Today I have the new management knowledge to talk to my friends as usual that could be useful for getting the new ideas in the world of management. In this sectionwe will consider the impacts of time, cost and quality tradeoffs in activity durations
WE can say that the interaction of the project cost and duration is so important that every project managers have to consider that can do by work out to know the duration of the project first, then can work out in the cost after and not only this we still also need to know the link between the project cost and project duration because it will may affect the others parts of our project.
So for this section, Reducing Project Duration that I going to talk with, it is very important thing if we want to success in our project so we should do not ignore this steps at all because it will may effect with others as I said above so for this subject, we know that we have so many reasons to do for this reduction such as the reason of time to market needs ,problems in limited resource, some high overhead cost and so far. So we can see that this step is very useful for us by adjusting the things along with our project periods to protect some uncertainty above.
And as we are the project managers in this class for this reduction section, we should know some several ideas for accelerating our project completion and we get that one thing that we can do is called the project-crash time, This minimum completion time can be found by applying critical path scheduling with all activity durations set to their minimum values to reduce the overall duration for the project that can be used in the time-cost scheduling to determine the minimum project-crash cost.( Some technique for this solution may be the Adding resources (human or otherwise) and increasing work hours (overtime or weekends)).
So we can also say that Crashing is done as a trade-off between shorter task duration but it will also always higher task costs so we must understand to determine whether the total cost savings realized from reducing the project duration is enough to justify the higher costs associated with reducing the individual tasks. If the cost savings on a delay penalty are higher than the incremental cost of reducing the project duration, then the crashing will be justified to be use in our project.So in this day, I can conclude that we have learnt things about how to reduce the project duration from normal times that may give us some more risk so for this reason we must have to consider about the worth of this reduction first before doing this and we must exactly do not forget the project completion deadline also to meet customer satisfaction.