341635…
PMI. (2016). What is Project Management? Retrieved from /learn-about-pmi/what-is-project-management/” title=”https://www.pmi.org/about/learn-about-pmi/what-is-…”>https://www.pmi.org/about/learn-about-pmi/what-is-…
Surbhi, S. (2019). Difference Between PERT and CPM (with Comparison Chart). Key Differences. https://keydifferences.com/difference-between-pert-and-cpm.html.
0 comments