TABLE 19.13 Computing the Earliest Completion Time of a Project Earliest Start Time (EST) Expected Time (days) Earliest Completion Time (ECT) Activity A, 4 4 A2 ECT(A,) = 4 2 4 + 2 = 6 Аз ECT(A2) = 6 10 6 + 10 = 16 A4 ECT(A2) = 6 4 6 + 4 = 10 As ECT(A2) = 6 6 + 2 = 8 %3D As Max(16,10) = 16 16 + 3 = 19 A7 Max{8,19) = 19 5 19 + 5 = 24 Ag ЕСТА,) 3 24 2 24 + 2 = 26 2.
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.
Consider again the project with the activity network shown in Figure 19.14.
Activity A1 takes 4 days; A2, 2 days; A3, 10 days; A4, 4 days; A5, 2 days; A6, 3 days; A7,
5 days; and A8, 2 days. Compute the earliest completion time of the project.
Answer: 26 days.
We start the project with A1 because it has no predecessor activity. A1 will take 4 days, so
the ECT for A1 is 4. Once A1 is complete, we can start on A2. A2 thus has an EST of 4. A2
takes 2 days and hence has an ECT of 6.
Following the completion of A2, we can initiate A3, A4, and A5. These activities thus can
all have an EST of 6. We continue this process as shown in Table 19.13 and find that the
earliest completion time is 26 days.
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