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Money managment in project managing
Project management is a challenging task with many complex responsibilities. Fortunately, there are many tools available to assist with accomplishing the tasks and executing the responsibilities. Some require a computer with supporting software, while others can be used manually. Project managers should choose a project management tool that best suits their management style. No one tool addresses all project management needs. Program Evaluation Review Technique (PERT) and Gantt Charts are two of the most commonly used project management tools and are described below. Both of these project management tools can be produced manually or with commercially available project management software.
PERT is a planning and control tool used for defining and controlling the tasks necessary to complete a project. PERT charts and Critical Path Method (CPM) charts are often used interchangeably; the only difference is how task times are computed. Both charts display the total project with all scheduled tasks shown in sequence. The displayed tasks show which ones are in parallel, those tasks that can be performed at the same time. A graphic representation called a "Project Network" or "CPM Diagram" is used to portray graphically the interrelationships of the elements of a project and to show the order in which the activities must be performed.
PERT planning involves the following steps:
1. Identify the specific activities and milestones. The activities are the tasks of the project. The milestones are the events that mark the beginning and the end of one or more activities.
2. Determine the proper sequence of activities. This step may be combined with #1 above since the activity sequence is evident for some tasks. Other tasks may require some analysis to determine the exact order in which they should be performed.
3. Construct a network diagram. Using the activity sequence information, a network diagram can be drawn showing the sequence of the successive and parallel activities. Arrowed lines represent the activities and circles or "bubbles" represent milestones.
4. Estimate the time required for each activity. Weeks are a commonly used unit of time for activity completion, but any consistent unit of time can be used. A distinguishing feature of PERT is its ability to deal with uncertainty in activity completion times. For each activity, the model usually includes three time estimates:
o Optimistic time - the shortest time in which the activity can be completed.
o Most likely time - the completion time having the highest probability.
o Pessimistic time - the longest time that an activity may take.
From this, the expected time for each activity can be calculated using the following weighted average:
Expected Time = (Optimistic + 4 x Most Likely + Pessimistic) / 6
This helps to bias time estimates away from the unrealistically short timescales normally assumed.
5. Determine the critical path. The critical path is determined by adding the times for the activities in each sequence and determining the longest path in the project. The critical path determines the total calendar time required for the project. The amount of time that a non-critical path activity can be delayed without delaying the project is referred to as slack time.
If the critical path is not immediately obvious, it may be helpful to determine the following four times for each activity:
o ES - Earliest Start time
o EF - Earliest Finish time
o LS - Latest Start time
o LF - Latest Finish time
These times are calculated using the expected time for the relevant activities. The earliest start and finish times of each activity are determined by working forward through the network and determining the earliest time at which an activity can start and finish considering its predecessor activities. The latest start and finish times are the latest times that an activity can start and finish without delaying the project. LS and LF are found by working backward through the network. The difference in the latest and earliest finish of each activity is that activity's slack. The critical path then is the path through the network in which none of the activities have slack.
The variance in the project completion time can be calculated by summing the variances in the completion times of the activities in the critical path. Given this variance, one can calculate the probability that the project will be completed by a certain date assuming a normal probability distribution for the critical path. The normal distribution assumption holds if the number of activities in the path is large enough for the central limit theorem to be applied.
6. Update the PERT chart as the project progresses. As the project unfolds, the estimated times can be replaced with actual times. In cases where there are delays, additional resources may be needed to stay on schedule and the PERT chart may be modified to reflect the new situation. An example of a PERT chart is provided below:
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Benefits to using a PERT chart or the Critical Path Method include:
Gantt charts are used to show calendar time task assignments in days, weeks or months. The tool uses graphic representations to show start, elapsed, and completion times of each task within a project. Gantt charts are ideal for tracking progress. The number of days actually required to complete a task that reaches a milestone can be compared with the planned or estimated number. The actual workdays, from actual start to actual finish, are plotted below the scheduled days. This information helps target potential timeline slippage or failure points. These charts serve as a valuable budgeting tool and can show dollars allocated versus dollars spent.
To draw up a Gantt chart, follow these steps:
1. List all activities in the plan. For each task, show the earliest start date, estimated length of time it will take, and whether it is parallel or sequential. If tasks are sequential, show which stages they depend on.
2. Head up graph paper with the days or weeks through completion.
3. Plot tasks onto graph paper. Show each task starting on the earliest possible date. Draw it as a bar, with the length of the bar being the length of the task. Above the task bars, mark the time taken to complete them.
4. Schedule activities. Schedule them in such a way that sequential actions are carried out in the required sequence. Ensure that dependent activities do not start until the activities they depend on have been completed. Where possible, schedule parallel tasks so that they do not interfere with sequential actions on the critical path. While scheduling, ensure that you make best use of the resources you have available, and do not over-commit resources. Also, allow some slack time in the schedule for holdups, overruns, failures, etc.
5. Presenting the analysis. In the final version of your Gantt chart, combine your draft analysis (#3 above) with your scheduling and analysis of resources (#4 above). This chart will show when you anticipate that jobs should start and finish. An example of a Gantt chart is provided below:
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Benefits of using a Gantt chart include:
