13 Managing projects
This chapter covers
- Work breakdown structure (WBS), or hierarchical composition of project tasks
- The program evaluation review technique (PERT), or project scheduling using time estimates
- The critical path method (CPM), a technique to identify the longest sequence of dependent project tasks
- Calculating the probability of on-time completion
- Project crashing, or accelerating project timelines
Project management is a critical yet often undervalued skill set in the business world. Although single-level contributors are typically selected for projects based on their specific hard skills, project managers are frequently chosen not for their proven management capabilities but rather for the absence of these technical skills. This paradoxical approach undermines the effectiveness of project management, as it overlooks the specialized skills truly necessary for leading projects successfully. Effective project management requires the use of several quantitative techniques, from estimating activity times to finding the project’s critical path, calculating the probability of on-time completion, and implementing strategies to accelerate project timelines. Without a solid understanding and application of statistics and quantitative methods, projects cannot be managed intelligently or effectively.