Project Scheduling Modeling

Other objectives of project scheduling include: calculating the possibility that the project will end within the intended time, finding the least possible cost schedule that will enable the completion of a project, assessing the impact of delays to particular activities as well as the whole project, observing a project to determine if it is proceeding within the stipulated time and cost schedule, and finding a host of activities that will cause the allocation of resources during the time of the project to be flawless (Lawrence &amp. Pasternack, 2002).
Over the years, scholars in business have devised various project scheduling techniques that can assist entities to accomplish the above-stated objectives. Approaches such as the Program Evaluation and Review Technique (PERT) and Critical Path Method (CPM). These techniques were both designed in the mid-fifties, and they use project networks to aid in scheduling the activities of the project. As learned earlier in the course, project networks are flow charts or graphs that depict the order in which the terminal elements of the project are to be done by highlighting the terminal elements as well as their dependencies. Although there has been a blurring distinction between the two techniques over the recent years, PERT stands an approach that takes the completion time of the project’s activities as random. The two approaches need the modeler to recognize a project’s activities and precedence association. This pertains highlighting a set of direct predecessors for every activity. Direct predecessors to an activity are the jobs that a business must undertake just before the commencement of the activity (Lawrence &amp. Pasternack, 2002).