- We have discussed what Critical Path Analysis is and have also looked at the steps you need to follow in order to create a network diagram which is used for critical path analysis
- Now let us look at the benefits and drawbacks of critical path analysis as a decision making tool
Benefits/Advantages of Critical Path Analysis:
- Improved Project Planning: CPA allows project managers to have a clear understanding of the project’s scope, time, and resources required to complete the project successfully.
- Identifying the Critical Path: By identifying the critical path, project managers can focus their attention on activities that are essential to the project’s success and allocate resources accordingly.
- Resource Allocation: CPA allows project managers to allocate resources effectively, ensuring that the project is completed on time and within budget.
- Time Management: CPA helps project managers manage time effectively by identifying activities that need to be completed on time to keep the project on schedule.
- Risk Management: By identifying potential bottlenecks and risks, CPA helps project managers plan and manage projects effectively, reducing the risk of delays and cost overruns.
Drawbacks/Disadvantages of Critical Path Analysis:
- Complex and Time-Consuming: Creating a network diagram and calculating EST, LFT, and float for each activity can be a complex and time-consuming process, especially for larger projects.
- Assumes Perfect Information: CPA assumes that all the information related to the project is available and accurate, which may not always be the case.
- Lack of Flexibility: CPA assumes that tasks can only be done in a specific sequence, which may limit a project’s flexibility to change and adapt to unforeseen circumstances.
- Limited to Specific Projects: CPA is best suited for projects that are well-defined, and have a clear objective and a defined timeline. It may not be as effective for ongoing operations or projects that are more fluid in nature.
- Ignores Resource Constraints: CPA assumes that resources are unlimited, which may not be the case in real-world scenarios. Project managers may have to make adjustments to the critical path based on resource availability.