3.3.4 Critical Path Analysis Flashcards
define Critical Path Analysis
a method of calculating the minimum time required to complete a project, identifying delays which could be critical to its completion
define earliest start time
how soon a task in a project can begin, it is influenced by the length of time taken by tasks which must be completed before it can begin
define critical path
the tasks involved in a project which if delayed could delay the project
define free float
the time by which a task can be delayed w/o affecting the following task
define latest finish time
the latest time that a task in a project can finish
define network diagram
a chart showing the order of the tasks involved in completing a project, containing information about the times taken to complete tasks
define nodes
positions in a network diagram which indicate the start and finish times of a task
define total float
the time by which a task can be delayed without affecting the project
why is CPA a management tool?
helps to identify how long a project will take & what the critical tasks are, the diagrams are called network diagrams
what is the purpose of cpa?
used to schedule and launch projects, to improve management of time and other resources, as well as efficiency, decision-making, time-based management and working capital control
How do cpa diagrams work?
-list of tasks lettered
- duration of each task next to the letter
-nodes are numbered with the order they should be carried out (with its preceding activities aka what comes before)
-lines with slashes = critical
What are some benefits to using cpa?
-stakeholders are able to see the total time frame for the project to be completed
-parallel activities can be scheduled and this will save time on a project
-very useful for businesses in the fast moving consumer goods markets where speed is important
-useful to know when to deliver resources or arrange for labour to arrive
what are some limitations to using cpa?
-Information used to estimate times may be incorrect
-changes sometimes occur during the life of a project
-resources may be inflexible
-network analysis can become very complex with large projects
how do we work out the earliest start time?
add durations together of the tasks, if there are multiple to one node choose the longest duration
how do we work out the latest finish time?
begin at the final node
takeaway the duration of the previous task
