"PERT and CPM are two complementing statistical techniques utilized in project management. They exhibit the flow and sequence of activities and events". In this context mention the types of projects where these technique

CS Professional · Strategic Management and Corporate Finance · PYQS · December 2024
"PERT and CPM are two complementing statistical techniques utilized in project management. They exhibit the flow and sequence of activities and events". In this context mention the types of projects where these techniques are used. What are the steps involved in PERT/CPM ?

Answer & Explanation:

PERT and CPM are two complementary statistical techniques utilized in project management, which are network based scheduling methods that exhibit the flow and sequence of activities and events. They are used in variety of projects like construction of new plants, R&D of a new product, Space exploration projects, movie productions, ship building, road construction, relocation of a facility, MIS installation, advertisement campaigns etc. The following steps are involved in PERT/CPM 1. Identify and distinguish the various activities required for completing the project and list them separately. 2. Clearly lay down the jobs that are to be carried simultaneously, in sequence etc. All such relationships between jobs be clearly laid down. 3. Picture/graph portraying each of these jobs should be drawn showing predecessor and successor relations among them. The graph shows the time required for completion of each job. This is known as the project graph or the arrow diagram.

Topics: Strategic Management

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