CPM Schedule

Running head: Critical Path Method 1

Critical Path Method 7

Critical Path Method

Abstract

This paper discuss about using the Critical path method in the software requirement and this explained in the diagram and it also explains the risk analysis which explains about the mitigation of risk. This paper also discuss similarities and differences between the CPM and integrated cost, schedule risk analysis and joint confidence level.

Keywords: Critical path method, integrated cost, Software

Critical Path Method

This assignment clearly explains the need for the critical path method and its importance in the project management cycle. As the diagram clearly gives an overview of how the project is progressing and what action has to be taken at each step and who is responsible with time frame. The following is the risk analysis of the whole project. In the high level analysis it is important to have a complete picture of the project and making sure every dimension is taking care and it is planned accordingly. The second step would be selection of hardware which is a very critical as it is important to understand the technology and having a good hardware helps in terms of speed and accuracy of the project.

The next step would be the installing the software which is a very important step as installing a correct version and having the right software like space, speed determines the success of the project. The next step would be analyzing the core modules as it is very important to understand the core process and making sure all the requirements are being taken care and nothing is impacted by introducing this module. The next step is to look at the supporting functions like the programs which are affected by this module and modules which support this module to work. Then next step would be coding the actual module the risk which needs to be taken care is code optimization using agile methodology. The next step would be doing the testing which is the quality assurance like running the possible scenarios and checking if the program is giving the required input and also check possible scenarios for support modules and see everything is working perfect. The next step would be the training and development of the modules and preparing a detail cases for explaining the practical situation of the module.

The next step would be creating the QA of accounting reporting which is major tool in understanding the escalation of different issue and finally the next step would be to understand the information required by the top management and also to perform the graphical image of the data. The last step would be a detailed training of the whole process and the stakeholders who are involved in the whole process.

Critical path method (CPM)

The critical path method (CPM) is a step-by-step project management technique for process planning that defines critical and non-critical tasks with the goal of preventing time-frame problems and process bottlenecks. The CPM is ideally suited to projects consisting of numerous activities that interact in a complex manner.

In applying the CPM, there are several steps that can be summarized as follows:

•Define the required tasks and put them down in an ordered (sequenced) list.

•Create a flowchart or other diagram showing each task in relation to the others.

•Identify the critical and non-critical relationships (paths) among tasks.

•Determine the expected completion or execution time for each task.

•Locate or devise alternatives (backups) for the most critical paths.

Schedule Risk Analysis

Schedule Risk Analysis (SRA) is a simple yet effective technique to connect the risk information of project activities to the baseline schedule, in order to provide sensitivity information of individual project activities to assess the potential impact of uncertainty on the final project duration and cost.

Since estimates about activity time and cost are predictions for the future and human beings often tend to be overly optimistic or, on the contrary, often add some reserve safety to protect themselves against unexpected events, knowledge about the potential impact of these estimation errors on the project objective is a key add-on to the construction of a project’s baseline schedule.

1. Baseline schedule: Construct an activity timetable

2. Define uncertainty: Define activity time and cost probability distributions

3. Run Monte-Carlo simulations: Run multiple project progress simulations

4. Interpret the simulation results: Interpret the sensitivity measures

Joint Confidence Level

The value of the joint confidence level analysis is that it provides several insights into the project and drive the decision making process. First, as mentioned in the introduction, it provides project managers a single holistic view of the project in terms of possible outcomes given it’s level of risk and uncertainty. Not only does it provide insight to the chance that the project will meet cost and schedule goals, but it also provides insight into the correlation between cost and schedule. JCL charts typically appear oblong tilted up to the right and is sometimes referred to as the “football chart” due to its resemblance in shape to an American football. The interesting thing is that the shape provides instant insight into the relationship between cost and schedule. The more highly correlated cost and schedule the narrower the shape becomes. In the example, because we have assigned resources we can see that cost is strongly correlated to schedule.

Project teams are facing increasing pressure to bring projects in on budget, but this can done in isolation of schedule. The JCL provides a powerful tool to understand the relationship between cost and schedule and create and manage credible project plans.

References Retrieved from http://www.projectrisk.com/cost-schedule_risk_analysis.html on 06/05/2016 at 8:00 AM Retrieved from https://www.mindtools.com/critpath.html on 06/05/2016 at 8:00 AM Hulett, D. (2011).  Integrated Cost-Schedule Risk Analysis. Burlington, VT. Gower Publishing Company. Retrieved from http://www.intaver.com/index-jointconfidencelevel.html at 8:00 AM