Question

Explain the logic used to determine which activity to reduce on a Project Network based on the cost slope and other relevant information.

Answer 1

Answer:

Solution of network is defined as the options to improve the network execution and achieve the desired project result.

The network is the diagram of the project tasks which are sequenced as per their order of execution. The tasks are arranged in the sequence of the execution order with meeting the precedence requirements.

The solutions of a network can be done in many ways as per the network paths available. The longest network path is the critical path of the network wich provides the longest solution for the network.

The other non-critical paths, which are having the lead-times lower than the critical paths, bit these do leads to the solution to the network.

Thus the network has many solutions based on the different paths of the network which can be executed to complete the network project diagram.

Elements of Project Cost: The elements of project cost are the elements which contributes the cost of the projects. These elements are as below

• Labor Cost: The labor cost is the cost of the labor required in project tasks execution.
• Resources Cost: The resource cost is the cost of the resources required in project execution, without resource, the project cannot be executed on time.

• Equipments Cost: The equipments cost is the cost of the equipments required in the project tasks execution. These are the essential equipments which are required for the project.

• Managerial or Consultation Cost - The managerial or consultation cost of the project is basically the cost element related to general management and Consultation required for the project.

• Project Training Cost – The training cost of project is linked with the resource development cost of project.

On the basis of above discussed cost we have to minimize cost of the project if cost is higher of project. One other thing that can be good in reduction of overall cost of project is Time. Time play an important role so if we can minimize the time of project so we can reduce the cost of project.

Time aspect is the main aspect in the project network. Every organization needs to finish their project as soon as possible. There are two activities in the project the one is critical activities and other one is non critical activities. Non critical activity are the activity that can be good option for finish them soon and focus towards only critical activities so that we can complete our project as soon as possible.

Time factor is also a main factor in reduction of the cost of project.