3.3 Critical path analysis Flashcards
Critical path analysis
A project management tool used for network analysis to plan the shortest amount of time to complete a project.
Why do businesses need to plan complex projects?
Because it involves significant investment and risk.
What’s it necessary to do because complex projects involve significant investment and risk?
Necessary to identify relationships between activities.
What does critical path analysis include?
List of all activities required to complete the project.
Time each activity will take to complete.
How each activity depends on each other.
What does a critical path analysis show?
Longest part of project activities.
Earliest and latest activity stop times.
Critical project activities which if delayed will cause the project to run over.
What does critical path analysis allow for?
Resources can be hired at the right time and quantity.
Working capital can be managed.
When delays occur managers can identify implications and redirect resources.
Node
Circle represents point in time where activity is started or finished.
Left of Node
Activity number
Top of node
Earliest time
Bottom of node
Latest time
Activity
Process or project which takes time.
What is activity shown as?
Shown as a line which links nodes.
Duration
Length of time it takes to complete a task.
What normally represents an activity?
Description or letter
Where is duration?
Number of hours or days below activity line.
Rules for critical path analysis
Always starts and ends on node.
Line must not cross.
How to work out EST?
Adding duration of task.
What direction do you work out EST?
Left to right
When two activities meet what do u choose for EST?
Highest calculated figure.
How to work out LST?
Subtracting the duration of each task.
What direction do you work out LST?
Right to left
When two activities meet what do u choose for LST?
Lowest calculated figure
What does the critical path identify?
Activities that determine the length of the process.
Activities that will delay the project as a whole.
Nodes where EST and LST are equal.
Float
duration an activity can be extended or delayed and the project will still finish in a minimum time.
Formula for Float
LFT- Duration- EST
Critical path
Activities with a float of 0 cannot be delayed without delaying the whole process.
How can managers use float time?
To transfer resources
Allow extra time
What’s the use of critical path analysis?
Estimate and minimise project time
Prioritise tasks
Plan and organise resources
Limitations of critical path analysis
Very lengthy projects may have a large number of activities.
Network Analysis often relies on estimates and forecasts.
Network analysis does not guarantee success of project.
What may be required for lengthy projects with a large number of activities?
Specialist network planning software
What may be required for network analysis using estimates ?
Significant research
What may be required for network analysis not guaranteeing success?
Highly skilled project managers.
