Essay: Project Management Techniques For Efficient Execution.

Critical Path Method (CPM)

The critical path method (CPM) refers to a project management technique that assists the project management professionals to identify tasks that are important for the project completion and control scheduling suppleness. The critical path in a project development process is the lengthiest sequence of project activities that is essential to finish the project on following the quality requirements (Benator and Thumann 2020).

The following elements can be calculated using the critical path method (CPM):

• The earliest start time (ES) is calculated to determine the earliest time that a task can be started in a project management process.
• The latest start time (LS) is calculated to determine the latest time that a task can be started in a project management process to eliminate project delay to avoid the threat of project delay.
• The earliest finish time (EF) is calculated to determine the earliest time that a task can be completed in a project management process.
• The latest finish time (LF) is calculated to determine the latest time that a task can be completed considering the latest start time in a project management process.
• Slack is a sum that specifies the period of time a task can be deferred without affecting subsequent tasks or the overall completion of the project.

Followings are the benefits of using Critical Path Method (CPM)-

• The project activities are presented graphically.
• It helps to determine the Earliest start time (ES), Latest start time (LS), Earliest finish time (EF), Latest finish time (LF), and Slack.

Program Evaluation and Review Technique (PERT) stands for a project management method frequently used to examine the project tasks in a schedule to determine a Critical Path Method variation (CPM). Program Evaluation and Review Technique (PERT) analyses the required time to comprehensively perform each task and the tasks associated dependencies to regulate the least time to perform a project (Kelly 2020). The PERT estimate (E) is performed using a formula that comprises the optimistic time estimate (O), the most likely time estimate (M), and the pessimistic time estimate (P). The formula is E = (O + 4M +P) / 6.

Followings are the benefits of the Program Evaluation and Review Technique (PERT) is a project management technique: - 

• A PERT Chart offers a graphical display of project events that aid the operators to understand the associations among the actions.
• A PERT chart is used for planning and operative level regulators of projects.

A Gantt chart stands for a project management tool that is commonly used in project management operations as this is one of the utmost widespread and valuable processes of showing project management activities displayed against the time (Kelly 2020). A Gantt chart includes the details of project dates, project activities, project status bars, milestones, arrows, taskbars, resources, Task ID as well as the duration of the project. 

Followings are the benefits of the Gantt Chart as a project management technique: - 

• Build and manage a comprehensive project by showing the duration, task ID, and resources of the project.
• A Gantt Chart helps in determining the logistics and task dependencies of a project.
• A Gantt Chart helps monitor the progress of a project.

Kanban stands for one of the simplest project management techniques for the successful development of a project. Kanban technique works by followings three concepts that include To-do, Doing, and Done (MOHAMAD et al., 2018). By using this technique, the project management team can shift the project tasks from one pillar to another as the askes are completed. It is predominantly efficacious for modest projects, project teams that are capable of handling multiple tasks at one time.

Followings are the benefits of Kanban:

• Kanban is Flexible.
• Kanban has continuous delivery.
• Kanban eliminates wastage of time.
• Kanban influences enhancement in productivity.
• Kanban influences the enhancement of project management efficiency.

A Work breakdown structure (WBS) is one of the project managements tools that is used in project management to transform big project activities into portions of manageable tasks to the project management professionals and project team members so that the professionals can easily understand and complete the project. Work breakdown structure (WBS) is used as a project management technique, irrespective of the method that the project management professionals and project team members select. This technique helps the project development team to understand all the tasks and resources that are required for producing the final deliverable (Kholbaev 2020).

A WBS empowers the project management professionals with the following capabilities:

• The WBS helps avert activities from slipping over cracks.
• It helps better understand the project activities and goals.
• It enhances communication and cooperation between the project team members and project stakeholders.
• It helps in the prevention of sudden changes in project activities.

References

Benator, B. and Thumann, A., 2020. Fundamentals of Scheduling. Project Management and Leadership Skills for Engineering and Construction Projects, pp.29-36.

Kelly, D., 2020. Taking the Gantt Chart to the Soviet Union and a Roller Coaster Return, 1928–1937. In The Red Taylorist: The Life and Times of Walter Nicholas Polakov. Emerald Publishing Limited.

Kholbaev, b.a., 2020. Efficient project management: work breakdown structure. Economics and innovative technologies, 2020(4), p.3.

Mohamad, E., Naquiddin, S.R., Mohamad, N.A., Rahman, M.A.A., Sulaiman, M.A., Salleh, M.R., Yuniawan, D. and ITO, T., 2018. Development of a Simulation Based Kanban System for Lean Practitioners. In The Proceedings of Design & Systems Conference 2018.28 (p. 2202). The Japan Society of Mechanical Engineers.