Analysis of PERT Technique - Essay Example

? PERT Technique From this paper, it is found that the essence of project management is important from the viewpoint of a company and PERT technique is one of those tools that could be used for the same purpose in total, on which organizations relays heavily. Acknowledgment First of all I thanks to Almighty God, who gave me the power and inclination to do my coursework in a proficient manner. There are number of people who helped me throughout my education and even in writing this thesis. The topic which I have chosen for my final thesis is very broad in nature and at first instant I was bit scared but my mentor, Mr. ________________________ helped me throughout the session and due to him, I become able to submit my work on time. Here I want to thanks my parents as well for all their prayers and support. By, Department of Project Management, Faculty of Management Sciences _____________________________________________ Dated: 15-04-2012 Contents Introduction 5 Main Body 6 Pert Technique: A Complete Overview 6 Conclusion 12 Bibliography 13 Introduction According to large number of professionals and corporate analysts, organisation has been referred to a place in which hundreds of people work together for the achievement of a specific goal. This is an obvious fact that, every organisation has the same perspective in its mind which is to broaden the net income recognition (Borodovsky & Gogarten, 2010, pp 25). The leniency of the organisations towards its bottom line and external shareholders is one of the main things for the organisational productivity and efficiency (Borodovsky & Gogarten, 2010, pp 46). The real dominance of an organisation lies in the fact that how well it uses its natural and human capital for the long run productivity and efficiency of the entity. Strategies are at the heart of an organisation and no organisation can sustain completely in this competitive environment without employing strategies. It is more than important for an organisation to timely check and measures its operational strategies to cope up with all sorts of challenges which the company may encounter during its operations (Borodovsky & Gogarten, 2010, pp 35). Organisation is basically a set of departments that collectively works for the long run efficiency of the company and inevitably, no organisation can sustain without the ad hoc working of its different departments (Borodovsky & Gogarten, 2010, pp 37) Finance department plays a decisive role in the productivity of an organization. Organizations always want to fly high with the help of high income generation (Borodovsky & Gogarten, 2010, PP. 49). Project Management and Project Evaluation is extremely important from the standpoint of an organization and there are numerous benefits attached with the same. The main perspective of this assignment is to pen down about the concept of PERT in Project Management. Main Body Pert Technique: A Complete Overview Project management is the discipline of forecast, organizing, securing and running property to convey about the successful completion of feature engineering cast goals and objectives (Ackerman, 2002, PP. 65). It is sometimes conflated with list management, however technically that is actually a superior intensity construction: a group of connected and somehow interdependent engineering projects. A foresee is an acting work, having a clear start and end (usually constrained by court, but can be by funding or deliverables), undertaken to assemble matchless goals and objectives, usually to earn about beneficial change or added regard The Project Management Instituted, an international association for the predict management profession, has destroyed pitch management into the following areas of wisdom: Integration, Scope, Time, Cost, Quality, Human Resources, Communications, Risk, and Procurement Management. Each phase is precisely managed to establish a successful propel outcome, although the smooth of portion essential for each outlook varies according to the mass and precise objectives of the project. The primary goal of project management is to assist an organisation to achieve its goals and objectives. There are numerous methods used by an organisation of project management department to evaluate the economic consequences of a project from the long run productivity of an organisation is concerned (Ackerman, 2002, PP. 69). The stance of project management is extremely important from the standpoint of a company and regular development and enhancement is required in managing and evaluating the projects of a company. A project manager is a professional in project management. Project managers can be realized. A project manager is often a client representative and has to adapt to the various internal procedures of any project, typically relating to construction industry, engineering, architecture, computing, or telecommunications (Blaxter & Hughes, 2006, PP.96). Many other fields in the contracting party, and to form close links with the nominated representatives, is essential in ensuring that the key issues of cost, time, quality and above all, client satisfaction, can have the responsibility of the planning, execution, and attainable project objectives, building the project requirements, and managing the triple constraint for accomplishing the stated project objectives. Key project management responsibilities include creating clear and closing of the production engineering and design engineering and heavy industrial also have project managers (Blaxter & Hughes, 2006, PP.114). Project Evaluation technique usually done on the entire component of management, which predominantly are, organizing, planning, controlling, commanding, and directing the performance of the entity as a whole Capital budgeting is an important thing comes under the ambit of Project Management. Capital budgeting could be defined as a process in which a business determines whether projects such as building a new plant or investing in a long-term venture are worth pursuing (Bernard & Research Methods, 2006, PP. 45). Most times, a prospective project’s lifetime cash inflow and outflows are assessed in order to determine whether the returns generated meet a sufficient target benchmark. Capital budgeting is also known as investment appraisal. Ideally, businesses should pursue all projects and opportunities that enhance shareholder value. Generally, businesses prefer to intricately study a project before taking it on, as it has a great impact on the organization’s financial performance. Capital budgeting is an essential managerial tool. One important duty of a financial manager is to choose investments with satisfactory cash flows and rates of return (Bernard & Research Methods, 2006, PP. 69). Among number of technique used in Project Management, the name of PERT technique is one of them, in fact quite crucial as well. The project evaluation review technique (PERT) is a tool or technique which is used to make a plan, to-do list, observe resources and deal with all the exertions that are linked with the project management. The nature of projects are usually based on big, complicated and modified products that are hugely comprised of numerous unified activities which are necessary to be executed by means of Simultaneously or sequentially. PERT is an analysis of the complexity of the task, in the completion of a specified project, particularly the time required to carry out all the interrelated tasks as well as to determine the least amount of time required in order to perform the entirety project (Umit & Carrier, 1998, PP. 70). This statistical tool is considered to be more occasion leaning relatively to the commencement and conclusion oriented. Moreover, the project evaluation review technique tends to be more inclined, where the time is a leading issue to deal with as compare to cost concerned. It is highly recommended for extensive-scale, once, multifaceted, uneven infrastructure and R & D projects. The utilization of PERT model consists of dividing the different projects activities in individual tasks which facilitate to manage the time frame of each task. In order to find out the starting time of the desired project, the ultimate date of the project given by customer is strictly considerable to start the work from backward. The project manager must coordinate the activities required for the project so that the project would be accomplished with the specified period of time and under the minimal budget. This form of scheduling technique is used to practical implementation of event plans into working schedule so as a result, the routine activities of the project management has been indicated through this model. It is a fact that the both PERT and CPM technique have the same line of process and through systematic illustration to originate and manage projects (Umit & Carrier, 1998, PP. 82). The fundamental distinction among these two scheduling techniques signifies that PERT is a probabilistic whereas the CPM refers to the deterministic technique of scheduling. The example of a student’s morning scheduling reflects the better understanding to learn PERT model. There is a simple example that could be denoting the same in total. According to this particular technique, it could be said that PERT technique is used to schedule the things accordingly and made the things easy for the companies as a whole. In example it is found that there is a list of activities that could be performed accordingly are as follows, # Activity Time Required A Wake up and Get off from bed 10 minutes B Take shower 15 minutes C Uniform 10 minutes D Prepare Breakfast 20 minutes E Have breakfast 10 minutes F Brush Teeth 5 minutes G Transportation to school 30 minutes All of these tasks are required to complete in a particular sequence and line, therefore all of the things should be in control of the same. An activity starts from waking up from the bed ends with the transportation in the class. Sequential wise diagram is mentioned below, which describes about the main thing should be used to analyze the things all along. Conclusion PERT technique is the name of evaluating and analyzing the things sequence wise and it is quite important for the companies to initiate the things in sequence in order to bring prosperity for the company. Project name along with the associated time allocation is mentioned in the figure accordingly which is showing that the company is doing is using a perfect PERT technique to sequence the things accordingly and moving perfectly. Bibliography Ackerman, R, (2002), Project Management, Prentice Hall Publications, PP. 60-95 Bernard, R, Research Methods: (2006), Quantitative and Qualitative Research, McGraw Hill Publications, PP. 40-70 Borodovsky, M & Gogarten, P, (2010), Project Management Oxford Publications, PP 20-50 Blaxter, L & Hughes, C, (2006), Project Management, McGraw Hill Publications, PP. 80-117 Umit, S and Carrier, A, (1998), Project Management, Pearson Group Publications, PP. 63-87 Read More