Application of Critical Path Method (CPM) and Project Evaluation Review Techniques (PERT) in Project Planning and Scheduling
Bodunwa, Oluwatoyin Kikelomo and Makinde, Jamiu Olalekan
Federal University of technology Akure, Nigeria.
Abstract: In the field of project management today, most projects face cost and time-runs which increase the complexity of project involved. This study presents an analysis of the critical path method (CPM) and the project evaluation review technique (PERT) in projects planning (a case study of FUTA post graduate building). This study used secondary data collected from SAMKAY Construction Company comprised of list on project activities. It highlights the means by which a network diagram is constructed from a list of project activities and the computation involved for each method. The CPM will enable project managers to evaluate the earliest and latest times at which activities can start and finish, calculate the float (slack), define the critical path. PERT will enable the project manager to approximate the probability of completing the project within estimated completion time. Then we apply both methods with the data collected, where the earliest time, latest time, and slack are calculated to get the completion day of 207days. Finally, we estimate the probability that the project will be completed within the estimated completion days to be 68.8% using PERT.
Keywords: Network Analysis, CPM and PERT, Project Construction.
Pages: 1 – 8 | Full PDF Paper
Head of Statistics and Research Support, Bank for International Settlements (BIS), Basel, Switzerland, and Head of the Secretariat of the Irving Fisher Committee on Central Bank Statistics (IFC).
Abstract: Monitoring and forecasting price developments is an important issue for public authorities. Measuring inflation requires significant resources, and substantial methodological work has been developed over the past decades to support this task. The recent emergence of Big Data can provide many opportunities in this context, for instance to produce timelier indicators, enhance the collection of specific types of prices, and take due consideration of economic agents’ expectations. However, there are important challenges when using big data-type of information, and traditional statistical surveys have continued to prove their usefulness. This suggests that measuring and forecasting inflation should continue to benefit from drawing on multiple, complementary approaches.
Keywords: Prices, Public policy, Internet, Inflation expectations, Nowcasting.
Pages: 9 – 17 | Full PDF Paper
Lim Kok Hwa1, Kon Mee Hwa2
1. Assistant director of Economic Indicators Division, Department of Statistics Malaysia.
2. Principal assistant director of National Accounts Statistics Division, Department of Statistics Malaysia.
Abstract: The purpose of this article is to study the factors influencing economic growth of Negeri Sembilan. The data used in this paper focuses on regional economic growth rate of State Gross Domestics Product (GDP), particularly in the state of Negeri Sembilan. The growth of twelve years’ time series data for GDP by State from year 2005 to 2017 were employed in this study. This paper demonstrates the correlation and qualitative analysis of statistics data obtaining from the Department of Statistics Malaysia using E-Views statistics analytical program. In the first phase of the study, the correlation and relationship among Negeri Sembilan’s GDP and the main economic components, i.e. agriculture, mining and quarrying, manufacturing, construction, services and import duties, were all applied in the Least Square Method analysis. Then, the second phase analysis focuses on the significant variables with other related variables which consist of the consumer price index, unemployment rate and interest rate. The empirical findings generated three linear econometric models and indicated economic indicators that are correlated in influencing the growth of GDP in Negeri Sembilan. This paper is initiated by the statisticians in the Department of Statistics Malaysia and hope to be served as a guideline to young statisticians as well as the junior analyst in the field of statistical analysis using time series of GDP data at regional level, particularly at state level.
Keywords: Negeri Sembilan, regional economic growth, State Gross Domestic Product; economic growth, E-Views, correlation analysis.
Pages: 18 – 32 | Full PDF Paper
George A. Vazmin
Abstract: Weighted Hermite polynomials row for function symmetrized around objective (unknown) point opens a way for a localization of the global maximum position. This approach creates subsidiary function guiding to the most prominent extrema (up to 3). The guidance function is generalized to multi-dimensional space. Several analytical tools (suppression of noise, space constriction, etc) are described in this technology.
Keywords: Hermite polynomials, symmetrization, guidance, multi-dimensional, noise suppression, scaling, space collapse, recursive iterations, poor statistics.
Pages: 33 – 44 | Full PDF Paper