The task for the project team is to formulate the schedule for the project from the work breakdown structure. Use optimistic, most likely, and pessimistic times for each activity; construct the PERT diagram; and conduct a full analysis of the data, including likelihoods of delay by certain amounts of time and 80, 90, and 99 percent likelihood of completion times. Identify the project's critical path, the critical path to each event, the slacks for each activity, and the earli est and latest occurrence times. Show the schedule as an AON and an AOA network, as well as a Gantt chart with milestones. Graph the budget from Chapter 7 on the Gantt chart to illustrate cash flow needs. Comment on the applicability of one of the other network approaches such as GERT or precedence diagramming to your project. As the project progresses, update the charts at each milestone.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.