What is Critical Path Method (CPM) ?
Critical Path Method (CPM) is a project management technique that shares similarities with Programme Evaluation and Review Technique (PERT), but it also has some distinguishing characteristics:
- Simplified Activity Duration: Unlike PERT, CPM assumes a constant duration for each activity. Therefore, only a single time estimate is assigned to each activity, eliminating the consideration of uncertainty in duration.
- Emphasis on Cost: While PERT primarily focuses on time management, CPM places a greater emphasis on cost control. It enables project managers to optimize resource allocation and cost efficiency throughout the project’s execution.
- Well-Known Activity Durations: CPM is more suitable for projects where activity durations are well-known and can be accurately estimated. It is particularly effective in scenarios where historical data or past project experiences provide reliable information for time estimation.
Techniques of Control- PERT and CPM
Techniques of control are vital for effective management and achieving organisational goals. These techniques include financial control, quality control, inventory control, process control, strategic control, and personnel control. They involve managing financial resources, ensuring product/service quality, optimizing inventory levels, enhancing operational efficiency, aligning with strategic goals, and evaluating employee performance. By employing these control techniques, businesses can maintain quality, efficiency, and profitability for long-term success.
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