Essay

1834 words - 8 pages

Project Management
Section A
Part One:
1. Liquidation value of the firm’s assets could be considered as …
a. The minimum wealth of shareholders

2. If ‘P’ be the initial investment, ‘I’ be the interest rate and ‘T’ be the time period for which funds are invested then interest earned will be …
d. P*I*T
3. Following the above given conditions, compound interest is given by …
b. P*(1+I)T
4. Firms resorting to “Proactive Growth”
a. do constant strategic planning
5. SPACE stands for Strategic Position and Action Evaluation
6. Increasing market expenditure heading to an increased market share is known as …
c. market expansion
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This added safety affects the interest rate at which the company is able to offer bonds in the marketplace.

2. Differentiate between PERT and CPM models.
Answer:
Program (Project) Management and Review Technique (PERT) and Critical Path Method (CPM) are two popular statistical tool used by the business entities for the management of the project. These two methods are used in the successful completion of a project and hence used in conjunction with each other. Nevertheless, the truth is that CPM is different from PERT in a way that the former cost based while the latter is time based. In the same manner, there are many differences between PERT and CPM.
PERT is an acronym for Program (Project) Evaluation and Review Technique, in which planning, scheduling, organizing, coordinating and controlling of uncertain activities take place. The technique studies and represents the tasks undertaken to complete a project, to identify the least time for completing a task and the minimum time required to complete the whole project. It was developed in the late 1950s. It is aimed to reduce the time and cost of the project.
PERT uses time as a variable which represents the planned resource application along with performance specification. In this technique, first of all the project is divided into activities and events. Thereafter proper sequence is ascertained and a network is constructed. After that time needed in each activity is calculated and the critical path (longest path connecting all the events) is determined.
Developed in the late 1950’s, Critical Path Method or CPM is an algorithm used for planning, scheduling, coordination and control of activities in a project. Here, it is assumed that the activity duration are fixed and certain. CPM is used to compute the earliest and latest possible start time for each activity.
The process differentiates the critical and non-critical activities in order to reduce time and avoid the queue generation in the process. The reason behind the identification of critical activities is that, if any activity is delayed, it will cause the whole process to suffer. That is why, it is named as Critical Path Method.
In this method, first of all, a list is prepared consisting of all the activities needed to complete a project, followed by the computation of time required to complete each activity. Thereafter, the dependency between the activities is determined. Here, ‘path’ is defined as a sequence of activities in a network. The critical path is the path with highest length.
Key Differences Between PERT and CPM

The most important differences between PERT and CPM are provided below:

1. PERT is a project management technique, whereby planning, scheduling, organizing, coordinating and controlling of uncertain activities is done. CPM is a statistical technique of project management in which planning, scheduling, organizing, coordination and control of well-defined activities takes place.
2. PERT is a...

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