Cost Duration Analysis Of Project Management - 843 Words

Cost Duration Analysis In field of project management, there are a plethora of mechanisms under perpetual reevaluation. One specific segmentation of project management under such scrutiny pertains to cost duration, which is the time and monetary costs of completing individual tasks within the project’s critical path (IBM Knowledge Center, 2016). The process of monitoring and evaluating the time and financial impacts of each task is referred to as cost duration analysis (IBM Knowledge Center, 2016). A chief concern of cost duration analysis is identifying tasks within the project’s critical path which can reduce project duration (PMI, 2013). A common approach to reducing a project’s duration is task â€Å"crashing† (PMI, p.181). According to The Project Management Institute (2013) crashing refers to the process of methodical determining the financial value of increasing a critical path task’s resources in order to decrease project duration (p.181). Identified Tasks In reference to the attached cost duration table, three tasks have been identified as suitable for crashing. The first task is line one, Localize French Dictionary, with a normal completion rate of seven days, and a cost of $3,500. The crashed rate for the same task is reduced to five days, at a total cost of $4000. Therefore, crashing task one results in a two day differential at a minimal cost of $250 per day decreased. Similarly, line two for Localize French Dictionary, has a normal completion rate of sevenShow MoreRelatedDesign And Development Of Simulator For Risk Analysis1680 Words   |  7 PagesSimulator for Risk Analysis Harpreet Kaur. Er. Isha Sharma PG Student Assistant Professor Deptt. Of Computer Science and Engineering Deptt. 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