Project management

PROJECT MANAGEMENT
1. What is a project?
a. Project is an interrelated set of activities that has a definite
starting and ending point resulting in to an unique product. few
examples of project are-
 Constructing a bridge, dam, highway or building.
 Producing an aeroplane, missile or rocket.
 Introducing a new product.
 Installation of a large computer system.
 Construction of a ship.
 Maintenance of major equipment/plant.
 Commissioning of a power plant.
 Conducting national election.
2. Basic steps in project management
Managing a project (regardless of its size and complexity) requires
identifying every activity to be undertaken and planning- when
each activity must begin and end in order to complete the overall
project in time. typically all projects involve the following steps:
 Description of the project.
 Development of network diagram.
 Insertion of time of starting/ending of each activity.
 Analysis of the network diagram.
 Development of the project plan
 Excetion of the project.
 Periodically assessment of the progress of project.
3. Terminologies used in network diagram
(i) Activity: An activity means work/job. it is a time consuming
process. it is represented by an arrow (→) in the network diagram.
as shown below.
Tail → head
(ii) Event : An event is a specific instant of time  marks the "start"
and "end" of an activity.
(iii) Critical path: It is the sequence of activities which decides the
total project duration. Ex.
(iv) Duration (d) : Duration is the estimated or actual time required to
complete a task or an activity.
(v) Total project time: time to complete the project. In other words,
it is the duration of critical path.
(vi) Earliest start time (Ei): It is the earliest possible time at which an
activity can start. it is calculated by moving from 1st to last event
in the network diagram.
(vii) Latest start time (Li) : It is the latest possible time by which an
activity can start.
(viii) Earliest finish time (Ej) : It is the earliest possible time at which an
activity can finished/end.
(ix) Latest finish time (Li) : It is the last event time of the head event.
It is calculated by moving backward in the network diagram.
(x) Float/slack : Slack is with reference to an event. Float is with
reference to an activity.
(xi) Total float : (Latest finish time- Earliest start time) - Activity
duration (Su fig. above)
(xii) Free float : (Earliest finish time- Earliest start time) – Activity
duration.
(xiii) Independent float : (EST of head event – LST of tail event) –
Activity duration.
(xiv) Optimistic time (to) : Time estimate for fast activity completion.
(xv) Pessimistic time (tp.) : Maximum time duration. that an activity
can take.
(xvi) Most likely time (tm) : best guess of activity completion time.
(xvii) Expected time (te) : 􀁥􀁦􀀝􀀮􀁥􀁧􀀝􀁥􀁨
􀁩
(xviii) Variance of an activity time : 6e
2 = (􀁪􀁫􀀚􀁪􀀈
􀁩
)2
(xix) CPM – Critical path method
(xx) PERT- Program evaluation & review technique.
© Project management through PERT/CPM.
Project scheduling using Gantt chart was done from 1917. Till 1956.
Between 1956-58 two new scheduling techniques were developed.
(i) PERT
(ii) CPM
Both are based on the use of a network/graphical model to depict the
work tasks being scheduled. The popularility of network based scheduling can
be attributed to its many benefits, especially its ease of u