Critical Path Method (CPM)
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| + | '''Critical Path Method or CPM''', is a tool used in the planning and management of different types of projects such as construction, software development, research programs, product development, sales promotion and etc. It is essentially a mathematically based algorithm of network diagrams that depicts the sequence and interrelation of all the component parts of a project and is well suited for the construction industry. In comparison to the conventional methods of planning and scheduling of construction works - bar charts and progress diagrams - Critical Path Method proves to be more useful and precise as it allows the quick evaluation and comparison of alternative work programs, construction methods, types of equipment and etc. The time-cost problem in the construction sector is forever debatable and has an infinite number of solutions. Today, the Critical Path Methods provides a systematic procedure of correlating cost and time of each activity involved in the construction project, to provide an optimum solution. It is a crucial tool used in construction management as it provides varying degree of involvement by the management to suit the needs and objectives of the project. | ||
Revision as of 10:53, 18 September 2017
Abstract
Critical Path Method or CPM, is a tool used in the planning and management of different types of projects such as construction, software development, research programs, product development, sales promotion and etc. It is essentially a mathematically based algorithm of network diagrams that depicts the sequence and interrelation of all the component parts of a project and is well suited for the construction industry. In comparison to the conventional methods of planning and scheduling of construction works - bar charts and progress diagrams - Critical Path Method proves to be more useful and precise as it allows the quick evaluation and comparison of alternative work programs, construction methods, types of equipment and etc. The time-cost problem in the construction sector is forever debatable and has an infinite number of solutions. Today, the Critical Path Methods provides a systematic procedure of correlating cost and time of each activity involved in the construction project, to provide an optimum solution. It is a crucial tool used in construction management as it provides varying degree of involvement by the management to suit the needs and objectives of the project.
