Theme 3.3.4 Critical Path Analysis Flashcards
What is meant by Critical Path Analysis?
The process of planning the sequence of activities in a project in order to identify the most efficient way of completing an integrated task or project in the shortest time possible
What is meant by an Earliest Start Time (EST)?
The earliest time that an activity can begin
What is meant by the Latest Finish Time (LFT)?
This is the latest the activity can finish without making the project longer
What is meant by a float time?
The float is the duration an activity can be extended or postponed so that the project still finishes within the minimum time
How do you calculate this?
LFT - activity duration - EST + float
What is meant by the critical path?
Activities with a float of zero cannot be delayed without delaying the entire project - these activities represent the “critical path”
How do you identify the critical path?
On the C.P, activities have an equal EST and LFT
Advantages of using Critical Path Analysis?
- helps businesses meet deadlines - especially for time sensitive projects
- some projects are expensive and complex, so CPA minimises risk of missing deadlines, and overspending
- allows businesses to plan resources and build in contingencies - JIT/lean
Disadvantages of using Critical Path Analysis?
- unforeseen incidents can cause delays despite completing a CPA
- time-consuming to complete
- less necessary if the company is experienced in delivering similar projects
How can critical path analysis enable a JIT approach to managing a project?
By planning when each activity is going to take place, the business can plan when they need the materials/ equipment e.g. if cement mixer is needed by week three, the business can plan ahead and also create a contingency plan if it doesn’t arrive on time
