Question

Describe how CPM handles the trade-offs between time and cost in the scheduling of a project.

Answer 1

Answer

✓ CPM handles the trade-offs between time and cost in the scheduling of a project.

Critical path method, handles the tradeoffs between time and cost by identifying critical path and activities on the critical path, after calculating the needed elements like start and end dates, slack values and undertaking decisions whether to crash the activities to reduce the duration time, and to add resources so that the project is met within a prescribed time frame and with minimal cost. CPM helps to crash the activities on critical path and to get to a desirable duration which is cinsconsid to be a tradeoff model between the cost and time frame. Thus, in scheduling of the project, critical path manages the tradeoffs between costs and time and also helps in identifying more than one critical path.