In the world of project management, utilizing the three-point technique can prove to be an invaluable tool. In addition to the three-point technique applying the earliest-start (ES), earliest-finish (EF), latest-start (LS), and latest-finish (LF) procedure to identify the critical path, the project completion time, and the slack for each task can prove to be set of invaluable data that will assist the project manager in accurately determining task duration estimates for the entire scope of work for the project. In this week’s assignment we will explore a construction company and the associated time estimates for each task as it relates to their entire project. In Table 1.0 you will find the results of our initial analysis which includes the optimistic (O), most likely (M), and pessimistic (P) estimation for duration times it will take to complete each task (A-J). Additionally, when taking the estimated numbers of O, M, and P and applying the equation “E = (O + 4M + P)/6 provided by Wysocki (2009, pp. 152) we are able to obtain the results of (E).” Furthermore, Table 1.0 provides the results of the ES to FS procedure “which consists of the earliest times at which a task can start and finish” (Wysocki, 2009). This process is known as the “forward pass through the network diagram” (Time management). Also the “LS to LF procedure “which consists of the latest times at which a task can start and finish without delaying the completion date of the project” is calculated (Wysocki, 2009). This process is known as the “backward pass through the network diagram” (Time management). Both the ES to FS and LS to LF procedures were calculated based on all the dependencies between each of the tasks outlined below. The last section of Table 1 highlights the slack time available for any given task (A-J). In order for the slack time to be calculated for each task the project manager must subtract the LF from the EF in each task. “All of the jobs on the critical path, by...
References: Steven Bonacorsi (2011). Critical Path Mapping [Accessed 20th March, 2011]. Available from: http://www.projectsmart.co.uk/critical-path-mapping.html
Time Management [Online]. (unkown) [Accessed 20th March, 2011]. Available from: http://examples.oreilly.com/9780596102340/hfpmp_ch06_errata_pp257-265.pdf
Wysocki, K. R. (2009). Effective Project Management. 5th ed. Indianapolis, IN: Wiley Publishing, Inc. p151 – 197
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