PERT/CPM Network
- Is a flowchart diagram that depicts the sequence of activities needed to complete a project and the time or costs associated with each activity.
- With a PERT network, a manager must think through what has to be done, determine which events depend on one another, and identify potential trouble spots.
- Thus, PERT allows managers to monitor a project’s progress, identify possible bottlenecks, and shift resources as necessary to keep the project on schedule.
- To understand how to construct PERT network, you need to know following terms:
a) Events and End Points: represent the completion of major activities.
c) Activities: represent the time or resources required to progress from one event to another.
d) Slack time: amount of time an individual activity can be delayed without delaying the whole project.
e) Critical path: longest or most time-consuming sequence of events and activities in a PERT network. Any delay in completing events on this path would delay completion of the entire project.