Project Management

UNIT- 2

ASSIGNMENT- 1

1) Concept of Buffer Management.

Buffer gives the project manager a support in any issues found in scheduling in the
management process. A buffer is used in the project management as a risk response
strategy. When it comes to project management buffering is basically known as project
buffering, which is involved in protecting the respective project from missing its
schedules and help the project manager be updated with the scheduled dates. In a
management there are three types of buffers are being used and they are: project
resource and feeding management which come under critical chain method. for
example, if your organization has additional money, time or people, buffer can be
allotted either on the individual aspects or the whole group and this buffer helps in
managing the frozen issues within the entity.

2) Short note on PERT and CPM.

 PERT: it is known as program evaluation and review technique; this is
mainly used for clearing uncertain risk that occurs in a project. And most
suitable for time controlling in a research and development project.
Advantages of pert are better plan for a huge project, identification of crucial
path, coordination etc.at the same time it is expensive to adapt.
 CPM: it is abbreviated as Critical path method which deals with statistical field
to manage the project activities. This method is used in time as well as cost
controlling which is useful in predictive management and construction projects
such as shipbuilding, other civil construction etc. Some of the advantages are
this method provides outline for a long-term plan and coordination, easy
planning, scheduling, risk controlling.at the same time it is difficult for a
beginner to understand about this cpm and too expensive as well, lots of time is
consumed in constructing a CPM.