Network Analysis, Critical Path & Gantt Chart Flashcards
What is Network Analysis?
Network Analysis is a technique adopted in planning and controlling unique and complex projects. It is a system of planning a project outline by analyzing its associated activities. In network analysis, complex projects are broken down into smaller activities or tasks, which are then organized according to a sequence. Then, the order of tasks/activities is also decided according to a logical sequence.
What is a Network diagram / Gantt Chart / Programme? And why use it?
A network diagram is prepared whereby all project activities are represented visually. The diagram depicts the cost of various activities and establishes a relationship between various tasks. The process is helpful in different phases of project management from planning, controlling and coordinating to decision-making. It ensures that the project is successfully completed economically and much before the time while exploiting minimum resources. Hence, network analysis reduces operational cost, total time, wastage of resources and conflicts in projects
What does CPM stand for?
Critical Path Method
In essence, what is the purpose of the Critical Path Method
It’s a tool that provides a means of determining which jobs or activities, of the many that comprise a project, are “critical” in their effect on total project time, and how best to schedule all jobs in the project in order to meet a target date at minimum cost.
What are the 7 characteristics that form the Network Analysis?
EST - Earliest Start Time
D - Duration
EFT - Earliest Finish Time
Name of Activity
LST - Latest Start Time
F - Float
LFT - Latest Finish Time
What is the formula for EFT?
EST + D
What is the Formula for LFT
LST + D
How do we obtain the LFT?
Complete the earliest section (top half of the analysis) for all activities in order to obtain the finsih date.
How do we obtain the LFT?
Complete the earliest section (top half of the analysis) for all activities in order to obtain the finish date. Then, use the acquired finish date as the LFT
How do we calculate the LST
LFT - D
How do we calculate Float (F)?
LST - EST
What is the purpose of Float (F)?
It is used to assess the scheduling flexibility of Programme activities (Also known as Slack). Determining the float can provide opportunities to formulate strategies to ensure project completion.
In simple terms, the float allows a specific activity to deviate from the programme’s critical path without affecting the overall project completion date.
