Scheduling and Estimation Techniques, Research Paper Example

Introduction

Handling big projects is a very complex and challenging task that requires good knowledge in both theory and practice on the various methods used in project management. There are many methods available to managers today. The choice of one or the other method highly depends on a number of things. This includes the size of project, project duration, nature of the project and even the available expertise. There are many methods available but the most common is PERT and CPM (Lewis, 2002)

PERT method

Program evaluation and review technique is a very popular tool used by many project managers. It uses network models to determine project completion times. There are many situations in which PERT will be used. The first one is when a project requires a specific completion time. When a project is very particular in the time line within which it should be done this is the best method. Even though it is not 100% correct, it gives the most reliable predictions. The second situation that PERT can be applied is when resource requirements are well defined. This makes it easier to network the activities and come up with critical path and project timeline. Another situation that this method is more applicable is when cost estimates of the project are not well known. This is especially true for huge projects that are labor and capital intensive. Using this method, the managers are able to come up with good estimates of the project costs.

According to Kelley, Walker & Morgan (2005), the major advantage that PERT has that makes it more applicable in the above-mentioned areas is ability to show project completion time, critical path activities and activity start and end dates. This has made PERT a popular tool among project managers. However, this does not mean this tool does not have its own inadequacy. One of the weaknesses is that activity time estimates are subjective and depend on a number of things that may not be shown. Additionally PERT assumes a beta distribution of time estimates yet the actual estimates may differ.

CPM method

DuPont developed this project management tool in the 1950s. Its major aim was to help in management of complex projects with minimal uncertainty. This tool is most applicable in projects that have certainties and routines as far as time lines are concerned. Another situation that it will be more applicable is in a project that has many small activities that are attached to it. This is because they can be easily graphed on a paper. CPM is also able to predict duration a project is expected to be finished. This makes it ideal in projects that have strict time lines. These and some other reasons make CPM a very popular project management tool.

However, this does not mean this tool has no weakness. One of its major drawbacks is the inability to give accurate completion times especially in projects that are less routine. This is a major demerit because a good proportion of projects are not routine (Meredith & Mantel, 2006).

Other techniques

Whereas CPM and PERT are the major project management cost and scheduling estimation techniques, there are others. This includes project scheduling, Gantt charts and economic graphs. Gantt charts are used in simple projects that have certainty and specific activities whereas the remaining two can be used the same way as PERT and CPM. Among all this techniques I prefer to use CPM. This is because it is easy to use, requires less expertise and can manage all the important aspects of a project like activity time, completion time and critical path (Kelley, Walker & Morgan, 2005).

Conclusion

Whereas the use of project management cost and scheduling estimation techniques does not guarantee you 100% success rate, they are vital tools as far as project management is concerned. Therefore, it pays to have a good knowledge of how this tools work. Use on one or the other is largely dependent on your specific needs at hand. Since each has its own merits and demerits.

Reference

Lewis, James (2002). Fundamentals of Project Management (2nd ed.). American Management Association.

Kelley, James; Walker, Morgan (2005). Critical-Path Planning and Scheduling. Proceedings of the Eastern Joint Computer Conference.

Meredith, J.R. and S.J. Mantel (2006). Project Management: A Managerial Approach (6^thEdition). John Wiley publishers.

Dennis Lock (2007) Project Management (9^th edition) Gower Publishing, Ltd., New Delhi.