Critical Thinking Assignment : Reducing Project Duration Essay

776 Words Apr 11th, 2016 4 Pages
Critical Thinking Assignment – Reducing Project Duration The need to delay or reduce project duration occurs for many reasons such as imposed duration dates, consideration of time to market, contracts that offer incentives, limited resources, and cost (Gray & Larson, 2014). Often times, delays happen for unforeseen reason, however a project manager can do their best to prepare for delays, such as ensuring that a risk management plan is reviewed often. With many projects, when the duration changes, the cost is impacted as well, unless activities are considered out of scope. It is important to take the time upfront and consider impacts, risk, and contingency plans which will reflect back in a successful project and will lead to time savings in the end.
Project Duration
One of the things a project manager can do to reduce project duration is to decrease the project cost. This can be done by identifying direct cost to reduce project time by obtaining direct and indirect cost of particular project durations, compute durations and to benefits of reduction project time as well as identify critical activities for lowest direct-cost (Gray & Larson, 2014).
Exercise 9.3
For exercise 9.3, you would identify the critical path means by the path, which is taking the most time. In this exercise, A-B-E-G equal (19 Days) and basic direct Cost for 19 days is $470.
Reducing from 19 days to 18 days
To Reduce the time further, we will use crash cost (Extra $ spend to reduce time).…

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