Project management is the art of scheduling available resources to make sure the project is completed on time and according to the budget that was allocated for it. These two basic aims of project management are the fundamental aspects according to which the success of a project is judged upon. A project is said to be successful if it is completed on time and according to the budget that was planned for it when the project itself was being planned. Project management plays an extremely important role in insuring that all the projects are successful because it is essentially deals with the allocation of resources for each task of a project which makes sure that if there were any delays, the overall completion date of the project should not be affected because of the way in which the resources are allocated for different tasks of the project.
Project management often involves the breaking down of the project into several smaller tasks or sub tasks which allows for a more in-depth view of the project by the project manager. it also allows for a more efficient allocation of resource to different aspects of the project and more importantly, it allows for the critical path to be identified. The critical path for a project is the sequence of activities which must be completed on time to ensure that the entire project remains on time. A delay in any of the activities on the critical path can lead to delays trickling down to the end of the project which means that the project will be delayed completely. This can lead to monetary losses for all parties involved as the owner of the project has to suffer from the lost opportunity cost which is the profit that the project would be generating if it had been completed on time. Penalty clauses in contract agreement can also transfer this monetary loss from the owner to the contractor or the subcontractors which are involved in the creation of the project.
Secret to Successful Projects
These losses can be avoided by using state-of-the-art project management solutions such as the linear scheduling method which provides a robust framework to allocate resources efficiently, especially to those tasks which are high priority and which need to be completed to make sure that the project is completed on time. These methods are extremely well suited to infrastructure projects as these projects are linear in nature and follow a linear pattern from their inception to their final completion. This is because the major stages that are involved in the construction of infrastructure projects are linear in nature such as the planning, design, construction and eventual handover to the owners of the project.
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