Involves determining the longest path through the network diagram, the earliest and latest activity can star, and the earliest and latest it can be completed.
1.1 Critical path
Is the longest duration path through a network diagram an determines the shortest time it could take to complete the project.
The aesiest way to find the critical path is to identify all paths through the network and add the activity durations along each path. The path with the longest duration is the critical path.
1.1.1 Near critical path
This path is close in duration to the critical path. Something could happen that shortnes the critical path or lengthens the near-critial path to the point where the near-critical path becomes critical.
The closer in length the near-critical an critical paths are, the more risk the project has.
1.2 Float (slack)
1.2.1 Total float
Is the amount of time an activity can be delayed without delaying the project end date or an intermediary milestone.
1.2.2 Free float
This is the amount of time an activity can be delayed without delating the early start date of its succesor
1.2.3 Project float
Is the amount of time a project can be delayed without delaying the externally imposed project completion date required by the customer or management.
1.2.4 Start formula
1.2.5 Finish formula
2 Schedule compresion
During project planning, schedule compresion can help a project manager determine if the desired completion date can be met and, if not, what can de changed to meet the requested date.
2.1 Fast tracking
Involves taking critical path activities that were originally planned in a series and doing them instead in parallel for some or all of their duration.
Involves adding or adjunting resources in order to compress the schedule while mantaining the original project scope.
Crashing, by definition, always results in increased costs and may increase risk.
In creating a finalized, realistic schedule, it is helpful to ask "what if a particular factor changed on the project? Would thah produce a shorter schedule?
The assumptions for each activity can change and, therefore, the activity durations can also change.
3.1 Monte Carlo Analysis
This technique uses computer software to simulate the outcome of a project, based on the three-point estimates (optimistic, pessimistic, and most likely) for each activity and the network diagram.
The simulation can tell you:
1.- The probability of completing the project on any specific day.
2.- The probabilty of completing the project for any specific cost.
3.- The probability of any activity actually being on the critical path.
4.- The overall project riks.
4 Resource optimiaztion
Refers to finding ways to adjust the use of resources.
4.1 Resource leveling
Is used to produce a resource-limited schedule.
4.2 Resource Smoothing
Is a modified form of resource leveling, where resources are leveled only within the limits of the float of ther activities.
5 Critical chain method
Uses a network diagram and critical path to develop a schedule by assigning each activity to occur as late as posible to still meet the end date.
You add resource dependencies to the schedule and then calculate the critical chain.
Starting at the end date, you buid buffers for ersource limitations and risks into the chain at critical milestones (risk response planning).
These reserves, spread throughout the project, provide cushions for delays in the scheduled activities.
You manage these buffers so thah you meet each individual milestone date and thus the project milestone completion date as well.