As we all know that project management is concerned with planning, implementing, monitoring and organizing the resources of an organization to complete some assigned duties, tasks and events in intended timelines. It can either be an ongoing activity or just a one-time project. Project Management is applicable in multi-faceted fields ranging from IT to construction. However, the role of a project manager remains the same in all industries viz. to define project objectives and goals; to determine resources for the completion of tasks and to monitor the tasks to ensure completion of the project. A project involves several tasks and activities which should be well-planned and monitored for effective management. This is where network analysis in project management proves helpful. This management technique drives better decisions and it helps in ensuring smooth project completion within expected time, resources and budget. In this post, we’ll understand network analysis in detail.
What is Network Analysis?
Network Analysis is a technique that is adopted in planning and controlling of unique and complex projects. It is a system of planning project outline by analyzing different activities associated with it. In network analysis, complex projects are broken down into smaller activities or tasks, which are then organized according to a sequence. Then, the order of tasks/activities is also decided according to a logical sequence.
In the process, a network diagram is also prepared whereby all project activities are represented visually. The diagram depicts the cost of various activities and establishes a relationship between various tasks. The process is helpful in different phases of project management from planning, controlling and coordinating to decision-making. It ensures that the project is successfully completed economically and much before the time while exploiting minimum resources. Hence, network analysis reduces operational cost, total time, wastage of resources and conflicts in projects.
Different network techniques are used in network analysis. Some of them are:
- Program Evaluation and Review Technique (PERT)
- Critical Operating Production Allocation Control (COPAC)
- Critical Path Method (CPM)
- Least Cost Scheduling (LCS)
- Resource Allocation and Multi-project scheduling (RAMS)
- Manpower Allocation Procedure (MAP)
- Project Control System (PCS)
- Resource Planning and Scheduling Method (RPSM)
- Graphical Evaluation Review Technique (GERT)
Network Analysis is an essential technique in project management. Every project manager should exercise this technique to take projects in a positive direction. If you wish to gain an understanding of this technique, you can enroll for MIT School of Distance Education’s PGDM or PGDBA courses in Project Management.
Scope of Project Management
Project Management is a sought-after career option in the present time as individuals are paid a handsome salary. After pursuing a course in project management, candidates can exercise various roles, g. Some of the popular positions are:
- New Product Development Project Manager
- Information Technology Project Manager
- Project Consultant
- Construction Project Manager
- Environmental Project Manager
- Project Co-Ordinator
As the world is developing, various projects are operational on a day-to-day basis to sync with the pace of development. This is elevating the demand for project managers. Since India is a developing country, the demand for project managers is ever-rising and professionals are paid well. In a survey held in the year 2017, it was concluded that an inexperienced project manager can earn a package of 4 lakhs to 5 lakhs yearly, whereas an experienced project manager is liable to earn an annual package of more than 24 lakhs.
You can seize the opportunistic arena of project management by pursuing industry-relevant and updated course in Project Management offered by MIT School of Distance Education (MIT-SDE). The course imparts requisite skills, field knowledge and business acumen in candidates so that they can shine in the competitive world. So, enroll for admissions at MIT-SDE and advance towards your career with flying colors.