CPM or Critical Path Method is a mathematical algorithm of the events used to monitor the progress of a multitasked project in an organization.

It is also used to estimate time required for the completion of the project. In fact, it is an
effective tool of management to calculate and predict the project completion time and, hence control the organization’s expenses. It is usually designed in graphics or chart form to facilitate easy tracking of the tasks, human resources
and finances.

Advantages of cpm:

1. CPM encourages a logical discipline in the planning, scheduling, and control of projects.
2. CPM encourages more long-range and detailed planning of projects.
3. All project personnel get a complete overview of the total project.
4. CPM provides a standard method of documenting and communicating project plans, schedules, and time and cost performances.
5. CPM identifies the most critical elements in the plan, focusing management’s attention to the 10 to 20% of the project that is most constraining on the scheduling.
6. CPM provides an easy method for evaluating the effects of technical and procedural changes that occur on the overall project schedule.
7. CPM enables the most economical planning of all operations to meet desirable project completion dates.
What are the disadvantages in a CPM Implementation?
1. In a big project, a CPM can become extremely complicated and difficult to fathom for the new recruits to the project team.
2. If the project is far too bulky and lengthy, the Critical Path Method requires software to monitor the plan.
3. CPM can become ineffective and difficult to manage if it is not well-defined and stable.
4. It cannot effectively handle sudden changes in the implementation of the plan on ground. It is very difficult to redraw the entire CPM chart if the plan of the project suddenly changes midway.
5. The Critical Path Method cannot form and control the schedules of the persons involved in the project.
6. The allocation of resources cannot be properly monitored.
7. The critical path of the CPM of a big project is not always clear. The project managers have to spend a lot of time to calculate it carefully.
8. The Critical Path Method takes longer to identity and to monitor the critical path when the project is of big dimension.

PERT:
PERT is a project management planning tool used to calculate the amount of time it will take to realistically finish a project. PERT stands for Program Evaluation Review Technique. PERT charts are tools used to
plan tasks within a project - making it easier to schedule and coordinate team members accomplishing the work.

The advantages of PERT:

1. It provides a graphical display of project activities that helps the users understand the relationships among the activities.
2. It is the ideal technique for tactical level planning and operational level control of projects.
3. It is effective in planning single project activities in any type of industry.
4. It allows project managers to do 'what if' analysis on project activities.

The disadvantages that limit the use of PERT are:

1. It cannot effectively handle situations in which two or more projects share available resources.
2. It fails when there is a change in the precedence and sequential relationships of project activities.
3. It requires a lot of information as input to generate an effective plan. This may prove too expensive.