Mb0049
Q1. Describe the CPM model. Briefly explain.
Ans:
The critical path method (CPM) is an algorithm for scheduling a set of project activities.[1] It is an important tool for effective project management.
The essential technique for using CPM [6] [7] is to construct a model of the project that includes the following: 1. A list of all activities required to complete the project (typically categorized within a work breakdown structure), 2. The time (duration) that each activity will take to completion, and 3. The dependencies between the activities.
Using these values, CPM calculates the longest path of planned activities to the end of the project, and the earliest and latest that each activity can start and finish without making the project longer. This process determines which activities are "critical" (i.e., on the longest path) and which have "total float" (i.e., can be delayed without making the project longer). In project management, a critical path is the sequence of project network activities which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). A project can have several, parallel, near critical paths. An additional parallel path through the network with the total durations shorter than the critical path is called a sub-critical or non-critical path.
Although the activity-on-arrow diagram ("PERT Chart") is still used in a few places, it has generally been superseded by the activity-on-node diagram, where each activity is shown as a box or node and the arrows represent the logical relationships going from predecessor to successor as shown here in the "Activity-on-node diagram".
Q2. Define risk management. What are the different types of risks that can affect a project?
Ans:
Risk management is the identification, assessment, and
Ans:
The critical path method (CPM) is an algorithm for scheduling a set of project activities.[1] It is an important tool for effective project management.
The essential technique for using CPM [6] [7] is to construct a model of the project that includes the following: 1. A list of all activities required to complete the project (typically categorized within a work breakdown structure), 2. The time (duration) that each activity will take to completion, and 3. The dependencies between the activities.
Using these values, CPM calculates the longest path of planned activities to the end of the project, and the earliest and latest that each activity can start and finish without making the project longer. This process determines which activities are "critical" (i.e., on the longest path) and which have "total float" (i.e., can be delayed without making the project longer). In project management, a critical path is the sequence of project network activities which add up to the longest overall duration. This determines the shortest time possible to complete the project. Any delay of an activity on the critical path directly impacts the planned project completion date (i.e. there is no float on the critical path). A project can have several, parallel, near critical paths. An additional parallel path through the network with the total durations shorter than the critical path is called a sub-critical or non-critical path.
Although the activity-on-arrow diagram ("PERT Chart") is still used in a few places, it has generally been superseded by the activity-on-node diagram, where each activity is shown as a box or node and the arrows represent the logical relationships going from predecessor to successor as shown here in the "Activity-on-node diagram".
Q2. Define risk management. What are the different types of risks that can affect a project?
Ans:
Risk management is the identification, assessment, and