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The Critical Path Method (CPM) is essential because it acts like a predictive tool, much like a fortune teller who can foresee future events. By identifying the longest sequence of dependent tasks and their durations, CPM allows project managers to anticipate potential delays and issues before they occur. This foresight enables proactive intervention, ensuring that projects stay on track and within schedule. Don't believe in fortune telling, don't be left without fortune telling. :) https://lnkd.in/eAd7hwsW

Very informative summary ✅

Can be applied for upcoming project..

A work breakdown structure (WBS) is a project management tool that takes a step-by-step approach to complete large projects with several moving pieces. By breaking down the project into smaller components, a WBS can integrate scope, cost and deliverables into a single tool. A decision gate is an approval event (often associated with a review meeting). Entry and Exit criteria are established for each decision gate; continuation beyond the decision gate is contingent on the agreement of the decision-makers. There are typically five project life cycle phases: initiation, planning, execution, monitoring and controlling, and closure. Initiation is where you define the goals, scope, budget, and timeline. Planning follows, focusing on creating a detailed action plan. Execution then carries out the plans to deliver the product. Milestones are more than just a way to note major project phases - they're a vital scheduling tool for the Gantt chart in PM software. Integrated change control is the process of reviewing all change requests within a project, analyzing those requests and implementing approved changes. Through integrated change control, project managers may have a more organized structure for changing a project. A business case provides justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution. #projectmanagement #class

According to #PMI "Project management institute "

Project scheduling rules as per PMI Project schedule rules ensure effective time management and project control. Key rules include defining clear milestones, setting realistic timelines, allocating resources accurately, and regularly updating the schedule. Adherence to critical path method (CPM) helps identify essential tasks and dependencies, while buffer times accommodate uncertainties. Consistent review and adjustment ensure alignment with project goals and deadlines.

PERT stands for program evaluation review technique and a PERT chart is used by project managers to create a realistic schedule. https://hubs.ly/Q02T6gd30 Learn all there is to know about PERT charts, how to make one in four steps or get free project management templates to help with PERT. #projectmanager #projectmanagement #pertchart

The Power of Earned Value Management in Project Control The Power of Earned Value Management in Project Control Earned Value Management (EVM) is a powerful project control technique that integrate... https://lnkd.in/g9G-jzki #projectmanagement #earnedvaluemanagement #projectcontrol #efficiency #businessstrategy #performancemanagement #costmanagement #datamanagement #analysis #projectsuccess

🔍 Project Management: Planning and Control A project is a set of activities with a defined start point and a defined end state, which pursues a defined goal and uses a defined set of resources. All projects can be characterized by their degree of complexity and the inherent uncertainty in the project. 🎯 Understanding and Defining the Project Understanding the project environment and defining the project are crucial stages in project management. The environment influences the way a project is carried out and is the main determinant of the uncertainty surrounding it. Projects can be defined in terms of their objectives, scope, and strategy. 🗺️ Project Planning Project planning involves five stages: identifying the activities within a project, estimating times and resources for the activities, identifying the relationship and dependencies between the activities, identifying the schedule constraints, and fixing the schedule. 📊 Network Planning and Gantt Charts Network planning and Gantt charts are the most common project management techniques. Network planning, particularly using the critical path method (CPM), is useful for assessing the total duration of a project and the degree of flexibility or float of the individual activities within the project. 🔄 Project Control The process of project control involves three sets of decisions: how to monitor the project to check its progress, how to assess the performance of the project by comparing monitored observations to the project plan, and how to intervene in the project to make the changes which will bring it back to plan. 💻 Enterprise Project Management Systems Enterprise project management systems can be used to integrate all the information needed to plan and control projects. Let’s continue to explore and appreciate the intricacies of project management. It’s not just a function - it’s the heart of every successful business. #ProjectManagement #PlanningAndControl #ContinuousImprovement