The growing role of PM Essay Example | Topics and Well Written Essays - 2500 words

The growing role of PM - Essay Example Project management is the planning, organizing, directing and controlling of company resources for a relatively short-term objective that has been established to complete specific goals and objectives. For planning and organizing the resources, Program evaluation and review technique(PERT) and Critical Path Method (CPM) are widely used techniques for better planning and control in project management. It forms the basis for all planning and predicting and these techniques provide the management with the ability to plan for the best possible use of resources to achieve a goal within the stipulated time and allotted budget. These techniques which were used for defense during the World War II, are now used by business managers across the world to get a visibility of the activities involved in the project so that repetition of activities is reduced. It helps the management to handle the uncertainties involved in the program by analyzing how much time is required for each activity and which activity is crucial for the timely completion of the project. It is useful for the management to collect all the relevant information for making decisions. The major deficiency of other methods such as the Gantt, milestone or bubble chart is the inability to show the interdependencies between event s and activities, which is overcome in the network analysis. The foremost advantage of PERT is that it requires planning in detail to create a network of activities. Network development and critical path analysis reveal interdependencies and problem areas that are not very clear if other methods are used. The technique lays its focus on determining where the greatest effort should be made for a project to stay on schedule. The next greatest advantage of network analysis is that the business manager can know about the probability of meeting specified deadlines by development of alternative plans. Another advantage of this analysis is that we can evaluate the effect of changes in the program. For example this