Network Analysis (PERT/CPM)- PEET or Programmer Evaluation and Review Technique and CPM or Critical Path Method are powerful management tools for planning and control of complex jobs involving a large number of activities. A project consists of a well defined collection of jobs or activities some of which can be started independent ally of the other (or others) and all the jobs have to be carried out in a technological sequence the objective of PERT/CPM technique is to establish a time duration for each activity and to shorten the total duration acquired for the completion of the project incurring the optimum cost. CPM introduces the concept co of critical path i.e., the longest time required to complete a project and emphasizes the reduction of the duration of the activities by the application of more resources by obtaining a tradeoff between cost and time completion.
The fundamental in PERT/CPM approach is to design a network of activities indicating a chain of sequential events and activities from the starting point of a project to its completion the network estimates the time requirement for each activity develops critical paths setting initial schedules and guides the transfer of resources from slack areas to critical areas in order to meet scheduling requirements.
PERT and CPM were developed independently. Though the concepts for the two techniques are almost the same the objective were different. Some of the differences between the two techniques are:
- PERT is applied mainly for planning and scheduling research programmers CPM is used for constructions and business problems.
- PERT network is a probabilistic model dealing with uncertainties was as CPM is a deterministic model.
- PERT use the weighted average of three time estimates viz., the optimistic normal and pessimistic times for calculating the expected duration of an activity; CPM is more definite and uses only one time estimate.
- The concept of crashing i.e., determining the minimum time for completion of a project by reducing the time of each activity and matching the same with the cost to arrive at an optimal time is applied only in the case of CPM models.
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