Project Time Management is the processof efficiently using time to organize and plan tasks “what is to be done atwhat time”. Time is the most important source of disaster on project, particularlywhen it comes to the project which are large, complex or which involves largenumber of resources.
It is a Challenge to managethe time properly we need to develop processes and stick to them at every stageof project development; some of the processes are as follows:1) Designing Plans: At every stage of project development we need todevelop various plans which are to be followed.2) Resource Identification: To work on the plan properly we firstneed to analyse number of resources needed to complete the work.3) Assigning Work: After identifying the resources to be needed towork on that particular task we have to assign work to each and every resourcebased on their ability to complete the task.4) Controlling Work Flow: planning alone will not complete the process weneed proper control to supervise the task is being completed or not and take correctiveactions to complete the task.5) Strategy Plan: We should always have a plan to be executed in hardtimes; we should be ready to face any type of challenges by having an alternativeplan to execute at that particular time. Project Management Tools and Techniques:Gantt Chart PERT CPM Gantt chart:This is the Standard format of displaying project scheduleInformation by Displaying Project task and their Corresponding start data andend date which looks similar as calendar .Gantt Chart are used to track anytask as the chart represents the start data, end data and elapse of time andthat will be graphically represented by bars of various colours, it shows thetime remaining to complete any particular task.
Template of Gantt chart:Advantage of Gantt chart:Pictorial Representation: “Picture speaks wellthan a word “the presenting the chart in pictorial way we can understand theconcept easily.Comparison becomes easy: we can compare presentyears Process with previous years process to estimate where we are standing.Time consumption process: instead of calculatingat every period of time we can refer to the graph at any time to know the position.Disadvantage of Ganttchart:Regular Updates are required: The information shouldbe updated regularly or the data representationwill mislead.Risky Process: If there is any technical problemthen it becomes extraordinarily complex to fix the problem.PERT (ProgramEvaluation & Review Technique):It is an network analysis technique used to estimate projectduration PERT applies the Critical Path Method(CPM) to a Weighted AverageDuration Estimate, it uses Probability Time Estimates based on optimistic, Mostlikely time , & Pessimistic estimation of activity duration. PERT uses Three-Point Estimate as mentionedabove).
PERT Formula:PERT Weight Average=Optimistic Time + 4 * Most Likely Time + Pessimistic Time / 6Example: To complete a task the Optimistic estimate that anApplication Screen Deign will finish in 8 Working days and pessimistic timeestimated is 24 working days.PERT Weight Average=8 working days+4 *10 working days+24 working days / 6 = 12 working daysAdvantage of PERT: Potential Risk: PERT problem will show thepotential risk in the projects. Realistic : PERT helps in developing schedulesthat are most realistic in natureDisadvantage of PERT: Involves more work as compared to CPM as itrequires several duration estimatesCPM (Critical PathMethod):CPM is otherwise known as critical path analysis, it is anetwork architecture technique used to determine the total duration of the project.CPM the name itself sounds the work it does, determine the shortest time takento complete the project with least amount of slack or float. It projects the efficientway of completing the project.Advantage of CPM: CPM provides a Blueprint to follow the series ofwork to be done till a range of period Reduces Risk by planning in advance that whichpath to choose Efficient way of handling projectsDisadvantage of CPM: In an complex project the CPM will be extremely complicatedto calculate Time consuming process Needs expert SupervisionCalculating thecritical path:To calculate the critical path of the project we need a goodnetwork diagram which in turn requires a good activity to determine thecritical path, the calculation involves adding the duration of all activities on each path through the network diagram.