Managing Projects Term Paper Example | Topics and Well Written Essays - 3000 words

Managing Projects - Term Paper Example B. Activity Timing Calculation for Earliest Finish Time (EFT) and LST (Latest Start Time) are shown in the appendix 1. In such context, Field and Keller (2007) gave the following equation to calculate the float time; Float Time= LFT –EST - Duration Generally, float time is defined as the amount of slack time allowed in project or it can be said that amount of time that can be delayed without delaying the completion time of the project. Total float time for the project has been calculated as 29 days and the calculation is given in the appendix 2 section. C. Critical Path It is evident from the research work of Takim, Akintoye and Kelly (2004) that measurement of critical path or the longest route to complete the project plays vital role in project management. Float time has been taken as zero while calculating the critical path. In such context, the path passing through activity points such as A, B, C, F, G, K, L, M, N, O, Q and R has been identified as critical path for the pr oject. Hence, by joining the time scales of these critical activity points we get 50 days as the completion time for the project. At least 50 days will be needed in order to accomplish the project. D. Project Completion Time Project starts on Monday 15th July, 2013 and the project team will work for 5days a week (supposing there will be no holidays except weekend holidays). Taking account of the 50 days project completion period, it can be said that the project will be completed on 20th September, 2013 (Friday). Calculation of the end day of the project has been given in the appendix 3 section. E. Delay in Activity Float time for activity E (not a critical activity) is 2 days which means that maximum 2 days can be delayed for completion of E activity hence delaying activity E for 1 day will not affect the project completion time. Float time for activity P (not a critical activity) is 3 days which means that maximum 3 days can be delayed for completion of P activity hence delaying ac tivity P for 2 days will not affect the project completion time. Q lies in the critical path hence reduction or increase of the duration of the activity will affect the completion time of the project. 1 day early completion of the project Q will help the project to be completed 1 day early. However, delay in activities will definitely increase the cost of the project hence project managers should try to complete each activity on time in order to control the cost of the project. F. Network Diagrams- Limitations Taylor (2006) showed doubt over the usability of network diagram in complex projects while other research scholars pointed out that network diagram is basically probabilistic in nature. Taylor (2006) also pointed out that using network diagram in big project increases the complexity and also creates problem for project members to understand the flow of activities. In such context, limitations of the network diagram can be depicted in the following manner; Concept of Poisson di stribution is used in order to understand the