Liquid handwash,bodywash,notebooks,hard disk (optional

)

y

Jennings.D., and Wattam,S., (1998), ³Decision making: an integrated approach´, second edition, financial times professional limited.

y

Berkun,S., (2005), ³The art of project management´, O¶reilly media inc.

y

Burke,R., (1992), ³Project management, planning and control, second edition, Management press.

PROJECT

A project can be considered to be the achievement of a specific objective, which involves a series of activities and tasks which consume resources. It has to be completed with in a set specification, having definite start and end dates.
EXAMPLE OF A PROJECT- Constructing a restaurant starting from 2-2-2011 and completing it

by 1-3-2012. These dates are fixed keeping in mind the series of activities which fall in between such as installation of equipments, selection of serving staff and manager and so on.

PROJECT MANAGEMENT

It has been recognised over the last 30 years that project management is an efficient tool to handle novel or complex activities. (Munns and Bjeirmi,1996). A project management can be defined as the process of controlling the achievement of the project objectives. In project management tools play a very crucial role are they helping managing the project. Early decision making and proper management is critical to overall success for a project (Muns and Bjeirmi,1996).

EXAMPLE OF PROJECT MANAGEMENT- overseeing the design, construction and funding of a

hotel from the initial drawings to occupancy of the room and different outlets. In order to

FOR EXAMPLE . there is an extensive body of knowledge about tools and techniques available for project management (Omar. . With this uncertain and volatile environment.accomplish a task of this magnitude project managers need tools to help them keep up with everything that is occurring on the project. TOOLS FOR PROJECT MANAGEMENT AND PLANNING To make a project successful. Within this discipline. PERT is basically a probabilistic approach. (Omar. which involves itself with undertaking of projects to achieve some form of benefits.2007). Uncertainties are inherently present in all project management. These tools are basically computer based tools and are used almost everywhere in every project so that it can be properly managed. For many.a research project. PERT PERT (Project Evaluation and review technique) is a tool which are used in project management to make sure than problems are overcome. 1. the need is vital for how uncertainties within a project management can be analyzed and managed. it is important to have a proper project management system which depends on project management tools. PROJECT SITUATION MANAGEMENT AND DECISION MAKING IN UNCERTAINTY Project management is a discipline. which suits project management whose time durations may vary over a range of possibilities. additional information is needed to reduce risk and uncertainty to an acceptable level prior to commencement of work.2007).

This technique assumes that the uncertainty associated with the overall duration is. 1998). 2. in other words it is a simplification of the risk analysis procedure. approximately. and the most likely estimates of activity duration. and the ability to calculate ³criticality indexes. (David Jennings and stuart wattam. (Haga and Marold. (Durfee. GANTT CHART Gantt chart is also a tool for control project management. Gantt chart helps in making decision when a problem arises as it helps in giving a clear illustration of project status and can be adjusted frequently to reflect the actual status of the . PERT gives accurate estimates of the true project length. Gantt chart can be updated during project management by filling in the bars to a length proportional to the fraction of work that has been accomplished on the task. comparison between estimated start. the chart is updated by filling in the bars to a length proportional to the fraction of work that has been accomplished on the task. In this the scheduling of each activity is represented in the gantt chart which helps in decision making in uncertainty situation. As the project progresses. flexibility in selecting any distribution for activity times. PERT method attempts to estimate the uncertainty in the project schedule of a project management. 2005). 2004).´ which are the probability of various activities being on the critical path. one can get a quick reading of project progress by drawing a vertical line through the chart at the current date. More over when the project is underway. a normal distribution. and actual start and actual end should indicate project status on a task-by-task basis (Kumar. pessimistic. This way. estimated end.PERT is a tool which is developed to assist in planning of project management which attempts to account for inherent uncertainty of activity duration as it uses a three-time estimate duration which represents optimistic.2008).

security. It also helps in managing dependencies betweens tasks. E Bring utilities to the site F Interview applicants A 10 B 24 and fill positions in Serving maintenance. The project manager can immediately see what should have been achieved at a point of time.The project of building a five star hotel ³ABC´ as shown below. and can therefore take required decisions to bring the project back on course. G Purchase and take C 35 staff. and delivery of equipment H I Construct the hotel Develop information system an D A 40 15 . ACTIVITY A DESCRIPTION Elect administrative PREDECESSORS - DURATION (weeks) 12 and hotel staff B Select site and do site survey C D Select equipment Prepare final A B 10 10 9 construction plans and layout. FOR EXAMPLE.project tasks.

H 4 Gannt chart for project management for building hotel ³ABC´ As shown above in the Gantt chart. For both types.G. and future schedule performance.construction project. E. ( Larrea and Popescu.2002). The CPM is a method that identifies the ³critical path´ of a project and attempts to reduce the project length by attacking the critical path.J Install the equipment.2006) . As we can see above. or complex and massive. known as CPM is a deterministic approach which suits a project whose time duration can be accurately predicted. Every activity has a specific time period in which it has to be completed. One of the tools involved in CPM is the CPM schedule network. The design process is laden with loops and activities of a cyclical nature. The network may be simple and small. present. the chart shows all the activities along with the time frame in which it has to be completed for building a project. it is very easy to understand. Every activity is planned and put into the Gantt chart. For example. The development proceeds from a concept through a series of steps. CPM Critical path measures. The tool will only help in proper decision making under uncertainty only if work activities are shown in sufficient detail which is necessary in CPM. and elements that planners and schedulers define with increasing clarity and detail. stages. It helps in proper planning and proper project management. (Hobb. the purpose is the same to guide decisions by providing real time data about past.If the project is not well defined then problems can arise which can result into losing money and confidence. 3.

43. pp. (2005). 2007. [accessed on 18th January 2011 at 1210 hrs] . no. 7/8.Ugur. pp. Electronic Journal of Business Ethics and Organization Studies. [accessed on 21st January 2011 at 2110 hrs]. µA Discussion of Rational and Psychological Decision-Making Theories and Models: The Search for a Cultural-Ethical Decision-Making Model¶.comjournals. Management Decision. vol. P. 2017 ² 2044.emeraldinsight. pp. Vol. (2000) 'Decision-making in organizations: the new paradigm'. µLeaders and the Decision-Making Process¶. µRisk Uncertainty and Probabilistic Decision Making in an Increasingly Volatile World¶. International Journal of Public Administration. Handbook of Business Strategy. Goldoff. No. [Online] available at <http://www. M.htmissn=0025747&volume=43&issue=78&articleid=1 514870&show=pdf>. 12.informaworld. C. 23(11). 1086-1092 [online] available at <http//:www. Vol.htmissn=0025747&articleid=1514870&show=pdf>.emeraldinsight.. 19-24 [online] available at <http//:www.com/smpp/title~content=t713597261> Oliviera A. 2 Schwarber.comjournals. (2005).