The Critical Path Method (CPM) is a fundamental tool in project management and operations research, playing a pivotal role in determining a project's completion time. In project scheduling, the critical path method involves creating a network diagram that identifies the critical path, which is the sequence of tasks with the longest duration and thus dictates the overall project timeline. CPM is often used in conjunction with Program Evaluation Review Technique (PERT), and together they offer a comprehensive approach to project planning and execution. The critical path method steps include constructing a CPM network, defining task dependencies, estimating durations, and calculating the earliest and latest completion times for each task. This method helps project managers identify the activities that must be closely monitored to ensure the timely completion of the project. Additionally, CPM allows for critical path method crashing when project deadlines are at risk, enabling efficient resource allocation to expedite the project. In essence, understanding the critical path method in project management is essential for effective project scheduling, risk management, and successful project completion.
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|| Important TIMESTAMPS ||
0:00 Critical Path Method Intro - Definition of Critical Path in Project Management
03:20 What is Near Critical Path?
04:52 Important concepts on CPM to solve problems
07:32 What is FLOAT/SLACK?
09:33 How to draw activities for a CPM problem? (Secret Tip#1)
11:53 My step-by-step method to solve CPM problem (Secret Tip#2)
15:49 CPM Problem#1 & Solution (**) - Critical Path
31:20 CPM Problem#2 & Solution (**) - Near Critical Path
37:39 Summary & Conclusion
(**) MUST PRACTICE for EXAM!
Though this video mentions ‘PMP Training’, the subject of Critical Path Method (CPM) is equally important for students in the following fields as well:
• MBA/PGDM
• Engineering
• Operations Research
• BBA/Accounting
• Science
Hence, students from these domains will get equally benefitted from this video. Happy learning!
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