CPM-PERT - Dani Ki Costing - CA Final Video Lectures
CPM-PERT - Dani Ki Costing - CA Final Video Lectures | CPM-PERT - Dani Ki Costing - CA Final Video Lectures | CPM-PERT - Dani Ki Costing - CA Final Video Lectures | CPM-PERT - Dani Ki Costing - CA Final Video Lectures | CPM-PERT - Dani Ki Costing - CA Final Video Lectures | CPM-PERT - Dani Ki Costing - CA Final Video Lectures
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CPM / PERT
For the purpose of Planning, Scheduling and controlling two
different network models are used in costing. They are namely CPM (Critical
Path Method) and PERT (Program Evaluation and Review Technique). These both
models are helpful in progress and completion of large scale projects. Here
project can be defined as large number of activities or jobs performed
sequentially in logical or technological manner.
Critical Path Analysis is the analysis of identifying the longest
path of a project network through which series of activities are completed. All
other paths are called non – critical path and they offer flexibility in the
project as they require less time compared to the critical path and so
scheduling can be increased. The Critical Path is useful as a management tool
to review constantly the project network and decisions can be taken regarding
reformulation of the same. Critical Path Analysis helps in finding alternative
paths in the project network.
PERT is very helpful in the cases when a great uncertainty is
associated with a project. Such uncertainty is calculated and controlled by
taking into account the Optimistic Time Estimates, Pessimistic Time Estimates
and Most Likely Time Estimates. PERT helps in updating the network as and when
required. PERT is also helpful in taking decisions regarding crashing of
project i.e. completing the project earlier then the critical time by adding
extra resources.
Working of CPM and PERT is a procedure involving five different
steps. It is initiated with analyzing and breaking down of the project in
different activities, and then determination of sequence of activities and
their interdependence. This step is followed by assignment of cost and / or
time to each activity and identifying the longest path by which the project can
be completed. At this stage the working of Critical path Method ends and the
work of PERT commences as at the last stage, Monitoring, evaluation and
controlling the project progress is done. Many a times re – planning, re –
scheduling and re – assignment are also required for the project.
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