pply project resources management tools and techniques for managing project time. Describe the management tools and techniques discussed.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Apply project resources management tools and techniques for managing project time. Describe the management tools and techniques discussed.
Some of the Project Management tools and techniques that can be used to manage Project Time are as follows: -
- Work Breakdown Structure- Work breakdown structure (WBS) is a type of project management that offers to organize the work into smaller and more manageable chunks to make it easier to plan, schedule, and deliver. It is ideal for complex projects that involve countless steps and stakeholders. Every task of the project is represented in a graphical form. WBS has some of the key elements like- Task number and Description, Task Owner, Cost of Task, Task Status, etc, the final product at the top with a line represents the larger task, which gets broken down into subtasks to address the aim of the project.
- Gantt Chart- Gantt chart is a type of bar chart in a project management tool that helps in planning and scheduling of the projects of all sizes, they are used to simplify complex projects. The planning of the projects can be done in sprints and milestones. Gantt charts are mostly used for track project schedules.
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