Project MAnagment Essay Example | Topics and Well Written Essays - 2000 words

Project MAnagment - Essay Example This particular research takes into consideration the example of construction of a new house where the critical path can be determined such that delay in the completion of the total project can be avoided, thereby reflecting the benefits of the use of PERT in management of a project. Acknowledgements Table of Contents Serial No. Topic Page No. 1. Introduction 6 2. The Role of PERT in Project Management 7 2.1. Risk Factors in Projects and the Main Objective of PERT 7 3. Construction of New House Project: Use of PERT 8 3.1. PERT Technique in the Construction of a New House 9 4. Conclusion 13 References 14 List of Tables Serial No. Topic Page No. Table 1. The required tasks for construction of house 10 Table 2. Calculation of Earliest Start Times for all the activities of the project 12 List of Figures Serial No. Topic Page No. Figure 1. House Construction Network 9 Figure 2. PERT Diagram for the Construction of New House 11 List of Appendices Serial No. Topic Page No. Appendix A. PERT Diagram 15 1. Introduction: PERT or Program Evaluation and Review Technique is a technique for the management of any project work. ... The estimations of time durations used by PERT are probabilistic in nature. Thus specific time durations are not used by the technique. Optimistic estimates are used for the estimations of the durations, while pessimistic estimates are used for the activities of the project (Schwalbe 2010). The management of project holds significant importance since in large organizations or for larger project works, the tasks and activities of the project proves to be highly complex and hence need expertise for its timely completion. It is for this reason that highly qualified project managers are hired for the management of projects. Such project managers are required to have the specific skills and competencies needed for the project to be undertaken (PM4DEV 2008). Examples of different projects may include construction of houses, factories, shopping malls, development of military systems, construction of oil pipelines, and so on (Russell and Taylor 2006). The present study focuses on an understa nding of how PERT is used in the management of a project considering the example of construction of a house. 2. The Role of PERT in Project Management: Projects such as the building of houses involve several complex activities and task that need to be accomplished, the tasks that are interrelated with each other. Thus one of the major objectives before initiating the tasks of a project includes scheduling the individual activities depending on specific time, as well as resources. This needs to be done such that the total project can be completed within the planned time, with minimum cost being allocated (Sharma 2006). For the use of PERT in management of projects, a weighted average of the estimated duration for each activity of the project needs to be calculated which is done