3.3.4 Critical Path Analysis

Question 1

Critical Path Analysis

Answer 1

Created to help make decisions about a project.

Question 2

Float

Answer 2

The duration an activity can be extended or postponed so that the project still finishes within the minimum time.

Question 3

Float formula

Answer 3

LFT - Activity duration - EST

Question 4

Advantages of Critical Path Analysis

Answer 4

+ Helps to reduce risks and costs of complex projects.
+ Decision making tool.
+ Helps spot which activities have some float and therefore have better allocation of resources.

Question 5

Disadvantages of Critical Path Analysis

Answer 5

• Based on estimates and forecasts.
• Doesn’t guarantee success of projects - still needs to be managed properly.
• Too many activities may make the network diagram too complicated.
• Resources may not prove to be as flexible as hoped when managers identify float periods.