Slack time: – It is necessary to remember that there occur only single longest path in the network and the other paths are being shorter than that length or equal to that length. Therefore, the activities and events should be finished before the actually required time. Slack time is referred as the time difference between the required date to fulfill critical path and the scheduled completion date. The event 4 is not on the crucial path in the following figure.
A project management is a group of techniques, methods and processes, which are used to achieve the goals, objectives and targets of a specific project. In project management first we need to analyze the root causes of specific project, we need to analyze the goals and objectives we wanna achieve, and then we need to come proper planning to achieve that goals and objectives. We may says that project is a set of skills and techniques, which are used to make any project successful.
Statement of work definition: – The narrative specification of the needed work for the project is referred to as the Statement of Work (SOW). The desires of the top management, the customer, and/or the user group ascertain the complexity of the Statement of Work. Project office prepares the Statement of Work by taking input from the user groups in case the considered project is internal to the company. It is because the user groups try to write in some scientific terms whose meanings can only be understood by the user groups.
Feasibility is an analytical program through project manager determines the project success ratio. Through feasibility study project manager able to see either project will useful for us or not and how much time, it will take to get completed. Also feasibility study allows project manager to determine all positive and negative points of the project.
The business idea should be defined at the first step of the feasibility assessment, if it is a new product, service or project. The feasibility of the business idea or project can then be ascertained. The feasibility demands to account for the current conditions of the proponent. For example, the intender of the business should take into account the personal readiness, resources, knowledge, skills and objectives. For developed business, connections to current lines of business, employees, customers, suppliers and other stakeholders demand to be accounted for.
Feasibility Assessment process and project feasibility analysis both are interrelated with each other. Project feasibility analysis is an analytical tool employed during the project planning process which reflects how the company will function in the light of the clearly specified set of assumptions. The financial aspect (cost of goods, capital needs, volume, wages etc) of the project as well as the technology used (types of equipment, the facilities, manufacturing process etc) is included in these assumptions.
Program evaluation & review technique (PERT) was first build in 1958 and 1959 to fulfill the needs of the era of increased engineering where the techniques of Gantt and Taylor was not applicable. Program evaluation & review technique was introduced by US navy in 1958 on its Polaris Weapon System. The Booz, Allen and Hamilton are the management consulting firm that assists in the development of this useful program evaluation & review technique. At that time PERT was rapidly becoming famous in almost all the industries but at the at same moment, DuPont Company started a new project of similar technique called Critical Path Method (CPM) which also becomes famous in mostly process and construction industries.
Work break down structure and planning always go hands to hands. For successful achievement of both contract and corporate goals, a plan is needed that specifies all attempts to be made assign responsibility to particularly specified organizational components and develops budgets & schedules for the achievement of the work. The program manager has the responsibility of preparing this plan with the assistance by the program team assigned in accordance directives of program management system. Before the initiation of the contractual efforts, the detailed planning is also developed in accordance with the budgeting policy of the company.
There are certain types of project selection models which are used to select the projects. Selection of project is an important part of business. If you choose the wrong project, this may goes to loss instead of giving business benefits. So understanding of project selection models has utmost importance. Below are the utmost important types of project selection models.
The project feasibility analysis is the process of ascertaining the viability of proposed initiative or service (project) and giving framework & guidance for its development & delivery. Sound decisions are made in this process along with the setting of direction. Project feasibility analysis include the following
Project proposal is an initial document that transforms an idea or policy into details of an effective project. It includes the outputs, outcomes, costs, stakeholders, major risks and an estimate of the time & resource required.