Essential benefits of Critical Path Method
Critical Path Method is a network analysis approach that explores a sequence of activities at the least measure of scheduling resilience by predicting a project’s duration. It also relies on the estimation of specific standard times required for the execution of an activity. CPM helps to manage both the time and cost of your construction project.
This particular method establishes the project’s critical path to identify the few essential activities of a project. Necessary actions are those activities that contain zero float value. Below are the few benefits of the critical path method
- It determines those activities that run parallel to each other.
- It also helps the project manager to identify the essential elements of the project.
- It delivers a practical and disciplined base that assists in the determination of how to reach the objectives.
- It is virtually new project management.
- CPM helps in strengthening team perception if it is applied efficiently.
- CPM also provides a demonstration of a few dependencies that assist in the scheduling of different individual activities.
- It also shows the activities and their outcomes in a network diagram display.
- It delivers a fair choice and smart procedure of documentation of a project.
- CPM also assists in the determination of the slack time.
- It is a straightforward and concise approach to communicating project plans, schedules, time, and developed cost performance.
- CPM is explicitly used within the industry.
- It also assists in optimization by determining the project duration.
- It also helps managers with a productive overview of a complex project.
- It also links effectively with the different aspects of business planning, including cash flow forecasting and budgeting.
- It is all one tool that begins from a decision-making tool to a planning tool.
- It encourages the careful assessment of the requirements of each particular activity in a project.